Selling in a seller’s market should be easy, right?
There are too many buyers and not enough houses. When homes are selling in a matter of days, logic would say when you sell your home, it will probably do the same. While that’s sometimes the case, it’s not always true.
In this post, we’ll help you answer the question: are these mistakes preventing you from selling your West Knoxville home?
Many sellers, especially, in a seller’s market, want to try and see what happens. They will often try to price their homes high, hoping that it will sell high. Then, if it doesn’t sell, they intend to lower the price, in hopes that it will still sell at a high price.
Unfortunately, what many sellers don’t realize is that this is flawed logic. Even in a seller’s market, it’s a mistake to overprice your home. When you put a high price on your home, buyers won’t necessarily want to waste the time seeing your home. Contrary to what you believe, buyers are smart enough to know when a home is overpriced. Buyers aren’t going to waste their time looking at a home when a seller thinks that it is worth more than it actually is.
When you overprice your home, you’ll require multiple price drops before your home sells. In that time, your home spends more time on the market. The more days on the market the more time that buyers wonder what may be wrong with your home. So, needless to say, you’re more likely to get the best price possible when you list your home at a competitive price.
Do you think that you can hide your leaky sink? Or, that you can hide the fact that your basement floods every time that it rains? If you think that you can hide potential problems in your home, you’re wrong.
Before you list your home, it’s best to address the problems head-on. When you list your home, you’ll have to list any potential problems on the seller’s property disclosure. If you fail to disclose the issues, you could find yourself in big trouble.
A buyer will do a home inspection, so you can bet that a home inspector will find any issues that you’re hiding. Instead of trying to hide the issues, it’s best to either get the items fixed or disclose them to the buyer. Otherwise, you could find yourself in a difficult situation.
It can be hard for a buyer to imagine themselves in your home when your home is covered in wall to wall family pictures. When your home is cluttered with wall to wall clutter, it can make your home distracting. The buyer isn’t able to see the full potential of your home.
This is why it’s often suggested that you declutter and depersonalize your home before you list it. When you consider listing your home, you’re going to be thinking about packing anyhow. You might as well pack up some of the items in your home.
Shelves that are cluttered with items, consider packing away some of your personal items. If you’ve got wall to wall family pictures, consider taking some of them down to allow a buyer to see the full potential of your West Knoxville home.
Finally, when you make upgrades to your home, that doesn’t necessarily mean that increases your bottom line by the same amount. So, as you consider possible upgrades, keep this in mind. You don’t want to blow a ton of money on upgrades if you’re not going to see all of that money back.
Keep in mind, there are certain upgrades that go a long way. Things like repainting, replacing carpet, and updating fixtures are all items that can go a long way in helping increase the overall value of your home. In many cases, you don’t need to spend a ton of money to upgrade your home, by doing a few things you can update the overall appearance of your home.
Just bear in mind as you make the upgrades, you won’t necessarily see the full return for what you spent. This is why it’s not always wise to drop a ton of money on upgrades.
Are you thinking about selling a West Knoxville home this year? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-696-1888 or via email at [email protected]
Are you unsure of what your West Knoxville home may sell for? Give us a call today to set up FREE consultation about listing your West Knoxville home.