In recent years, homeowners in Manatee County have lived through hurricanes, floods, droughts and super-sized construction projects. Every single one of these events have had an effect on the real estate market, mostly in a negative way. Nevertheless, properties owned by individual homeowners continue to be their most valuable asset. So, if you’re thinking about selling, pay attention.
In most markets, when inventory is high and demand is low, sellers frequently set a low asking price to compete with other properties, but nothing is as simple as that. We live in a very diverse location where there are waterfront, beachfront, new subdivisions, condos, villas, duplexes and probably something I’ve left out.
Therefore, the key to pricing is more about finding a recent sale that is as much like your property as possible and work with that number. The difficulty we are having in this market is finding the recent sales, especially if your home is unique in style and location.
The next obstacle for sellers is being objective. Not all kitchen renovations and bathroom renovations are created equal. If you renovated five or six years ago, you can’t compete with a home that recently was renovated, adding value to the property.
Location and view are subjective and difficult to put a dollar value on. Some buyers prefer a full Gulf view and others prefer the activity on a bay view, but they all add value.
When staging the interior of your home, declutter and make your home as neutral as possible. That includes walls, floors, décor or anything else that might make the buyer’s eye look at the object rather than the room. Same with family photos: be discrete about which photos to display, if any. Wedding pictures are a killer since buyers instantly are drawn to them. Who doesn’t want to look at a lovely bride and groom?
If you’re in contract with a buyer that includes an appraisal contingency for mortgage purposes, and the appraisal is short, what happens? At this point everyone can pull back and say I want out of the transaction and the contract is voided. Most of the time there is a way to hold the transaction together by either the seller accepting a lower price, the buyer coming up with more cash or some negotiation in between.
Since virtually all buyers have a home inspection, it’s good strategy for the seller to have a home inspection on their property before going on the market. This gives the seller the chance to make necessary repairs ahead of time and sets the stage for a more open and friendly transaction.
Finally, my favorite Halloween topic is whether a seller is required to disclose that the property is believed to be haunted. There is no one answer to this and no one opinion on what is considered a stigmatized property. The laws related to this are governed by state and may need to be disclosed, or may not. Frankly, I would disclose the haunting, even if you personally don’t believe it. You never know what is on someone else’s mind.
When you’re selling what could very well be your largest asset, you need to take the time to understand all aspects of a real estate transaction. Seek the advice of realtors, attorneys, inspectors, mortgage brokers or anyone else who works in the vast network of real estate. Be objective, and don’t ask Casper for his advice, no matter how friendly he is.
