For those of you who haven’t lived through the ups and downs of selling, it can be tough. An important key is to find a way to emotionally detach yourself from the property and try to approach it as a business transaction. Keep reminding yourself that you will be moving out and may never see it again.
When your REALTOR® suggests painting, don’t resist. It’s just paint. An investment of hundreds of dollars in a few cans of paint is worth thousands of $$ on the walls. If the suggestion involves purchasing new white, hotel-style bed linens, do it. You will take them with you to the new place. Consider it a treat for you in your new home. Selling your house is stressful and full of “pseudo-speak”. People walk through, say lovely things, even say we will be putting in an offer, and then never call. It’s like being complimented by a stranger at a cocktail party. They may (or may not) have meant it when they said it, but it doesn’t matter, because they have moved on. It’s over.
No matter how much you prepare, it’s always difficult to open your house up to the scrutiny of strangers. Even if they love the place, they will find faults in order to negotiate the best price. So before you ‘list it’ you need to have someone tell you the honest truth about your place and how it stacks up against the competition. And, yes, buyers will notice any little repairs that are long overdue. Not only will buyers notice, they will start deducting from the purchase price, usually at a higher rate than the actual repair.
You MUST know the ‘reality’ of your property. Without this you run the risk of over-valuing, or even under-valuing, the place you call home. It’s tough but I always preface every conversation by saying I’m going to be honest with you…but let’s be honest, nobody actually wants to hear the truth. The same goes for staging a property. Many people don’t think it’s necessary for their home. They like it just the way it is. The problem is you are not buying, they are, and you always want to put your best foot forward. Don’t we dress differently to attend a wedding, a funeral, an important business meeting, a summer family barbecue/swim party, or just to hang out some place with friends? You want to present your home in its best light. Dress it up a little. Studies show homes that showcase a lifestyle that buyers connect with emotionally sell faster and for more money. Industry estimates show staging a home can add 6 to 15% to the sale price.
In this case the truth will set you free. Hearing the truth about how your home presents, gives you the opportunity to make some changes, price accordingly, and strategize without bias. Ultimately this gets the most money possible for your property. Every time a property doesn’t sell it’s simple – the owner doesn’t understand what others see or even who the others might be demographically. Eventually, everyone’s eyes are opened. It can be evidenced by a price drop over time. Don’t let that happen to you.
– Chip Barkel, Toronto Real Estate. Extraordinary Service. Top Results.