Are Your Home Selling Expectations Unrealistic?
Do you think selling in a seller’s market will be easy?
The truth is, that’s not always the case.
When a seller has unrealistic expectations about selling their home, the process can be tough for all of those parties involved. In this post, we’ll cover some unrealistic expectations that sellers commonly have when they sell their Knoxville home.
“My home is worth $X more than my realtor says.”
The reality is every seller has to temper their expectations when it comes to pricing their home to sell. Even those sellers who are motivated and have more relaxed expectations on price, sometimes find themselves wondering if their home is worth more.
The reality is, though, just because you think your home is worth more doesn’t mean that it is actually worth more. Every seller innately feels that their home is worth more. A home is a place you’ve invested in. You’ve spent countless holidays, birthdays, and every day in between there. So, it can sometimes be hard to accept that maybe your home isn’t quite worth what you thought it may be.
But when it comes time to actually list your home, it’s important that you have realistic pricing expectations. A home will only sell quickly if it’s priced right. The goal is to sell it for the most money possible in the shortest amount of time. Contrary to what you may believe, you don’t have the luxury of pricing high to see what happens. The longer a home sits, the quicker it becomes old news, even with price drops. You’re more likely to sell at a lower price if you price high from the start.
Moral of the story: Listen to what realtors are suggesting price wise. If you have concerns about why a realtor is suggesting a certain price, don’t be afraid to ask why and ask to see the data.
“It’s a seller’s market, so my home will sell quickly.”
The odds are higher that your home will sell quickly in a seller’s market. But there are no guarantees. If you want your home to sell quickly, you’re best to make sure you do everything you can to help it sell.
Here are a few common things that tend to make a home sell quickly:
- Price is competitively
- Do the necessary updates (neutral interior and necessary visible repairs)
- Keep it clean
- De-clutter and consider staging
Homes that tend to sell quickly in a seller’s market usually do so for a reason. There are always the homes that tend to sit on the market in a seller’s market. The homes that tend to sell fast are a combination of priced well and kept in good condition. If your home is in need of some cosmetic repairs, consider taking that into account with the price.
Moral of the story: Homes that sell quickly are priced right in and in good condition.
“Buyers have no negotiating power.”
In a seller’s market, the odds are in your favor as the seller. There are simply too many buyers and not enough sellers. This leaves buyers vying for every new home that hits the market.
Still, that doesn’t mean that you should let this power go to your head. Keep in mind that every real estate transaction is a two-way street so you don’t have free reign to make unrealistic demands. In a seller’s market, you should be able to get most of what you want in a contract. For example, a buyer may ask that you do some repairs due to a home inspection.
Moral of the story: Having an unrealistic attitude could make the transaction harder for all parties involved.
“The condition of my home doesn’t matter.”
You’d be sorely mistaken if you think that your home will sell regardless of its current condition. Even in a seller’s market where there aren’t enough home for buyers, the condition of your home will play a huge role in how quickly it sells and the price that it sells for.
Take the time to do a deep clean and de-clutter. Or, even consider having your home staged to help sell it more quickly. In addition, think about taking the time to do the necessary repairs. This will show a potential buyer that you’ve taken the time to take care of your home.
Moral of the story: The condition of your home always matters.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at Kati@KnoxvilleHomeTeam.Com.