Selling your Knoxville home can be a challenge for many reasons.
And, unfortunately, every transaction is unique. The problems that plague one real estate transaction may be not problem on another transaction.
There is no road map or well-kept secret to prevent you from avoiding all of the challenges that can come with selling your Knoxville home. But, there are some pretty common challenges that all real estate transactions face.
In this post, we’ll cover some common challenges of selling your Knoxville home and how to easily overcome them.
Pricing your Knoxville home is one of the largest challenges you will make when you sell a home.
Pricing a Knoxville home for sale is a bit of an art. The price can’t be too high, or it won’t attract buyers; but, it can’t be too low, or you could undersell the property. And for many sellers, the process is further complicated by emotions.
When it comes to choosing a price for your Knoxville home, be sure you hear what your realtor is recommending on price. A realtor will perform a Competitive Market Analysis (CMA) before recommending a price on your home. A CMA will look at homes for sale in your area and homes that have recently sold. Based on that, a realtor will recommend a price.
Before tuning out what your realtor is saying, it’s important to remember that this recommendation is based on fact. There are so many times where sellers think their home is worth more than it actually is.
Overpricing your home will only make it harder to sell your home. Overpriced homes typically require multiple price drops before getting an offer.
Dealing with emotions can be a major challenge when you sell your Knoxville home.
Most sellers get a bit emotional when they sell a home. After all, they’ve had countless birthdays, holidays, and precious memories in a home. They remember all the hard work they put into renovating the bathroom and landscaping the backyard. With all of that, sellers can often be blinded by emotions.
There will be some emotions when you consider selling a home. It’s important that you don’t allow them to get the best of you. Be sure to set realistic expectations and don’t be offended if the buyer doesn’t love a certain aspect of your home.
You will also be challenged by the local market when you sell your Knoxville home. The time of year and the climate of the local market can have major implications on how easy it is to sell your home.
The real estate market tends to either be a buyer’s market or a seller’s market. Here’s the difference between these two types of markets:
Seller’s market is when it is a better time to be a seller. There are more buyers than there are houses on the market, so sellers have the upper hand. Sellers have their pick of offers and buyers are often fighting over homes.
Buyer’s market is when it is a better time to be a buyer. There are more homes on the market than there are buyers looking. Buyers are more in control and can have their pick of houses. Buyers are able to get better deals.
The time of year can also play a small role. Summer and spring can be busier times, while winter can be slower. There are pros and cons to selling at each time of the year. Depending on when you sell, you may be more challenged by the time of year.
Finally, inspection issues can be a challenge when you sell your Knoxville home.
Home inspections can find a whole slew of deeper issues. Even though you may have been taking good care of a house, there can still be issues that you never knew about. Sometimes these issues are big and sometimes these issues are small.
When a buyer finds home inspection issues, oftentimes, the buyer and seller can come to some sort of agreement on repairs. As a seller, it’s important to prepare yourself to do so. It’s when seller are difficult that home inspection issues can become a problem.
If you’re unsure of what your home inspection may find, there is nothing wrong with getting your own home inspection before you list the house. This will allow you to fix any issues before your home is inspected by a buyer.
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 [email protected]. Kati can be reached at [email protected].
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