We often talk about the challenges of being a first time buyer, but what about those first time sellers? It’s a whole different ball game being on the other side of the table.
When should you sell? What work should you do first? How aggressively should you price it?
These are all challenging questions that you can work through with us anytime you are thinking about selling - particularly when it comes to current market trends. But there are some basic concepts you can consider for yourselves along the way...
Improvements
What to do and what to leave for the buyer depends entirely on your sales strategy. If you intend to sell the house “as is” you may limited your improvements to safety measures (electrical, locks, roof repairs, etc.) so that the property is secure, but the buyer doesn’t feel they are paying for improvements they don’t intend to keep. However, we often find that a handful of cost-effective improvements (flooring, painting, lighting) can make a big difference in the impression of livability of a home. We affectionately refer to this strategy as “lipstick on a pig”. What ultimately is a big remodel project, the home is in a state that gives a buyer time to move in and live comfortably while they contemplate their options. Lastly, if you want your home to sell at the top of the market as move in ready, make sure all the little things are done as the details will demonstrate good maintenance and pride of ownership.
Pricing
We encourage our sellers to try to look at the market with some objectivity and step away from the emotions of homeownership. We all love our homes for a variety of reasons - after all we chose to buy it! But sometimes those emotions get in the way of realistic and strategic pricing. If you trust the professional advice you are getting, try to take that in. And remember - if you are buying a new property in the same market, the market value should play out in that transaction as well, so whatever reality you face as a seller, you will then appreciate as the buyer as well.
All the best,
