home sellers - Orlando and Clermont Real Estate

Buyers Are Not Going to Make Offers on Overpriced Listings

Buyers Are Not Going to Make Offers on Overpriced Listings

If you are thinking about pricing your home for sale above market value, buyers are not going to make offers on overpriced listings. One thing for sure, real estate market is HOT!! It’s sizzling. Some areas are experiencing low inventory with high demand that’s causing home prices to go

up, especially in the affordable price range. What is an affordable price range you might ask? Well, that truly depends on where you are in the country, in Clermont FL area, the affordable price range is just middle of the road, between $200,000 and $250,000. That number will look a lot different if you are in NY or Los Angeles.

If you are in a hot seller’s market with high demand and low inventory with increasing home prices month after month, you might want to list your home for sale above the fair market value and hoping buyers will make offers on an overpriced listing.

BUT…Guess what? Buyers are not going to make offers on overpriced listings. Just like home sellers, buyers also study the market, most are working with knowledgeable REALTORS® who are guiding them through the transaction. Besides, their search criteria will most likely be within their pre-approved mortgage. If they are approved to purchase a home up to $250,000, they will not be looking at homes priced at $300,000 hoping sellers will come down. Just like home sellers, they know it’s a hot market and homes that are priced right will go under contract fast so they’re not even going to waste their time looking at homes outside of their price range.

If a buyer tells me they’re looking to buy a home in Clermont FL priced up to $250,000, my search will be slightly over their pre-approved price. If I send them homes that are priced well above their range, they will think I’m not listening or have no regards for their wishes. So your strategy of overpricing and waiting for buyers to make offers isn’t going to work.
Yes, as a REALTOR®, if my buyer client likes the overpriced home, I will encourage them to make an offer and will definitely speak with the listing agent prior to submitting it, however, it’s up to you, as the seller to either accept or make a counter-offer which will show the buyer how motivated you are to sell your house.

What if your REALTOR® suggests listing above market value? Why would they do that? Do they really know the market? Are they trying to win you over so you would list your home with them? Do you have the time to participate in this game?
As a REALTOR®, I don’t have the marketing dollars nor the time to play games. I list homes to sell. List and see what sticks doesn’t work for me, never did.

Everyone’s motivation is different, however, most home sellers list their homes to sell. To accomplish that goal, it’s best to do everything right from day one. That includes getting your home in show ready condition, working with the right REALTOR® for the right reasons and most importantly, pricing it right.
As a professional, I come across overpriced as well as underpriced homes for sale. Those that are overpriced will either expire or see a major price reduction after a long marketing time. The ones that are underpriced will hopefully generate multiple offers and sell over list price.

Do Buyers make offers on overpriced listings? That depends on the area and competition. Remember, real estate is very local so what happens in Los Angeles isn’t very common in Clermont FL. Instead of wondering, it’s best to price your house to sell.

If you are a Clermont FL homeowner thinking about selling your home, I would love the opportunity to speak with you. Call or text me at 407-929-1852 for a FREE market analysis. Clermont FL home prices have increased 11% compared to last year. Your home may worth more than you think.

Tips to Help Your Home Sell

Selling a home is not easy, regardless of the market, or real estate conditions in the local area. Let’s face it, buyers have many options today. There are plenty of beautiful homes just like yours up for sale at any given time so you cannot afford to be casual when you decide to put your home up for sale. Luckily for you, we have gone through the trouble of compiling the top mistakes to avoid when you want to sell your home fast and at the best price possible. Below are 6 tips to help your home sell!

Do Not Overprice Your Home

This is by far one of the most common and detrimental mistakes home sellers make. There is nothing wrong with wanting to sell your home at a profit however, you should not overprice your home if you want to sell quickly. Price is by far the most important consideration for home buyers. As a result, the price you set should represent the true value of your home according to an expert local agent and not based on your own wishes/expectations.

It makes sense to hire a real estate agent who can help guide you through the selling process, carry out a thorough market analysis, and resolve a myriad of issues that may arise once your home is contracted. Ensuring you get the best price, based on market conditions, with consideration for any upgrades/improvements you have undertaken is what your agent will do for you. Overpricing your home is a bad idea and can discourage interested parties from making offers.

Market The Property With Purpose

Many home owners (and ultimately their agents) fail to do proper marketing. Putting a ”For Sale” sign in your yard and/or taking a few photos of your home and posting them online is not enough. If you want to sell your home fast and at the best price possible, you need to consider all marketing options at your disposal.

For instance, you need to utilize the internet fully by posting on all online real estate listing sites you can. You should also use social media, blogging, and even print media to reach as many consumers as possible. It is also important to make sure your agent takes quality photos or hires a professional photographer. The use of drones to market your home should also be considered if you have outside features you want highlighted. The majority of buyers start their search online…make them want to come visit your property!

Do Not Try To Sell Your Home On Your Own

Although there are benefits of selling your home yourself, the disadvantages can easily outweigh the advantages when you do not know what you are doing. Contrary to popular belief, selling your own home is typically not an easy task. In most states in the U.S. for instance, you automatically accept some liability when you try to sell your home yourself.

The entire process can also be tedious and time consuming not to mention the special skills required (i.e. negotiation skills) to sell real estate successfully. In a nutshell, it is better to hire a professional real estate agent if you want the best outcome possible.

The money you stand to save as a first time home seller is often not worth the hassle. In fact, you may end up incurring avoidable costs when you attempt to sell your home on your own because of factors such as poor negotiation skills, lack of real estate market knowledge, or not understanding what you need to disclose.

Failing To Do Repairs

This should go without saying. Your home must be in the best condition possible before you decide to sell it otherwise you will have a hard time attracting buyers who are willing to pay market value for your home. Jiggly door knobs, sagging screen doors, loose hand rails on the steps, dirty/damaged gutters, dripping faucets etc. must be fixed before you put your home up for sale.

It is better to include the cost of repairs in your asking price than consider settling for a lower offer. If you are unsure what to fix or update, get a home inspection done before you list your property. The inspector will provide a list of things buyers will most likely want resolved before purchasing your home.

Getting emotionally involved

Many home sellers also make this mistake which is totally understandable. Homes are beloved possessions. They also hold a lot of memories. Nevertheless, potential buyers may not see your home as such which is why you need to be as rational as possible if you want to sell your home fast. Potential buyers are interested in envisioning themselves in your home as opposed to sharing your personal memories and tastes.

It is important to make your home as neutral as possible (paint/furnishings) so it appeals to as many consumers as possible. This includes letting go of or removing and storing personal features (i.e. taxidermy items, mass collections, etc.). They are hard for buyers to overlook and could prevent your home from selling. You should think of your home as a commodity as opposed to an extension of who you are. It is advisable to have your agent pre-inspect your home and provide advice on what you need to change to make your home more marketable.

Home features aside, you should avoid getting offended by low offers. Most home sellers get emotional when they are offered less than what they expected. Instead of blowing off potential buyers or having other emotional responses, decline such offers politely and/or give a counter offer. You should not blame anyone for trying to get a great deal. Furthermore, you might push away a serious buyer since low offers are often part of the negotiation process. This is where cooler heads will prevail so ensure your agent is a neighborhood expert who will actively negotiating on your behalf.

Not Compromising On Minor Details

Some sellers have a hard time selling their homes because of being too rigid over minor details. It is possible for a home sale to fall apart over insignificant issues or concerns so having an open mind and being willing to give/take with buyers can make all the difference.

For instance, a seller may want to take a mantle with them instead of leaving it behind. Unless the mantle is really precious to you (i.e. it has been in your family for generations), you can always find another mantle. It is not worth losing a serious buyer over a detail that you can control. Also, it is often a great idea to stage your home after you have removed your belongings.

While these 6 tips to help your home sell will not guarantee a closing, following the advice will put your home in its best light, giving it every opportunity to be seen and sold.

4 Keys to Getting your Clermont Home Sold Quickly

We may be experiencing a major turnaround in the market right now with home prices soaring and yet interest rates are also slowly creeping up. This in turn may deter some buyers although we currently are not seeing that yet. Now is still a great time for buyers to jump on the market but sellers may find themselves competing with each other to get the best buyers. So how can sellers compete? Here are four keys to getting your Clermont Florida home sold quickly and effectively.

Price your home about 10% under market value. Don’t freak out, you may actually get about 10% more than its current value because buyers are likely to jump on a deal right off the bat and may even bid up the cost of the home quite substantially. If you the lowest price home on the market for the best amenities the home will sell quickly.

Now I could probably stop there and get your home sold quickly but there are three other major keys to selling your home.

Be creative in your advertising. As your real estate agent I market your home to a variety of buyers, buyer’s agents, and a network of agencies across the country. My connections to social media and thousands of other agents give your home the exposure it needs. We can always devise unique virtual tours, exciting videos, beautiful landscaped pictures and a social media campaign unlike any other.

Here’s a cute video by Rita Rudner – now this is creative selling!

Renovations and Updates can help but they may not be the end all. You have to find those renovations and updates that make it worth your time and money. If you spend $10,000 doing a bath remodel and it only adds $5000 to the cost of the home it’s really not that worth it. Talk to me, your Clermont agent, to determine what works and what may not for updates and renovations to your home.

A cash offer may not be the best offer. In this market you may get a lot of different offers both from cash investors an owner occupied buyers. A cash offer, although appealing, may not be the best offer especially if it’s attached to several contingencies. A financed offer with good credit and low contingencies may be the best option especially if the closing meets your dates.

Every home is different and I want to market and advertise your home for the right buyer at the right price. Call me today for a free listing presentation of how I would market and sell your home in Winter Garden, Clermont, Minneola and any of the surrounding communities and towns near Orlando.