So you have decided to sell your home. Maybe your job is moving out of town. Maybe you need a smaller, more manageable space. Perhaps you need a larger place to accommodate your growing family or the needs of elderly parents who are moving in with you. Your mind is made up and itâ€™s time to sell.
The problem is the horror stories you have heard from friends relatives and you find yourself waking in the middle of the night afraid of what could happen if things go terribly wrong. Okay, maybe not, but you DO have concerns.
Here are the top 5 seller fears I frequently hear and how to deal with them:
Paying a Commission
So, I will deal with the 800 pound gorilla in the room first! This is the biggest thing I hear from sellers. The best way to help give you a better understanding of who pays what in the transaction. Yes, as seller you will be responsible for both agentsâ€™ commissions. But know this: commissions are NOT set, are negotiable and often range between 6%-8% and can be higher depending on the services of the listing agent. On the other hand, the buyer generally pays the closing costs which can run about the same as these commissions. Generally, the amount you as the seller pays equals what the buyer pays. The seller and the buyer splits the cost so that no one party in the transactions carries the full financial burden.
Many believe that the commissions paid eat up any profit that might be gained by the sale of their home. On the contrary, it has been proven that using a real estate agent to help sell your home nets a seller thousands more than trying to sell on their home, as you will see.
Losing Money on Upgrades to My Home
We live in a custom society. We have an innate need to mess with everything. We customize cars; we get add-ons for our phone and computers. We accessorize everything we own. The question we must ask is why. Itâ€™s the â€œwhyâ€ that helps us to see the clearer picture particularly when deciding if we should upgrade anything before we sell. Do we do the upgrade for the sake of resale value or to please ourselves? If you were honest with yourself, you will see that every upgrade is to please yourself.
Not everyone is going to like the pink bedroom or black kitchenâ€¦but you do. Things like granite countertops or solid wood cabinets donâ€™t mean much if you are looking at selling your home. The increase in value to your home can be nominal in light of the other homes on the market. Would you pay the same for a remodeled 30 year-old home in an older neighborhood as you would for the same or better design in a brand new neighbor? Probably not.
Carrying Two Mortgages
So your home is on the market and should have sold by now and you have started working the new job out of town â€“ CRAP! Now you have 2 mortgages and your debt is mounting. This IS an actual chain of events played out over and over all over the country. How does this happen? There are only 2 things that can cause this: the first is an overpriced listing and the second is that the home does not show well.
There are two reasons these two things happen. The first is the fault of the agent, the second is the fault of you as the seller. It is the agentâ€™s responsibility to help you price your home correctly and provide you guidance on how to properly show your home. So, either your agent did not do these two jobsâ€¦or you did not listen to your agent. Sorry to be blunt! The good news is that both problems can easily be fixed. Price your home with the current market in mind and make is sellable.
Listing My Home and Not Finding One to Buy
You have listed your home and are getting close to selling it, but you cannot seem to find a home you like or want to buy. Are there not homes on the market where you want/need to live? I donâ€™t think so. On any given day in the state of Florida there are over 5000 homes on the marked priced for $90,000 to $5,000,000. Your home IS out there just waiting for you!
So, how do we solve this problem? We solve it with a buyer consultation that helps you understand the present market conditions, home availability and narrow down your choices by criteria you set. Again, a good agent will help you with all this! Setting expectations makes it easier to pick from a handful of homes that meet your taste and needs and eliminates the frustration of looking at 20 homes that donâ€™t.
The Inconvenience of Strangers in My Home and Always Being Ready to Show My Home
Letâ€™s face it, in this day and age letting strangers into your home can cause problems. It opens you up to anything from being robbed to being assaulted. NOT TO MENTIONâ€¦.BETTER HOMES AND GARDENSâ€¦WHAT I CANNOT UNDERSTAND YOUR WRITING! So, how can we deal with this, safely? First, letâ€™s understand that if you look at the stats from the Real Estate industry itself, the chances of selling your home through an open house are slim. So why does everyone do them? Because your agent gets a TON of leads from them! Those leads will buy your home, but they will buy a home. Now, donâ€™t get me wrong, if done correctly, the idea of an open house is valid, but how do we give a ***WHAT***correctly and make it work for us? By doing a brokerâ€™s open house. With a brokerâ€™s open house the only ones that come into your home are real estate agents and brokers. Each one of them will have two or more buyers currently looking for a home so you will get 5-10 times the exposure and because they are all professionals governed by the state you can rest assured that you wonâ€™t be robbed or mugged. Best of all, you do a brokers open house only once and your agent then does the follow up with everyone who signed the register. Now, thatâ€™s pretty simple!