May 4, 2005

Selling with success  

By Donna Nardi
Special to the Times

If you’ve been anywhere in the Silicon Valley hemisphere lately, you know the housing market has been crazy with a capital “C!”

Many buyers are scared—scared of entering into the multiple-offer circus, scared of being priced out of the market, scared of increasing interest rates, scared of NEVER being able to purchase a home!

But the one thing we know for certain is that nothing here stays static.

It has certainly been a seller’s market of late. But don’t get too comfy, sellers! With more inventory going on the market, the scales are beginning to tip in the other direction.

Let’s look at some tips for selling your home in every market.  

1.Don’t over-improve your home. Often a seller will rush to make their home look more appealing. But, be careful of just what you do to it! Good repair, cleanliness and curb appeal go a long, long way, while costing the least amount of money. Now is not the time to add a room, decorate your dream bedroom or spend a fortune on new windows, etc.

Think clean. Think good repair. Think of what a buyer will perceive while driving by your home, when ringing the doorbell and walking through your door. That alone can make or break a decision to submit an offer on your home.

Make your home look warm and inviting. Be careful with unusual colors and décor. Neutral with good taste is best.

2.Be out when potential buyers come through. When a realtor brings their client to show your home, it’s best to take a walk or run a quick errand. Buying a home is an emotional decision, and a buyer likes to “try on” a home. They can accomplish much more without someone hanging over them.

Should you feel certain amenities need to be emphasized, a tasteful sign pointing it out is a great yet unobtrusive way to show it off.

3.Be sure you know your rights and obligations. Real estate law is complex and extensive. You must know the risks should your transaction fall through, remedies for title defects, repairs you are responsible for, if you can sell your home “as-is”, etc, etc, etc. This is where you must be certain you have the advice and expertise of a competent realtor who is licensed and trained in just these matters.

The sale of your home could very possibly be the most important transaction you’re ever involved in. Be sure you choose your representation carefully and wisely.

4.Don’t be tempted to overprice your home—even in a seller’s market! If the price is too high, you limit the exposure to qualified buyers – your home is not on their radar screen. The result will be less exposure, fewer showings, and thus, fewer offers. It’s better to price it just right from the beginning. Statistics show the longer a home is on the market, the less it will sell for.

5. Accept the RIGHT offer. During this time of multiple offers, it’s tempting to interpret the highest offer as the best offer. That’s not always true! Look at offers as a whole. Are they strongly qualified buyers? Is their agent a qualified, solid agent who will see the transaction through to close of escrow?

Are they asking too much in “Additional Terms?” What is their close of escrow timeframe? What contingencies are included? Must they sell their current home first? Since selling and purchasing a home is often an emotional decision, buyers often submit a letter with their offer. If you’re emotionally attached to your home, you may want to consider the buyer’s circumstances and “story.” Again, your realtor’s guidance is key here.

Any and all of these subject matters warrant an article on its own. However, the objective here is to give sellers a snapshot of strategies that work in any market.

Whether you’re selling your home, purchasing or just sitting tight, I wish you, my readers, success! 

Donna Nardi is a full-time Realtor with Prudential California Realty in Willow Glen. You may contact her at donna.nardi@prurealty.com, or www.happywayhome.com or call her at 408-918-4410.