This week on the Today Show, real estate mogul Barbara Corcoran shared tips for homeowners who are having trouble selling their home. At Oppenheim Law and Weston Title, we hear about these situations everyday and agree…buyers and sellers need to work together to create a better market.
We took Corcoran’s tips and added some of our own to help subscribers prepare for future Florida real estate transactions.
1. Time it right: Did you know that very few homes sell before Super Bowl Sunday? Consider taking your home off of the market and relist it after the Super Bowl if you’ve been trying to sell for more than four months.
2. Price it wisely, at what it’s worth: Cost is always the deciding factor when it comes to buying a house. This is not a time to build “wiggle room” into your asking price; and even think about listing your home for ten percent less than it’s worth to ensure it is the first home shown.
3. Get an inspection prior to listing the house: Don’t wait for the would-be buyer to discover the problems you could have fixed before selling they will either move to the next house or rack up reasons to expect price cuts.
4. Offer financial incentive up front: By offering to pay closing costs, the first year of property taxes, HOA fees, or lawn care up front, you’ve already got a leg up on the less savvy seller who waits until negotiations to try to sweeten the deal. Don’t forget to include your incentives front and center in the listing, to catch a buyer
5. Spend money on three key spaces: Corcoran recommends fixing up three key areas of the home: the kitchen, living room and front facade. For the kitchen, small touch ups such as new knobs, handles or cabinet fronts make a difference. If you can afford it, invest in one fancy-looking appliance or install a new backsplash. For the living room, get rid of all clutter, paint the walls a neutral white and add touches of color. Notably, buyers decide in eight seconds if they are interested in buying your home. Curb appeal will make or break their decision. Paint your door, edge your lawn or do whatever you have to enhance the exterior of the house.
6. Put the best photos online! Considering 89 percent of today’s buyers begin their home search online, invest in a local photographer to take pictures for online listings.
A major takeaway from Corcoran’s segment is sellers must try to see things from a buyer’s perspective. Both sides need to be prepared to communicate with each other for a smooth and quick closing!
More and more buyers today are seeking services such as Oppenheim Law’s sister company Weston Title & Escrow for their closing needs, so sellers must be fully informed as well to ensure both parties are satisfied.