Tag Archives: Cape Coral Open House

8 Seller Mistakes When Putting Home on the Market

Posted on by

As real estate agents I think we tend to forget that people really don’t know how to sell their home. What seems basic to a veteran agent is not basic to all, and even many newer agents don’t know all the best tips.  We decided to cover 8 seller mistakes when putting home on the market.

8 Seller Mistakes When Putting Home on the Market

  1. Don’t be present for showings.  If you absolutely must be home for showings, don’t say a word.  Take a walk, drive around the block, or anywhere you can to avoid conversation with the buyers.  Sellers believe they know their home better than anyone; therefore, they can sell it better than anyone.  Be aware of the $1,000 rule.  Practically every word you speak to the buyers costs you $1,000.  I’d say try it, but it’ll cost you.
  2. Don’t photograph everything. There is no rule you must provide a photo of everything.  Leave a little to the imagination.  Make them want to get inside and see everything.  Most bathrooms don’t need to be photographed, unless they are spectacular, stand out, and are a selling feature.
  3. Set correct listing price and negotiate firm. You’ll get a better sales price if you set the correct list price.  Overpricing drives buyers away.  You’re not going to fool a buyer today, so you might as well price correctly upfront.  Buyers typically don’t want to insult a seller, so they just move on to other better values.  Or worse yet, they never view inside of your home because it’s not on their radar.
  4. Select the best agent to market your home, not the least expensive. Selecting the least expensive can cost you thousands.  It’s not what an agent charges that matters, it’s what ends up in your pocket at closing.  All Realtors are not the same.  Some agents sell homes faster and for more money.  Enough to cover the difference in rate, and then some.
  5. Make your home accessible. We live in the online age.  People expect fast access, both online and in person.  Some buyers are buying today and won’t come back tomorrow just to see your home.  By the time your home is available and picked up, they bought something else.  It just repeats with the next buyer.
  6. Check with your condo or HOA. There are many required disclosures and documents you must pass on to buyer at contract.  Failure to do so can cost you a sale. Get these documents upfront.  It’s a pain, but you’re going to have to do it anyway, so don’t lose a buyer and get them now.
  7. Disclose defects. Better yet, repair problems so next buyer doesn’t have to deal with it.  Most buyers want a problem free home.  They want to move in and not have to repair a bunch of things.  Their time and budget is stretched enough, and having to repair other peoples’ existing issues kind of takes the fun out of home shopping.  If you don’t want to do the repair, chances are you next buyer may not either.
  8. Market your home everywhere! Newspaper, online, social media, etc.  Make sure your home is target marketed to home buyers looking for what you have.  Throwing a sign out there and posting on an online site won’t cut it.  Everyone does that.  You want to stand out.

Wish we had more room.  If you’re thinking of selling, always call the Ellis Team.  We’ll go over our entire list and expose your home to more people.  Call Sande or Brett Ellis 239-489-4042 Ext 4  To search the MLS like a pro, visit www.LeeCountyOnline.com

Don’t forget to vote us Best Real Estate Team in SW Florida in News Press Reader Poll.  www.Bestswfl.com

Ellis Team Weekend Open Houses

Open House Sunday 1-3 PM

Reflection Lakes 5 Bed 3 Bath Pool Home on Lake

Large Reflection Lakes Pool home priced to sell and ready to go

13994 Reflection Lakes Dr

Open House Sunday 1-3 PM

Bella Lago 4 Bed 3 Bath Pool Home

3 Car Garage, kirkland garage door service installed the door, Granite Counters, and more

19790 Maddelana

Open House Sunday 1-4 PM

Cape Coral Direct Access Waterfront Pool Home

Direct Access Cape Coral Waterfront Pool Home

1933 SE 36th St

 

 

 

Dangers of Pricing Homes Compared to Neighbors Listing

Posted on by

The value of your home is determined by what able buyers are willing to pay for your home and what the appraiser will appraise it for.  It is not determined by what your neighbor down the street is asking for their home.  Today we’ll explore the dangers of pricing homes compared to neighbors listing.

Dangers of Pricing Homes Compared to Neighbors Listing

Often, we go out on listing appointments and we give our opinion of value after studying the property and the comparable sales.  It’s not unusual for a seller to say “But the home down the street is listed at X and my home is much nicer.”  Then we hear the list of upgrades, and the routine maintenance items the seller has made, like trimming the bushes last week, new light bulbs, new AC in 2005, and new roof 10 years ago.

All these details are important for the MLS sheet, and some are important as selling features, so don’t forget to bring anything up you feel might be important. Just don’t expect extra value for routine maintenance on your home and even some upgrades don’t provide value.  It may make the home stand out against another.

Some upgrades do add value.  Most upgrades don’t add 100% of the cost though.  I blame TV shows for painting the picture of putting $50,000 in upgrades into a home and expecting an increase of $200,000 in value.  This isn’t how it works, unless you somehow bought the property for way under value.

We’re watching a few neighborhoods right now where sellers are pricing compared to their neighbors.  There are no sales in the last 4 months and yet there are 5 new listings within 4 months and 1 older than 4 months.  None have gone pending either.  We see price reductions, but they are all still significantly over priced.  A few came on the market in the last 2 weeks and they are overpriced as well.

Each seller is convinced that previous sellers have set the market.  The reality is the first few sellers are like lost beacons in space, and each new seller follows their light.  The problem is they’re going in the wrong direction and their buyers are in another galaxy.

As soon as a seller puts their home on the market at the correct price, it will sell, if marketed correctly. All their neighbors will tell them they priced it too cheap, because they all want a higher price.  This is human nature; however, it doesn’t help anybody.  Just because everyone is overpriced, and no homes are selling in your neighborhood doesn’t mean a buyer will come along and overpay.

After a while, buyers begin to ask what’s wrong with the neighborhood.  All these homes are on the market and there are no sales.  We’ve got a decent market here in Southwest Florida.  If a home is priced correctly, there is a market.

Unlike towns where a plant closing affects the market, we have buyers.  The market has changed from last year.  Buyers are ready, willing, and able, but they’re cautious.  They don’t want to overpay.  This is a sign that our market is fully recovered, as much as it’s going to, and that prices have leveled out.  Now market forces take over, like interest rates, incomes, consumer confidence, etc.

We are not in jeopardy of crashing like back in 2006.  We will not see rapid price gains either.  SW Florida has a balanced market dependent on market forces, and that’s an awesome thing.

When you’re putting your home on the market, you must ask yourself.  Am I pricing my home at today’s value, or pricing it compared to what my neighbor down the street is asking?  We’d better go find some actual sales and base it off those who have won the home selling game versus those who want a certain number, or think their home is worth a certain number because that’s what their neighbor is asking.

If you’re thinking of selling your home, call Sande or Brett Ellis 239-489-4042 Ext 4.  We’ll give you the straight scoop.  We’ll get you Top Dollar, and we’ll get it Sold. You’ll be moving on while your neighbors wonder if their house will ever sell.  You can visit our website www.LeeCountyOnline.com to see all the homes in MLS.  Call Brett and Sande and start packing!

Ellis Team Weekend Open Houses

Open House Saturday 1-4 PM

1465 Arglye Dr

Open House Saturday 1-3 PM

1281 Biltmore Dr

Open House Sunday 1-4 PM

13994 Reflection Lakes Dr

Reflection Lakes Gated Community

Open House Sunday 1-3 PM

18 NE 1th Ave Cape Coral

Cape Coral Open House Sunday 1-3 PM