Selling a home is a tough job, with lots to do and think about before going live, managing showings, and then everything that happens once you have a signed contract.
Here are some things sellers need but might not realize it!
A ROADMAP FOR THE FUTURE
All sellers, experienced or not, deserve to understand what’s going to happen in the process of selling their house from start to finish, and before it happens. It’s impossible to cover every little detail, or review all the possible bumps in the road that could occur, but a general understanding of what has to take place, and what follows what, can be reassuring, and will establish expectations. Plus this might answer some questions sellers may have but don’t voice, or even questions they don’t realize they SHOULD be asking.
MY ROLE IN REPRESENTING SELLERS
Sellers likely don’t realize everything that defines the listing agent role, and what I must, and must not, do in representing them. It’s not simply a matter of completing a listing agreement, agreeing to a list price, putting up a sign blasting the listing all over the Internet, then bringing in an offer and coasting to closing. My focus is on YOUR needs, and looking out for your best interests throughout the transaction, and providing a general understanding of what I can and will do for you is important.
I’d venture to say most homeowners want to maximize the sales price of their houses. But sellers often do not really know the market value, even though they think they do based on the media, Zestimates from Zillow and other automated valuations, their neighbors and friends and other sources of information. Value sometimes gets confused with want or need. Just because a homeowner wants a certain price to afford a particular move-up home, or spent a ton of money on remodeling and upgrades, does not translate to market value in the buyers’ eyes.
As a seller you need to know the truth about the potential market value of your home so you can make informed decisions. And the truth not just about value but other things like condition and deferred maintenance which impact value, and offer amounts!
LOCAL MARKET CONDITIONS
It’s easy to believe what you read on the Internet or in the news media, and think you understand the housing market. The reality is many homeowners do not know or understand what the actual local market conditions are, nor how those market conditions can impact the sale of their home (e.g., pricing, competitive offers).
Just because it is a “sellers’ market” you should not assume multiple offers overnight, selling for over asking price, and no need to do anything special to prepare the house for sale because of buyer demand. Sellers often do not understand buyer behavior in a seller’s market, sand sometimes do not consider that offers are not just about price but also terms and conditions. And it’s important to think about the potential problems with an over-asking offer on the appraisal. If the home does not appraise for the buyer’s purchase price there is a problem!
Sellers understandably want to maximize what they take away from selling their homes, but may not be aware of all the associated costs of selling a house (e.g., commissions, title and escrow fees, reports, property taxes that are due, payoff of an existing mortgage and/or home equity loan, notary fees for the deed).
I make sure that my seller clients are provided with an estimate upfront, based on a possible selling price, about the closing costs they can expect to pay out of the proceeds of their sale so they understand what their net proceeds might be!