“First we will update the kitchen, then gut the bathrooms, and if we paint the entire house, we will make double what the house is worth now!” This is the mantra of many homeowners. The year 2018 is an unprecedented sellers market. While we don’t know when it will end, it will eventually end. Not to the extreme of the housing crash of 2008, but there will be a correction at some point. We at Sold! Louisville can sell your house and provide unprecedented services that few companies can match. Here are some myths and tricks to make your home- selling experience an efficient one.
Myths about Selling Your Home
Your house will sell better in the Spring!
While Spring in Louisville is beautiful, the colors in the fall are beautiful as well. People start shopping in January for homes. The slowest month, according to realtor.com is December. The rest of the year, especially in 2018, is busy!
The only way you will sell the house is at an open house.
Well, that is more old school thinking. People today have many options when looking for a house. Online shopping is here to stay (thanks, Amazon!), and there are many options to see the home without leaving the house. We at Sold! Louisville provide a professional photographer to take amazing shots of your home. We have an FAA registered drone to film over the property. Yes, we actually had to take a test and pay for a license to fly our drone legally in Kentucky. We partner with a 3D company who, can get a full layout of your home. It provides a buyer every way to view the home without leaving their couch or treadmill desk.
List the house yourself and you can save 6%.
This is true, but Realtors, regardless of the brokerage, earn their money. You get what you pay for. A licensed realtor knows how to move homes and move them legally. They negotiate on your behalf. They also pay for brochures, marketing materials, signage, open houses, MLS listings, and everything else that people expect from their realtor; and we at Sold! Louisville offer so many other services including personal property sales but regardless, we want your home to perform well in the marketplace. We will promote your listing on our Sold! Louisville website and promote the home for your realtor. Also, we offer all of our ancillary services to your realtor.
If I list it for a crazy price, someone will pay it.
That’s a poor strategy. If your listing price is not within the range of the neighborhood and similar sized homes, people will not make offers on the home. They would feel they would “insult” you by offering a fair market offer. Then, when a house is unsold for a period of time, it seems as though there is a problem with the house, keeping people away. Price your home fairly and you will have a bidding war.
Upgrade everything and they will come.
This isn’t field of dreams. People believe they need to “stage” the home. They believe upgrades are the way to go. They believe painting everything neutral colors will bring more money. For any of this to be true, you need to have the exact same style as the buyer. When I sold my house 5 years ago, I refinished the floors, painted the entire house and did everything to make the house “ready to sell”. The buyer came in, put in carpeting, painted the rooms the color she wanted and added her own style. It’s her house, her style. What My point is here, don’t kill yourself. They are going to make it their own. We moved into our new house and repainted the entire house, changed all the electrical outlets, removed rugs and gutted the kitchen and bathroom. Not to sell it and increase the value, but because we wanted something our style. It’s an investment you won’t get back. I’ll let you in on a secret: once you leave, they will do it over.
What can you do to make a great experience for potential buyers?
If you know there is a problem, it will show up during the inspection. Don’t avoid it, but address it. It’s up to you whether you fix it or not. Some things you legally have to fix, but many things are optional. Note, do not get a fire alarm early. You will need to provide a 10 year battery alarm at closing.
I’d advise getting a pre-sale inspection and adding it to the listing. People will trust you. If you have seen the “Money Pit” with Tom Hanks, you know what I’m talking about.
When we listed our house, I added a list of everything they would need to know. Trash pickup, recycling days, what’s around the neighborhood, schools, model numbers for things that will require maintenance and where to order new parts/filters. These things will make the transition for the buyer so much better. They might also be willing to let some things go that are found during their inspection go. It’s the best practice to be transparent.