Sellers need to think like buyers
Sam Schneiderman, broker owner of Great Boston Home Team (our Monday guy) explains how thinking like a buyer can help a would-be seller plan the sale of a house.
If you are a seller that has had your home on the market for a while, one of two things is probably happening:
1. You’re planning to hold out for your price until someone comes along that will pay it.
2. You’re wondering what you need to do to sell your house as soon as possible.
If you’re in the first group, you may need to wait for the market to pick up again and/or prices go up again. With interest rates moving up, a bumpy economic recovery and winter weather ahead, expect to be on the market for a while. You may either give up the idea of selling your home or join the second group.
If you’re among the second group, today’s blog is for you.
Most sellers put their home on the market with an idea of the price they want. That price might be based on the assessment, the mortgage balance(s), a “Zestimate”, a recent neighborhood sale or simply the need to sell at a certain price just to move on.
If you're a seller that wants to sell your house as soon as possible, my best advice is that you need to start thinking like a buyer.
Ask yourself what you would expect to be looking for in the current market as a buyer. Sure, you would want to find a home that you will like or even love, but you wouldn’t want to overpay for it. In the end, you’d probably want something close to the best home that works for you for the money.
So how do buyers judge if a home is a good home for the money? Ask your self these questions:
1. If there are twelve competing properties (similar size, similar condition) on the market would you be more likely to make an offer on the most expensive one or one of the lower priced ones?
2. If one of the properties has one less bathroom than the rest and is priced toward the middle or top of the range, would you even look at it if you wanted that second bath?
3. Regardless of how much you like your current décor and/or older kitchen; does your asking price reflect those items that younger buyers want?
4. If you were a buyer, would you want to buy and spend time and money to renovate or just buy and move in? Does your pricing reflect that?
If you have an agent, maybe they’ve tried to discuss those issues with you and you have pushed back, so, whether you have an agent or not, have you taken the time to go to a few open houses to see what you competition looks like? Your prospective buyers have seen and analyzed your competition. As a seller, you should see it through their eyes, too, and adjust accordingly.
