In the current north Texas real estate market, the competition to sell your home is challenging enough, with all the foreclosures to compete with. Unlike in years past, Grapevine real estate, Southlake real estate, and Keller real estate sold by individuals are competing with a growing number of bank owned properties. Ensuring that you and your home are ready to begin the process of selling your home is crucial to the successful sale of your house. After you made preparations and decided to list your home with a Realtor, there are several things a seller should avoid when trying to sell their home.
One of the main reasons homes either do not sell or take a longer than average time to sell, even in highly desirable areas like Grapevine TX and Southlake TX, is because they were priced to high when they were originally listed. The window of opportunity to attract buyers, especially in the current real estate market, is very small and pricing your home higher than your competitors may cause your home to still on the market for longer than average and possibly sell for less than if priced appropriately from the start. Buyers are savvy to current market conditions and are not going to pay more than market values. Even if you do find someone that wants to buy your home that is priced above market value, if they are using financing, your home must appraise for the sales price. If it does not appraise at your asking price, the buyer will have to pay cash for the difference or the seller will have to reduce the price to match the appraisal value. Appraisers use current sales data to determine value. This may lead to future price reductions.
Another common mistake made by sellers is putting their home on the market before it is ready. Be sure to make any repairs, both major and minor, or be willing to be negotiable with your price to cover necessary repairs that may come up in the buyer’s inspection. Make sure your home is free of clutter and clean. It may take some extra effort by the whole family to make every attempt to keep the house in showing condition, but the results can produce a quicker sale.
Make sure your home is easily accessible for showings. Having a lockbox for other Realtors to access your home for showings is very important. The electronic lockboxes have the ability to record who has accessed your property and when. If you have pets, please make sure they are secured when the home is being showed. Restrictive showing times may limit the number of potential buyers to see your home.
When you are notified that a Realtor will be coming to show your property, it is best to leave your home while the showing takes place. This will give the potential buyers the opportunity to look around and make comments without feeling hurried or uncomfortable. It may be difficult for some people, especially those with small children or elderly family living with them, to just leave at a moments notice. Try to have a contingency plan of what to do if a last minute showing is requested.
One final piece of advice is if you are intending to sell your home on your own, be sure to do your homework and find out what current market values are in your neighborhood. Be prepared to show your home to strangers who may or may not be qualified to purchase a home. Statistics show that people that use a Realtor to sell their home sell their home for about 20 percent more than those that sell by owner. This more than compensates for the typical 6 percent commission charged by Realtors.
For more information or tips on selling your home, please contact Dave or Betty Warden with Real Estate North Texas at 817-706-3291.
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