If you’re getting ready to list your home, you undoubtedly want to do everything in your power to achieve the highest possible sale price. But selling a home is a complicated process, and there are many variables that influence the outcome of a real estate transaction. The hard part is many of these variables are beyond the seller’s control.
This doesn’t mean your ability to cash in on your biggest investment comes down to luck alone, but acknowledging what you can’t control will better position you to spend your time and energy on the things you can control. Here are some items that sellers can’t control during the home selling process and what you can do instead:
1. Market Conditions The real estate market fluctuates over time, and while it may be a seller’s market today, it’s hard to say what the future will bring 5 or 10 years down the road. Economic conditions are ultimately beyond your control. What You Can Do: Keep an eye on the market. The next time the market is hot or inventory is low, be ready to quickly evaluate whether it’s the right time to sell your home. A real estate agent can help.
2. Your Neighborhood Sellers can’t have complete control over the decisions of their neighbors or the long-term condition of a neighborhood. To further complicate things, your neighbor’s home sales will often influence your sale price. At the end of the day, a buyer’s perception of your neighborhood is beyond your control. What You Can Do: Join your local neighborhood association (or form one) and advocate for action that helps boost property values. It’ll take some time, but pulling your neighbors together for the greater good can have promising results.
3. The Age Of Your Home It might seem obvious, but your home isn’t going to get any younger. Some buyers are in the market for a newer home, while others may like the charm and character of an older property. What You Can Do: If your home is showing its age, then it might be worth investing in some upgrades before listing your home. Certain upgrades, like a renovated bathroom or new appliances, can actually generate a return when you go to sell.
4. Buyer Negotiations Negotiations with a buyer can sometimes last several rounds and still fall apart at the end. You can’t control or predict what a buyer will offer or ask for. No matter how hard you try, you also can’t control how buyers will perceive your property.
What You Can Do: Make sure you have an experienced real estate agent in your corner. A real estate agent is an expert negotiator and will ultimately be the liaison, so you don’t have to deal with a buyer directly.
A good agent is the best way to land a deal that works for both sides. When it comes time to sell your largest investment, some things are simply out of your control. Instead of getting hung up on these details, try to focus on what you can control.