An important article for sellers
Last Sunday while reading the Boston Globe, I noticed a great article that discussed a few key issues that sellers should be aware of prior to putting their home on the market.
When meeting with new clients, we try and prepare sellers for the unexpected in order to reduce undo stress. The issues included below are some of these challenges and when discussed and explained thoroughly with sellers, it allows for a smoother selling process.
Expect the unexpected: Real estate transactions involve many moving parts that frequently change. A promising start such as a full price offer from qualified buyers can change quickly. For example, the home inspection can find some issues and can result in further negotiations changing the price or obligations of the seller. Know that this is normal and can easily be handled by a knowledgeable agent.
Always put in a counteroffer: The original offer is not always an indication of where the buyers expect to end up. Don't be insulted, this is a business transaction. Counter with a price that you are willing to accept. We have had this happen many times and have negotiated the price to a place where our sellers feel comfortable.
All home updates are not equal: You may have spent thousands on a new heating system or a roof, but don't assume you'll get that back in your selling price. Buyers assume these items are a given and shouldn't be built into the price where a new kitchen or bath would result in a higher selling price. Conversely if your heating system or roof are old, expect the buyer to take money off their offer price.
Pricing is not a science: Your first listing price is not always the right one. Statistics, market history, comparables, and expertise of the agent may indicate a certain listing price, but there are times buyers do not agree. If you do not receive an offer within the first few weeks, the price is probably too high. Make a price adjustment quickly so your home does not languish on the market. Days on market will likely drag down the price.
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