Spring Has Sprung!
I love this time of year. Trees are budding, flowers are popping up out of newly laid mulch, convertibles are being driven sans top and the real estate market kicks into high speed. We will see more inventory than we have through the winter months. We will also see more buyers ready to buy.
Many people wait until this time of year to sell their house. If you are one of the Sellers, you need to make sure your property shines. You may want to take a look at some tips to help get it ready. You are competing against other properties, and you have to be sure yours stands out in some way. We all think that our house is the best. While every house has unique features, we have to look objectively at other properties. A good idea is to go with your Realtor to preview other houses for sale in your area that would be considered a comparable to yours. Listen to your Realtor. Again, we all think our house is the best but your Realtor sees a lot of homes and can help you see the positives and negatives of your home versus the competition. Lastly, you MUST have it priced right. It can be the greatest house in the neighborhood but if it is priced too high, it won’t sell. If you have a lot of showings and no offer, it is priced to high. If you have no showings, it is priced too high. In a fast moving Spring market, buyers start to wonder what’s wrong with a house if it has been on the market longer than the average. You will lose showings just based on days on market if you are priced too high to begin with. We all want to get the most out of our house, but be careful not to get too greedy because you may end up getting less than what you would have if you would have priced it within the market to begin with.
You are competing with many other buyers. They may be looking at the same house you are. We see a lot more multiple offers during this time of year. You need to put yourself in the best position to be the one that the Seller chooses to work with. MOST IMPORTANT: Unless you are paying cash, get pre-approved. This means that you have provided documentation to your lender and they have verified your income and assets. When you are ready to write an offer, get a pre-approval letter from your lender to send with the offer. The Seller will feel better about your financial stability if you can show them you are pre-approved by a reputable lender. This brings me to another point. I always suggest that my Buyers use a local, reputable lender. We all see the commercials for online mortgages. I am sure there are instances where they are the best deal and they do a great job. I just haven’t see one yet. Sellers can be leery of online lenders because you have no control locally. With a local lender, you have an office you can go into and a person you can sit in front of to discuss your loan. This is extremely helpful if/when there are bumps in the road. Realtors like working with local lenders because they have more control over the process as well. No one wants issues with closing because of the loan. Do your due-diligence when choosing a lender and make sure they have a great track record of closing – and closing on time. Your offer needs to be a good one. If you give a lowball offer, be ready for a rejection or for someone else to come in with a higher offer while you are still negotiating, and steal it away from you. The last tip about making yourself stand out is to write a letter. If you are competing against another offer, write the Seller a letter about yourself and why you love their home. Most Sellers want to know their home is going to someone who will love it and care for it the way they have. Most other factors being equal, this may be the one piece that pushes you into the lead in the eyes of a Seller.
Go smell the roses and good luck out there!
Photos courtesy of Dundee Photographics, Ikpro, David Castillo Dominici, Stuart Miles and smarnad.
Michelle Froedge is a residential Realtor and Principal Broker in the Greater Nashville and Williamson County areas of Tennessee. “Mom” to four-legged fur baby, Tyler, Auntie to Zelamie, she is a vegetarian and sings in her spare time. Michelle has lived in Nashville and Franklin since 1997 and has been selling homes since 2004.