Our Seller Secret series is by far our most popular blogs. We’re happy to provide tips and “Secrets” of the real estate industry to help seller maximize their position and life a little easier. Here are some more seller secrets…
Be Careful What You Say
Let’s say you just got a job promotion and must sell your home. Most likely there are time constraints involved. And when you start disclosing this information to potential buyers (or their agent), you lose leverage. Let’s say you tell the potential buyer you’re moving cross-country in two months. A smart buyer will submit an offer below asking price, anticipating that you, the seller, may be more desperate to sell this week than last week. There’s is nothing wrong with being honest with your personal story to buyers, just make sure you time things correctly.
Watch Out When Your Agent Brags About Their Low “Day’s on Market” Figures
In most home selling scenarios, the factors that contribute to a quick home sale are:
- Asking price
- Market conditions (demand)
A home seller can only affect the asking price, so an underpriced home normally means a quick sale and a benefit for the buyer (not seller). A home that’s in high demand doesn’t necessarily mean the home will sell quickly if the home is over-priced. The asking price encompasses all aspects of the home: condition, features, location, etc. Instead of being impressed with an agent’s ability to quickly sell your home, ask your agent to provide you with average days on market for home in their area about which they’re bragging and compare it to your agent’s claims. Both values should be within 15% of each other.
The Finish Line
Both you and the buyer have accepted an offer. Congratulations!! Now you must make sure you make it to closing. You’ll have a few deadlines within the Purchase and Sale Agreement that must be met so make sure you attend to those; a deal could easily fall through if certain conditions are not timely met. Also, make sure the buyer’s final walk-through is not done on the closing day, as this may complicate things by not having enough time to resolve last-minute issues.