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Keep in Mind
What are the most important things to consider when selling your home? Cleaning, de-cluttering, painting, mowing… Most sellers are aware of the basics, but fail to recognize the biggest factors affecting the sale of their house.
If you can keep these facts in mind, you will save yourself a lot of time and headache. First, a buyer couldn’t care less what you paid for your home. They are only concerned with the price as it compares with other homes they are viewing. Many of those homes are short-sales and foreclosures. Are you keeping your price competitive?
Price is the biggest motivating factor in today’s market. With 2,466 residential properties for sale in the Flagler County Multiple Listing Service alone, does yours stand out? When a buyer or Realtor searches the MLS and 30 properties match the desired criteria, only the 5 or 10 least expensive are going to get a showing. A house is only worth what a buyer is willing to pay for it. This is a buyer’s market and they are well aware of that. Some sellers are hoping a sucker will come along and pay more than the market shows their home is worth. Those buyers do not exist today. Even if you were able to locate that one buyer, the home would not appraise and, unless they were paying 100 percent cash, you would, again, be without a buyer.
No doubt that the rounded corners, fancy doorknobs, and upgraded carpeting that you have cost you an arm and leg a few years ago. Now, however, they are only interesting details and do not add to the monetary value of your property.
If you are no longer living in the property, how much are you paying each month to keep it? If your mortgage is $1600, taxes $166, and lawn maintenance $125 a month (not to mention if the water and power is still on), you are paying $1891 a month to keep this property. Most of which, you will not see again, because it is not a principle payment on your mortgage. Would you rather sell your home now for $5k less than you want or hold onto it for 10 months while the market continues to decline? You have now paid an additional $18,910 in maintenance costs; meanwhile your home is worth $10k less than originally. You have now cost yourself $28,910, instead of $5k.
The last point to keep in mind is very important. Realtors do not make the market, we are only able to tell you what current conditions are. Whenever you are asking a real estate professional for a comparative market analysis, be sure they are including similar SOLD properties in their valuation. These sold properties are also what appraisers use to determine value.
Selling in today’s market is not always an enjoyable process. However, if you are working with a knowledgeable Realtor and take their advice, you should be able to sell. When it is your turn to be the buyer you will have a lot more fun!
