Dennis Realty January 6, 2021

3 THINGS TO CONSIDER WHEN SELLING YOUR HOME

Selling your home is a big decision and it’s important to understand how to get the most money for your investment in the current market.  When you think about selling your home you may be overcome with sentimental memories and that’s okay.  Just remember that you will build new memories in your new home and reach new milestones.  Help from a real estate professional can help you avoid costly mistakes, give you guidance on pricing your home correctly, and help you transition to your new home.  

SETTING THE CORRECT PRICE FOR YOUR HOME

In today’s real estate market, inventory is very low which means that homes are selling quickly and in some cases are listed and sold on the same day.  As a seller, this means that you may receive multiple competing offers which is very positive but remember that an appraiser will determine the fair market value of your home.  Why is this important?  It depends on the type of offer that is presented.  If you have a buyer that is able to pay above the appraisal value then there is generally no issue, otherwise you may have to renegotiate because the bank will only lend what the appraiser determines is the fair market value.  We can help you determine the sale price for your home using statistics from recent home sales and other metrics.

HANDLING EMOTIONAL ATTACHMENT

Homeowners are holding on to their homes longer than in previous decades.  This graph from Keeping Current Matters shows that since 1985 the average ownership time has increased from 5 to 10 years which is a huge increase over what used to be considered the “norm”.

The effect of staying in your home longer is that it might be harder for you to make the decision to sell even though you may financially benefit.  Memories are very powerful and if this is a first home or the home you raised a family in, then you are going to have an emotional attachment which could make it more difficult to negotiate the fair market value of your home.  It’s safe to say that the emotional value and the fair market value aren’t generally the same and accepting that can be challenging.

PRESENTING YOUR HOME TO POTENTIAL BUYERS

When preparing to put your home on the market it is important to depersonalize your decor.  From the buyers’ perspective they are looking to envision your home as their own.  This means taking down family photos, decluttering, and maybe even updating the paint colors.  This article on how to prepare your home to sell has a ton of useful information.

NEXT STEPS

Right now may be the right time to sell your home considering the current market conditions.   If you have questions please let us know.  We have a team of very experienced real estate professionals covering Hillsborough, Hernando, Citrus, Pasco, & Pinellas counties but that’s not all.  Dennis Realty & Investment Corp. is a part of the Leading Real Estate Companies of the World which means that we can help you no matter where you are in the world.  We’re local and we’re global so if you’re thinking about selling your home, make sure you have the right team to help you get the most for your investment.  We invite you to experience the Dennis Difference and see what sets us apart from the rest.