How To Avoid Seller’s Remorse When Selling YourHome

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Debbie Drummond

Is your home telling you that it’s time for a change? Maybe you’re entertaining more and could use anopen floor plan with a big kitchen? Have the kids moved out leaving rooms that you never use? Or maybeyou accepted a job in another State.

Time to sell your home? These tips will help you avoid seller’s remorse when youturn over the keys.

1 – Hire a great agent. You should interview a few. Find out how much experience they have withhomes in your neighborhood and price range. Everyone has to start somewhere but you should thinktwice before turning one of your most valuable assets over to a beginner. Ask for references. Find outhow they will market your home. Do they have a strong internet presence? Do they write a blog that givesuseful real estate advice or info about your local market?

Confirm that your agent is a good communicator. You’ll want someonewho responds to emails and phone calls. You might want to test themon this issue. Hiring someone who doesn’t respond can cost you. Irecently made multiple offers on two homes for my buyers. Emailedthe offers to both agents at noon on Friday. Gave them until 5 p.m.Saturday to respond. Called both listing agents to let them know theoffers had been emailed. The first agent answered their phone and letme know they had received the offer.

I had to leave a voicemail for listing Agent #2. I also followed that oneup with an email later in the day to ask her to confirm receipt of theoffer. No response. Agent #2′s assistant called shortly after lunch thenext day. The assistant said Agent #2 had “been traveling” the daybefore. We didn’t get a response back from Agent #2 until the fourthday after submitting the offer.

By that time, we had exchanged three counters with the other sellers. With each counter, my buyers became more engaged and committed to buying the first home. When wereceived the counter from Agent #2, it was too late for the buyers to negotiate with them. They went withthe first sellers who had responded and negotiated. My buyers moved into their new home a few weeksago and the other home is still on the market.

The sellers of the second property may not realize how poorly their agent served them. When hiring anagent to sell your home, make sure you know how they will handle offers if they should happen to be onvacation or tied up. As Janis Borgueta says, “Selling Your Home, Where is Your Realtor?” Make sure youknow how inquiries and offers on your home will be handled if your Realtor is away.

2 – Price It Right . There are common Real Estate Pricing Mistakes That Sellers Need to Avoid . Theyinclude leaving room to negotiate and pricing high because you’re not in a hurry. One of the most

common excuses we hear is, “Well, they can always make an offer.” It doesn’t work that way. Buyers seewhat price others homes have sold for in your neighborhood. Overprice your home and buyers will waitsee when the price is reduced. You’ll have seller’s remorse as your home lingers on the market formonths.

How do you determine your home’s list price? The chances of finding an online estimate that is right onthe money are slim. The computer generated values overlook curb appeal, upgrades and other featuresof your home. Those details will determine how much a qualified buyer will pay. Find a Realtor whoknows your neighborhood and the type of home you’re selling. Listen to their advice.

3 – Your Competition is online. “Does Your Real Estate Listing Compete Well Online?” Hire an agentwho will provide professional quality photos. Before your agent shows up with the photographer, makesure your home is clean, decluttered and staged. Today’s buyers are suspicious of listings that have onlya couple of photos. They tend to think there must be something wrong with the home. You will get moreviewings if your agent uploads as many photos as possible. As soon as your listing goes live, take a lookat it. Make sure the photos do your home justice without being misleading.

4 – Prepare your home to Razzle Dazzle ‘em. Pack up your personal photographs and possessionswhen you list your home. Pack the clothes you don’t plan to wear over the next 90 days. Puttingeverything away will allow buyers to picture themselves in your home. If you want to get the best price foryour home, put your best foot forward. Ask yourself, “How Can We Sweep a Buyer Off their Feet ?” Cleanit up, put things away, turn on the lights and let your home dazzle your buyers.

I’ve had sellers comment, “but we still live here” whenI make suggestions about cleaning or staging thehome. If their home is messy, I have to ask, “do youwant to live here forever?” Even in a hot seller’smarket buyers will pay more for a home that is cleanand uncluttered. An extremely cluttered home maymake buyers wonder if the seller can get everythingpacked up and moved out. If you want to avoidseller’s remorse, keep it clean and tidy until you move.

5 – Be safe. Technology has made it easier for us tobuy and sell anything, including our homes. It alsoleaves us vulnerable. Once your home is listed forsale, strangers will be able to view photos of yourhome online. If your home is vacant, they’ll see emptyor sparsely furnished rooms. This can attract thieveswho prey on vacant homes. If you’re selling a luxuryhome, put away those museum quality pieces before the photographer arrives.

If you still live in the home, make sure any irreplaceable items are locked away in a secure location beforeshowings. Remember, you’re selling your home not advertising your possessions. One of the easiestways to end up with seller’s remorse is leaving an heirloom or piece of art vulnerable to thieves andpickpockets. You should also consider the drawbacks of an open house.

6 – The one that got away isn’t just an old torch song. This is probably one of the most commonregrets we hear from home sellers. The first day your home goes on the market is the most exciting. It’s anew listing and all the buyers who have saved searches for your neighborhood get alerts that your home isnow available. It looks great. It’s priced within range of the comps.

You get several showings in the first few days and your agent calls to say you have an offer. You look itover and while it’s close, it’s a little lower than list price. With all the showings you are getting, you decideto sit this one out. Or maybe you think getting an offer that soon means you must have priced it too low.

The first buyer slips away. You’re still gettingshowings, but not as many as the first week-end itgoes on the market. It takes awhile to get that nextoffer. And the next offer isn’t as good as the first. Youwait for the second and third offers. You end upkicking yourself about the one that got away and youfinally accept a lower offer.

If your home is priced in line with the comps and youreceive an offer that’s within 5%, try to negotiate adeal that works for everyone. If you can’t get the buyerup in price, consider other options that might make itworthwhile. Maybe give them their price but ask themto pay for the home warranty or let you keep someappliances. You don’t want to sell too low, but youdefinitely don’t want to be singing about the one thatgot away.

7 - Don’t be offended if you receive a lowball offer. How do you respond to a lowball offer? Even ifyou price your home right and it’s a seller’s market, you may still get a lowball offer. Some buyers insist onstarting low to see how much you’ll cave. Others may be starting low because they don’t know the marketvalues in your area.

In any case, it is worth responding to most offers. As top Massachusetts Realtor Bill Gassett says,

“It doesn’t matter where the buyers start. It only matters where they end up “.

If you receive a lowball offer, don’t get insulted. Just deal with it as a business proposition. Counter themat or slightly below the list price. Have your agent back it up with comps that support your list price. Youmay have to go back and forth with a few counters but sometimes the lowball offers can lead to a gooddeal.

8 – Be ready to move. In today’s market, we see multiple offers on homes that are priced right, in goodcondition and desirable areas. If you’ve put away your personal possessions and decluttered, you’ll havea head start on the packing. Interview moving companies early on. If you haven’t already bought yournext home, find a rental that you can use while you’re shopping for the new home. If you take the propersteps to sell your home, you will be needing to move soon.

Debbie Drummond has over ten years experience in the Las Vegas Real Estate Market . She specializes inluxury homes and high rise properties. If you’re buying or selling a Las Vegas home, call (702)354-6900 oremail Debbie@LVHomePro.com. We’ll be happy to assist you in your move.