Karen Lum | Sellers

Sellers

Seller's Most Common Asked Questions

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How soon do I need to pick a Realtor once I’ve decided to sell my home?

In today’s sophisticated real estate market, selling one’s home requires more than just putting up a “for sale” sign. As soon as you’ve reached the decision to sell your home, you should be seeking assistance from a Realtor.

I have access to many resources to help facilitate the preparation process. You will have the benefit of my experience to not only objectively assess your home from a potential buyer’s perspective but also against other homes on the market. I will make recommendations to help enhance and draw greater attention to special features of your home.

How does my home compare to others in my neighborhood?

As a real estate professional, I have access to the Multiple Listing Service. I will be able to provide information on the level of competition, their pricing strategy and what other homes have sold for in your neighborhood. I also tour homes several times a week to see your competition, and discuss status and interest level for competitive homes with others in the real estate community. By reviewing all the data together, we will be able to determine an “educated” and the most competitive price range for your home.

What are buyers willing to offer?

A buyer’s perception of your home value is not determined by what you need out of the sale, what your remaining balance is on your current mortgage or what you’ve determined your “improvements” have added to the value of your home.

Buyers will be evaluating your home against other recently sold properties with similar features in the neighborhood, take into consideration the current condition of the home, and note any negative environmental issues surrounding your home. Beyond these factors, their offer may also reflect any competition from other buyers vying for your property. My goal is to create that competitive environment to maximize money for your home.

Any harm in overpricing a property, then dropping the price if it doesn’t sell?

Yes. I have found that most buyers and Realtors are most enthusiastic about a property when first introduced. When your home is perceived as “overpriced,” it helps sell the neighbor’s home not yours.

Even with a later price adjustment, it is difficult to draw potential buyers and/or Realtors back to take “another look.” It is especially difficult when they have a number of new properties to review. As sellers “test” the market, buyers will note the number of days a home has been on the market and consider the lack of interest and activity an indication of overpricing. Their offer will ultimately reflect this conclusion.

It is best to market your home at a competitive price when you first come on the market instead of “trying a price,” making an adjustment and then chasing the market down. No seller likes to be a part of a negative spiral which usually yields a lower selling price than had they listed their home at a realistic price to begin with.

But my house is worth so much more…

Emotion and pride should not be a part of the pricing process, although admittedly very difficult. Sellers speak of value, amount invested and what they can afford “to take.” Buyers view home buying from an entirely different perspective. They consider price, property condition and other properties they can buy instead of yours. My goal is to direct as many buyers to your home as possible, demonstrate your home’s value over our competitors and ultimately create an environment to yield the best possible price for your home.