You can’t spell Moses without M-O. Coincidentally you also cannot spell Monie or Money without M-O. Based on this undeniable connection between Me, Moses, and making clients Money, I am just arriving back from atop Mount Sells-A-Lotta-Homes with the divine commandments for sellers who wish to sell in this *very new* buyers’ market and get through it still winning!
Thou shalt take a hint when no showings and/or offers are happening
Remember when you didn’t get asked to prom? And your mom tried to make you feel better by saying it was because all the boys were too intimidated to ask you? Lie detector results show that was a lie (Maury voice). Just as boys were asking girls to prom *just not you*, buyers are still buying homes *just not yours*. No showings and no offers after a week or more on the MLS is a big red flag. Don’t convince yourself that it’s because there isn’t that great night time picture of the sunset over your pool or you need an Open House. Assuming you have good pictures and a few days on all the websites buyers use to shop – you need to face the music, adjust your price and realize that without activity (showings/offers) your home will perpetually be passed on for the hot blonde cheerleader… I mean the house down the street.
Thou shalt not be greedy and ridiculous
If you purchased your home even a year or more ago in the Phoenix area, you likely have a decent if not ridiculous amount of equity in that home today. This is even if you made no improvements to it. The market, up until recently, GAVE YOU FREEEEEE MONEY in the form of equity. If you’re selling now, you’re likely to make a lot of money. Now not as much as you would have had you sold in March but sheesh still a lot of money simply for making your mortgage payment. I know it’s tough to swallow that your home today will likely sell for less than your neighbor’s that sold at the peak did, but… respectfully… cry me a river baby! You are STILL enjoying the spoils of a market acceleration – a gain made simply because you bought at the right time. No one is paying you to move anymore, you’re going to get a good deal instead of a great deal… last I checked a good deal is a win. Start acting like it, greed always triggers bad karma. Good karma is so hot right now.
Thou shalt seriously consider your first offer
Once your home is on the MLS and has syndicated to all the major home shopping platforms (Zillow, Redfin, etc), you may start receiving offers. Likely you’ll have some investors offering 20-30% below market value… we call these bottom feeders… but then you’ll start getting your retail buyer offers. Do NOT disregard these offers even if they are a little lower than what you want. Remember, serious buyers shop these website daily. When your home is out and those first few days pass you can have confidence that your magic buyer has seen the listing. If they are reaching out and offering it’s because they are likely serious and it’s unlikely someone is going to come out of the woodwork later and suddenly offer you more – each day your home is on the MLS, it loses some of its shine. If your first offer isn’t quite what you wanted, do not bank on the next being better. Seriously consider at least countering and before you do that be sure you’re willing to completely lose that buyer over whatever amount you want to counter for. Would you risk $480k to make an additional $5k if you knew your next best offer may only be $460k? No? Exactly.
Thou shalt be resilient for moneysakes
Selling a home is a complex process and with complexity comes the potential that something may go wrong. Actually, it is so rare for any transaction to be totally snag/delay free. That said, you trippin at each and every little bump is not going to help solve the problem. You screaming about BUT WE ARE LIVING OUT OF BOXES, isn’t going to cause whatever issue to say “oh shoot she’s living out of boxes, nevermind delay is solved.” The world doesn’t work this way – you expecting this is making you miserable. Especially in a tough market you have to keep your mindset focused on being solutions oriented with your Realtor. Yes the problem sucks, but there is likely a solution and you keeping your eyes and intention on solutions is absolutely required to get your deal closed. Don’t be a seller who, due to your lack of self control, adds an air of negative energy or panic to your process – you are only hurting you. Everyone on your team wants to get closed successfully, work with us not against us.
Thou shalt price your home based on competition not your hopes and dreams
No one, and I mean NO ONE wants to pay more for a house just because. Therefore just because you want more for your home isn’t a reason someone will pay more. Buyers have been getting their asses kicked for two years straight, spreading their buttcheeks, auctioning off their dignity, for any potential opportunity to buy a home. THEY ARE OVER IT. Some are even out for revenge (or their weird agents are at least). This means someone’s willingness to even look at the highest priced home in a neighborhood has greatly diminished. You need to be aware of this when you’re pricing. Be competitive with who is selling NOW not what sold in a way different market. Get asses in the seats first and then start to upsell your premium baseboards and your soft close cabinets. Playing to an empty room doesn’t pay.
Thou shalt fix the broken roof tiles and leaking faucets or thou shalt lose more money like a dumbo
You are going to need to fix things for your buyer. Accept this. If your buyer is paying you a fair price, you need to play ball. Why? Because each day you’re under contract your buyer is still checking the MLS for a better home. And the first time your dusty butt starts saying you’re not fixing a thing you failed to maintain, they’re liable to jump to the shiny new listing that inevitably is going to hit the market probably for less than yours. You’ll have to start over with a dreaded “Back on Market” and take less money just because your ego stopped you from being reasonable about $300 worth of repairs. BE SMARTER THAN THIS.
Thou shalt let your Realtor do the Realtoring and you do the you-ing.
You didn’t hire someone to provide the professional knowledge and service of selling your home for no reason. BUT for many sellers, letting go of control and trusting someone else is impossible. I cannot tell you how many times managing my seller became more work than successfully selling their home and how many times sellers have insisted on going against my recommendations which resulted in them losing money, time, etc. YIKES. How can you avoid becoming *that guy* Firstly, hire someone you can/do trust. How? Well I can tell you the mistakes sellers make which lead to them hiring Bozos they can’t trust. For instance, don’t hire someone who doesn’t sell homes full time just like you shouldn’t let someone who only tattoos part time tattoo you. Don’t hire someone just because they’ll sell your home for limited commission or cost – if they are desperate it’s for a reason. Don’t hire someone who doesn’t have a clear detailed plan and strategy for selling your home IN THIS MARKET – throwing spaghetti at the wall in a tough market will cause you to lose money and time. If you avoid these mistakes, you can likely trust you hired someone who can get the job done and then your job is to defer to them when the going gets tough. You don’t go and tell your cardiologist to snip this artery instead of that one because your coworker at QuickTrip told you so, don’t do that to your Realtor. We are professionals, let us show you what expertise can do for you. We want to sell your home and make you happy more than you can imagine, we are on your side and team, believe that and allow us the ability to do our jobs well for you.
Thou shalt stop living in the past market
You will not sell your home without a buyer. This means you need to join buyers in their reality. Their reality is one of many choices and low urgency… their reality is higher borrowing costs and limited down payment assistance options. If you continue to live in the past market you will absolutely fail at getting the most your property can bring you. Remember, something will only sell for as much as someone is willing to pay PERIOD. Your home is not an exception, acceptance of this and hiring someone who understands how buyers think is your ticket to a fantastic result and easier process.