It’s exciting to put a house on the market and to think about making new memories in new spaces. Keep in mind that despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.
When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.
1. Price Your Home Right
When inventory is low, like it is currently, it’s common to think buyers will pay whatever we ask when setting an asking price. My experience working many buyers over the years is that’s not always true. Don’t forget that the buyer’s bank will send an appraiser to determine the fair value for your house. The bank will not lend more than what the house is worth, so if you get a low appraisal you might need to renegotiate the price after the appraisal. Your Uncle John’s opinion of what your home will fetch isn’t a factor. Nor is how much you’ve invested in big ticket renovations. The market, the market and the market are keys to the value of your home.
(Some repairs and upgrades return more value than others. Check out this survey via Bankrate: https://www.remodeling.hw.net/cost-vs-value/2020/east-north-central/ann-arbor-mi/ )
2. Keep Your Emotions in Check
Today, homeowners are living in their houses for longer. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph below):This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.
For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a professional, someone who considers your sentimental ties as well as “used bricks and sticks” to help you with the appropriate value in the current market.
3. Stage Your Home Properly
We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you look at your house with the buyer in mind.
Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. I have a quiver of best practices to help position your home the best way possible.
Today’s sellers’ market might be your best chance to make a move. If you’re considering selling, let’s connect so you have the help need to navigate through the process while prioritizing these must-do’s.