I have been selling homes since 1982. Licensed as an agent in 1993 and became my own broker and company owner in 2001.
In selling hundreds of homes I noticed one common thing every seller does...
They decide to sell and call an agent to determine the current value of their home.
They then try and figure out what things can they fix to make the home worth even more and yes ...List for even more...this is mistake #1
so the top end of the market is ALWAYS getting the least amount of showings on the property. Example : your home is in a 3 bedroom middle class market selling from $159 to $179...the top end is $179! So now your desire to sell because of repairs is up to $195...this home will assuredly look the best but will get the least amount of showings. In fact the seller will be insulted by offers that come in at the top end price of ….yes you guessed it....$179
Mistake #2..The seller is already priced at $159 in current condition. But the house needs a new roof, furnace, and new flooring in the kitchen...est at $10,000 in repairs.
The seller pays for these repairs...yup they are now out in real dollars $10,000
Most sellers I met even CHARGED THESE ON CREDIT CARDS!! (mistake #3)
So now the house is FORCED to list at $179...here come the offers....yup you guessed it again..
$159 - $169 - $155 -$175
Lets reverse this scenario....NO REPAIRS...
the house is listed at $159 FIRM. The offers come in at $155...the counter $157 ACCEPTED
The home inspection comes back..need new roof, furnace, and ...WAIT for it...we can live with the flooring in the kitchen! Repairs now needed...$7500!
So now the seller can counter the inspection....WE WILL AGREE TO MAKE THE REPAIRS AND PAY 1/2 OF THE COST OR $3750
End result...Home sold...seller paid $3750 in repairs instead of $10,000 ...AND more money in their pocket at closing!
Let me know if this blog helped you. firstname.lastname@example.org 616-446-6076 AdvantageOneRealtyGR.com