Want to Sell Your House? Think Like Real Estate Agents Do.
By Kevin Shirley, Associate Broker (DC), GRI, ASP, e-PRO
Because real estate agents see everything in the market, we have a pretty good idea about why some houses sell (and why others sit on the market for years). Whether as a buyer or seller, anyone planning to enter the real estate market can benefit from some of the tactics and factors that real estate agents keep in mind when as they go about the business of making home sales happen.
When Speed Matters …
When the overriding goal is a quick sale, leading with a price slightly lower than what comparables suggest is the surest tactic. When a home is priced at only a fraction below market value, real estate agents know it will draw much more attention than higher-priced neighbors. Most sellers have a built-in resistance to the very idea — often because they aren’t aware of how a home loses fair value as it sits on the market. Pricing a home slightly lower right out of the gate can mean minimizing the likelihood of a lengthy DOM (“days on market”) — and the possibility of a disappointing final sale price.
Preapproval: It’s Not Final Approval
Most real estate agents have seen this more than once: A buyer is preapproved for a mortgage begins and then runs up credit cards in preparation for the move into their new home. Because lenders often re-examine a homebuyer’s credit during the closing proceedings, the result can be a higher than the initially quoted interest rate or even an outright mortgage rejection. In other words, it’s wise for buyers to continue to spend frugally until the keys are in hand after settlement!
It’s a Long Process
Real estate agents know that selling a house takes a finite amount of time, beginning with preparation, through marketing, then paperwork, then finally, closing … and that’s not counting any unexpected turns-of-events that sometimes just happen. Whether you are buying or selling, it pays to be mentally and emotionally prepared to remain as flexible as possible with all the other ongoing events in your life until the transaction is a done deal.
If you’re considering buying or selling a home shortly, there’s every reason to start preparing as early as possible. Contact me for an initial consultation — we can set up a timeline that will be the first step in keeping you well informed from start to finish!
