Today I want to point out a few bits of real estate advice that are a little outdated, followed by what tips you should heed instead.
Today I’ll be discussing a few tidbits of real estate advice that are, by today’s standards, a bit outdated, in addition to addressing a few things we hear from clients that we don’t always agree with:
1. Waiting for a certain time of year to sell. It is correct that in Tucson, there is an increase in sales up to and during the summertime, but that also doesn’t mean that there is an increase in inventory at that time. Now, this dynamic varies between different price ranges and locations. For example, certain homes do better in the later times of year because certain homes are more attractive to winter visitors. But make sure you’re not using that as a blanket statement; talk with a real estate agent who can advise you about how different times of year would affect the sale of your home.
2. Pricing your home above market value. In December 2016, the market had gone up an average of $15,000 year over year. In December 2017, the market went up another $15,000 on average. In 2018, the market went up by about $4,000. This is a pretty decent indicator that the market is potentially seeing a slower year-over-year increase. It’s still definitely a seller’s market, but you need to speak with an agent about pricing your home strategically. We could be approaching a time where an overpriced home could affect how long it stays on the market, potentially affecting the number of showings that you get.
3. Leaving room for negotiation. Sometimes, sellers will base their decision to sell their home upon giving themselves room to negotiate. The truth is, you can’t rely on the amount of room you want for negotiation; you need to rely instead on what the comparable sales and data are telling you, and then make a decision regarding whether that time is prime for selling or if you should hold off until later.
4. Selling your home as-is. Some sellers don’t want to do the kind of work necessary to get their homes in prime selling condition, because they simply don’t want to or they’re unsure if the buyers will like the upgrades they choose. That’s why it’s good to choose upgrades that appeal to the masses. At the moment, millennial buyers are becoming a bigger and bigger portion of the market—millennials tend to want turnkey homes that are ready to go.
5. Neglecting professional photography. We realized that the first showing that you’ll have for your home will actually take place online. When I used to meet with buyers about 13 years ago, I would have a printout of listings to show them; now the buyers are letting us know which homes they’re seeing online. A buyer’s taste for a listing as it’s seen online actually depends heavily on the listing photos, so make sure that your photos are taken by a professional and show off the best of your home’s attributes.
Hopefully, this list will help you make more effective decisions in your home sale. If you have any questions or if you’re interested in a free, no-obligation meeting at your home, feel free to reach out to me. I hope to hear from you soon!