Too many home sellers have no idea what today’s real estate buyers already know.
What has changed is access to a ton of information on the Internet. Most county governments allow public access to tax information, there are hundreds of real estate home search websites, and there are virtually millions of people giving real estate advice (I’m one). Plus, most of them have watched a dozen episodes of House Hunters on HGTV!
They may know your neighborhood better than you
Here are some things they know when your house hits the market:
- Your name
- When you bought it and what you paid
- Which schools are assigned to the house
- The tax Assessment
- Neighborhood comparable sales
- Walk score
- Viewed via Google satellite image
- Election district
- Your floor plan and condition
- Street view
- Commute time to work or The Metro
Often they know more about the house than the owner does including current market value.
Home buyer’s aren’t “deterred from considering your house” if it is priced a little higher than the competition ~ that’s real estate agent hogwash taken out of a 1990’s “close the listing” training manual.
In fact, better qualified buyers may actually consider your house as a bargain.
Don’t negotiate on the wrong number!
And some sellers still insist an picking the broker charging the lowest commission including when it is down to the last 1/2 percent. If an agent is slashing their commission, how are they going to do when they are helping you price your house or negotiate an offer? Think about it.
Today’s home buyers are so much more sophisticated that they scrutinize everything before hopping in the car to see your house.
Most home sellers have no clue how important photographs and proper staging is ~ their agent may not “get it” either. They will scrutinize each online photo like they’re flipping through Southern Living magazine.
HGTV has trained today’s buyers to expect perfection.
Blurry photos aren’t going to cut it.
Get my point?
Getting a mortgage
Today’s buyers know their financial situation better than before.
- Larger Down Payments
- Pre-selected mortgage
- Household budgets
- Monthly payments
They have typically worked on their financial picture for months in order to qualify for the best mortgage possible. Why?
Getting the best rate is what most buyers in the Vienna real estate market are looking for because housing costs are so high and the typical mortgage is over $400,000. You see, if they can cut their rate by 1/4 percent then that will save over $21,000 in interest over 30 years.
Again, these are smart people.
There is a lot going on for buyers that many home sellers don’t consider.
Here is a tip: I ask my clients to switch hats and walk through the process with me a little like they are buyers. Having a strategy helps them find a home buyer willing to pay the most for their home.
It’s time to become one of the Smart Sellers.