I’m sure you’ve heard by now that the current Dallas market is a “seller’s market.” If you haven’t, then it’s time for you to crawl out from under your rock and catch up. Not only is it a “seller’s market” it’s also one of the best markets we’ve seen in 10 years in Dallas. The bubble that popped (otherwise known as the Mortgage Implode) in 2007 doesn’t count because it created so many foreclosures and the overall backlash stunted the market for another 4 years.
Just because it’s a “seller’s market” doesn’t mean that you can get lazy or be cocky about selling your home because there are so many buyers and so few homes to purchase. Home buyers are more savvy now than ever before. And as a home seller, now is not the time to get loosey goosey.
Here are a few tips to make sure you don’t get ahead of yourself, or your potential buyers when selling your home in today’s “seller’s market.”
You Price Your Home Based on Your Ego, Amigo
It doesn’t matter what type of market you’re in, if you overprice your home, you’ll spend more time and money trying to sell it. There’s a difference between over-pricing and aggressive pricing.
Banks still require appraisals and they simply don’t allow buyers to buy in over their heads anymore. Unless you’re buyer is paying in cash, which most are not, overpaying for a home is a major turn off. Everyone still likes to feel that they got a good deal.
Pricing your home within the immediate neighborhood’s recent price per square foot comps, will attract more potential buyers and may create a bidding war that allows you to choose the crème de la crème of buyers and contract terms.
No matter what you’re told, there is always a psychological factor in every purchase. Price your home well and let the buyers beat each other up over your digs. You’ll come out the real winner.
You’re an Emotional Mess
Getting married or divorced, having kids, relocating and buying/selling a home are rated as the top stress inducing events in a lifetime. And because all of these events are somewhat emotionally charged it’s important that you keep your head together. Selling your home is a business decision, plain and simple, nothing else.
Once you come to the realization that it’s all business, you must depersonalize the entire home. Your potential buyers need to imagine their family living there. Having pics of your wedding and kids everywhere can easily create detachment within your buyers mental zone.
The only emotions that need to be had during the sell of your home is that of the buyers – they need to fall so deep in love with your house that they can’t possibly pass it up.
Declining Showings
If you want to sell your home, don’t turn away a single attempt to have it viewed by a potential buyer. It’s a numbers game and no matter what you think about a “seller’s market” ya still gotta get the buyers in the door. No one buys site unseen.
You’re a Control Freek
There’s nothing more uncomfortable for a buyer than showing up to take a looksy and the seller hanging out and walking through with them. Um, no!!!
Get the hell out of there. Go to Starbucks, go for a walk, go see a movie, but don’t stalk those happy home hunters while they are trying to fall in love with your house.
It’s weird and it doesn’t allow your buyers the privacy of speaking candidly with their Realtor and asking questions or bringing up concerns or pricing.
You Don’t Believe in Love at First Site
You got a lot to learn about love, buddy because Realtor.com says that it takes 15-30 seconds of entering a home for a potential buyer to decide whether they love it or hate it, so the first impression of your home should be a high priority.
No one is interested in buying a home that is unkept and smells like a locker room. If your home needs a few updates or repairs, it’s especially critical that the first impression is of one that screams, “Buy me, I’m beautiful!”
Make sure your home is clean and smells great. Make sure your windows are open and that all your clutter is gone. Your mental clutter we can deal with later.
If you’re considering selling your home soon, make sure that you check your ego before you jump in shallow waters. Working with a kick-ass agent is the best decision you can make. FYI: I’m wearing a my Super Sell-a-Home Cape as I type this. Fill out the contact form below and I’ll happily provide a market analysis for your home.
It’s a long known fact that you get more bang for your buck in the suburbs when it comes to house hunting. The difference in price per square feet in Plano/Allen/McKinney vs. Lakewood/Turtle Creek/Uptown Dallas can pull an easy $50-$200 variance. And that’s attractive on many levels to home buyers, whether you have a growing family or not. It’s a huge investment and everyone wants a good deal.
Elaine Harper Real Estate 