Thinking of selling? I know what’s on your mind. What’s my home worth? How long will it take to sell? How much will I net from the sale? With market conditions changing, there will be more emphasis on the efforts made to position the home for sale, and due diligence.
It’s still a great market for sellers, however, the days of selling your home in one day with bidding wars are slipping away. Here are some suggestions to help you be prepared to adapt and ride the cresting wave of the sellers’ market.
1. You get what you pay for.
The net proceeds from your sale are ultimately more important than the commission you pay. It’s what you put in your pocket that counts.
Full service experienced professionals reach the broader buyer audience with their marketing plan of action. Ask to see the plan. Ask them what their average list price to sales price ratio is. They can print this from the Multiple Listing Service.
For example: If an agent is closing 2 percent higher sales prices on average than the MLS, then you are essentially getting a 2 percent gain already with the benefits of a full-service agent. Support, communication, availability and reputation do ultimately factor in. Selling a home should feel like a vested mutual goal between the agent and the client.
2. Avoid price reductions.
“We can always list high and come down later.” Statistics have shown that homes listed at market value ultimately sell for a higher price than homes with a history of price reductions.
Today’s Realtors can track how many consumer views are obtained on internet sites, and it’s clear the biggest audience of buyers peaks the first 14 days a home hits the market.
Don’t “chase the market down” with price reductions, especially when the inventory/supply competition is increasing daily.
3. Relying on online websites for estimate of value.
Needing an appraisal to fund a loan has never been more important and has never changed. If online website valuations were accurate, then why are appraisals still required? Your home is the collateral for the lender who finances the sale. Your lender wants to be assured by a licensed and certified appraiser for a good reason. There is absolutely zero accountability for online values to be accurate. For real estate professionals, online valuations are one of the most frustrating obstacles we face in our industry today. I personally spend hours on a market analysis before meeting with a seller. Trust your real estate advocate to assist you with determining the list price of your property.
4. Making repairs.
It’s common when setting a listing appointment for a prospective seller to request a meeting in a couple of weeks after they have repaired/fixed/replaced, etc., items in the home. With our inventory climbing by 500 homes per week, a two-week delay can mean 1,000 more homes to compete with. Homeowners should always consult with a real estate professional immediately prior to investing any money to prepare a property for market. More than likely, the investment the owner thinks is necessary will not pay off, and a seasoned Realtor is going to be honest with you about that.
5. Check online reviews.
We’ve had quite a real estate ride in Las Vegas since the early 2000s. Realtors who have navigated market conditions through recessions, a foreclosure crisis, pandemic and extreme appreciation or depreciation are going to have experience, and their versatility and savvy will show in their online reviews. Do your diligence, and vet and communicate with listing agent candidates about what is important to you. It will make for a smoother transaction and peace of mind.
We know moving is one of the five major stressors we face in our lives. The right agent will minimize and mitigate the stress levels by understanding you and anticipating your needs. A good communicative relationship ultimately ends in the best outcome for you.
Diane Varney is a Realtor with Coldwell Banker Premier Realty.