Improving the Odds of Receiving an Offer
In the Summer of 2021 it is almost impossible NOT to get an offer on your home. The inventory of existing homes for sale is low and new homes construction is in the incubation stage.
That being said, the majority of today’s buyers desire a near perfect home. That equates to not needing to paint, re-carpet or change out appliances. Don’t wait to make the changes. Choose a neutral color paint like gray or “grayiege” (a gray and beige color), choose a midgrade pad and neutral tone carpet. Every buyer loves new and clean.
There is an “old” thinking out there where the seller says “I just don’t know what colors the new buyers may like so I won’t do anything and offer them a credit.”
1. When a buyer sees that the seller has not upgraded their home the buyer will see $$$ signs and additional work. This will result is either the buyer walking away or offer a low price for the home.
2. The credit that the seller offers is not realistic to cover the needed upgrades. Buyers are not stupid.
Here is a story to put it into perspective.
Husband “Fred” is at home and wife “Wilma” is at work. Fred and Wilma are both handy and capable around the kitchen. Wilma gives Fred a call telling him that she will be home in 90 minutes and could he please make something for dinner. Fred says “Sure. Would you like beef or chicken?” Wilma says that either will be appreciated.
About an hour and a half later Wilma pulls into the familiar drive way. Her shoulders relax as and her smile lifts. She’s home and dinner will be waiting. Unconsciously Wilma anticipates the warmth from the kitchen and the aroma of a home cooked meal. She knows this is going to be wonderful evening.
She opens the door with a grin but is greeted by stillness and the sound of the TV. The kitchen is dark. Nothing cooking. No aromas. No wine. No dinner waiting for her. Wilma says “Fred, I thought that you were going to make dinner for me! You didn’t do anything! Why?’ Fred replies, “Well, I could not decide what you would like best for dinner so I didn’t make anything. I didn’t want to disappoint you by choosing the wrong meal.”
The moral or the story is refresh your home to receive a good offer. Do something positive to the home.
The following recommendations for selling a home are a few of the Swinden Homes Team and from the National Association of Realtor Magazine, www.magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/how-to-improve-the-odds-of-an-offer
Price it right. In today’s market (4/2021) listing your home a little higher that your neighbors home could be a good strategy. But in a typical market set a price at the lower end of your property’s realistic price range. Consider:
· Comparable properties: A “comp” is what real estate professionals call home sales that can be reasonably used to help determine the price of your home. But just because you’re in the same neighborhood doesn’t mean that the houses will sell for the same amount. Your real estate professional will help you determine how to compare your home in terms of size, upkeep, and amenities.
· Competition: How many other houses are for sale in your area right now? Are you competing against new homes or condos for sale in the area?
· Contingencies: Do you have special needs that might turn away buyers? A common one is refusing to be flexible about a moving date.
Prepare for visitors. Get your house market-ready before you begin showing it. Make all your repairs, and then do a deep clean (or hire a cleaning service to help).
Spruce up your curb appeal. One of the most obvious (and most impactful) ways to boost curb appeal is to add some fresh greenery and flowers. Don’t worry if you don’t have the time or money to spend on putting in a garden—you can get the same effect by adding some planters and window boxes. Mow the grass, raking off leaves, pull the weeds and clean the gutters. Boost curb appeal by having your front door stand out instead of blend in. Painting a front door only costs about $75, and is a pretty easy DIY. www.moving.com/tips/16-easy-ways-to-boost-homes-curb-
Be flexible about showings. Spur-of-the-moment showings are disruptive, and making sure your home is constantly ready to show can be exhausting. But the more amenable you can be, the sooner you’ll find a buyer.
Anticipate the offers. Decide in advance the price range and terms that are acceptable. Be clear with yourself and your agent about what kind of offers you’re comfortable with. It’s critical to know what price and terms you’ll accept before entering negotiations with a potential buyer.
Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, at least consider lowering your asking price.