AVOID THESE 5 PITFALLS

When Selling Your Home

Maximize your profit and minimize your stress

by BEN GEANETTA, REALTOR®, TEAM LEAD

It’s that time of year again—the selling season has arrived. Typically, March marks the beginning of the housing market’s busy season as the snow melts and spring break nears for many potential buyers. However, this year will be different from the past two, as sellers will need to put more effort to prepare their homes for showings.

If you recall, only a year ago, just a mere whisper of a seller putting their house on the market would result in 20 offers, with 19 above asking price, and one offer including the seller’s firstborn child at the asking price.

The current market is more challenging, as it has shifted toward a more natural state. To ensure a successful and seamless transaction, preparation and presentation will play a crucial role.

As you prepare to sell your house in 2023, there are a few things that you should and shouldn't be doing.

1.Don’t turn off the utilities. To ensure a smooth and seamless transaction, it’s imperative to leave the utilities on until the ownership is transferred. This can prevent unwanted surprises and unexpected disruptions during the showing and inspection process. Imagine walking into a home only to find it is too cold or too dark to properly assess its features. This can quickly spoil the excitement of buying a new home and cause stress for both the buyer and the seller. On the other hand, if the utilities have been turned off prior to the inspection, it can cause delays in the purchase process as arrangements need to be made to have the utilities turned back on and the inspector rescheduled for another visit.

2.Do repairs and deferred maintenance.. The second thing you shouldn’t do when selling your home in 2023, ignoring those nagging deferred maintenance and repairs. Neglecting these repairs sends a message to buyers that your house hasn’t been well-kept, and it could dampen their confidence in making an offer.

Fear not, a little elbow grease can work wonders! Spruce up your space by addressing those minor repairs and giving it a fresh coat of paint. While you’re at it, make sure all your light bulbs are functioning and the same color tone. These simple and inexpensive improvements can instantly boost your home’s appeal.

3.Do depersonalize and declutter. As you prepare to sell your home, now is a great opportunity to get a head start on packing and decluttering. You can begin by filling your closets and garage with boxes. Also assess the items you have in your home. Do you really want to transport all the furniture that will be susceptible to damage during the move? This is an ideal time to purge your space and let go of items that have accumulated over the years. By doing so, not only will your home show better in photos, but it will also create a more appealing atmosphere for perspective buyers.

4.Don’t be stubborn and difficult. To maximize your chances of selling your home, it's important to be flexible when it comes to showings. Having potential buyers visit your home is essential; simply viewing online photos is not enough. It's like windowshopping and rarely leads to a sale.

Buyers usually visit three to five homes in one day, so the time slot they are requesting might already be part of their tour schedule. Additionally, there's a high chance that they are visiting from out of town, and this is their only opportunity to see your house. By being accommodating and flexible, you may increase your chances of securing the best offer and terms. Enduring a bit of inconvenience could pay off in the end.

5.Don’t have a price hangover.. Lastly, don't overlook the significance of market conditions. It's crucial to stay informed about the local real estate market and adjust your selling strategy accordingly. Avoid the temptation to generalize national trends to the local market or to your specific property, as the conditions may be vastly different. This is especially true in North Idaho, where each property is unique and the market is highly localized.

As a resort town, Sandpoint is highly desirable and attracts many buyers. The interplay of supply and demand will influence the real estate market, and it's important to be aware of these trends. To ensure that you're making informed decisions, have your real estate agent analyze the market data from August 2022 to present. And please don’t have a price hangover from the wildness of the COVID period. Overpricing your property could lead to frustration, as potential buyers will simply window-shop and walk on by.