Home Selling Tips
Although I am pretty much against reviewing offers on a future date when selling a home in Sacramento, there are circumstances when it makes sense. Sometimes I see listings that read “we will look at all offers next Friday.” Then Friday comes and goes and there are no offers. Now everybody knows that seller’s angle. They have the seller’s number. Exposed hand dealt. And sellers might pay for that arrogance.
The other drawback to reviewing offers on a future date is the fact sellers will eliminate buyers from trying to buy their home. From the seller’s point of view, if a buyer is interested, it doesn’t matter. But that’s because sellers often try to judge the situation from a seller’s point of view instead of a buyer’s point of view. They say to themselves, “well, if I were a buyer, I wouldn’t care.” But they don’t know that to be fact. They simply wish it to be fact.
You cannot sell your house in our hot Sacramento real estate market for any number of reasons. Let’s look at a few. First, it is not always price. You might own a unique home, unlike anything else on the market. Unique homes appeal to a unique buyer. They do not appeal to your normal run-of-the-mill buyers. Sometimes we get lucky and a unique buyer pops up right away. Sometimes it can take 6 months to a year to find that needle-in-a-haystack buyer.
Another reason you cannot sell your house in our seller’s market might be due to improvements. Your home might be over improved for the neighborhood or under improved. If it is over improved, a price adjustment or outright patience will move that listing. Buyers want fixed-up, turnkey properties. If it is under improved, it might not sell at all at the price a seller wants.
If you ask some listing agents when is it time to reduce the price of a listing, they will say never. Agents are famous for repeating a home should be priced right to start with. But sometimes it is not possible to price the home correctly. For a large variety of reasons. It could be seller expectations, condition, location, upgrades or lack thereof, or an unusual way a buyer reacts over a small undetected defect. Or, market shifts. Or a fluke comp happened and sold only due to luck of the draw.
If you’re wondering how many homes sell at an open house, you’ve come to the right place. The funny thing is if you talk to sellers, they think an open house is the #1 best marketing strategy any agent could employ. They do not realize that nationally, depending on which research you read, homes sell at an open house between 2% and 9%. Those are really low percentages. However, when used with a comprehensive marketing plan, open houses are part of the equation. They just are not the #1 way to sell a house.
Knowing when is escrow over and closed, well, it’s one of the highlights of selling a home. It’s that time when you realize a heavy load has been lifted off your shoulders. Often a burden you didn’t even know you had carried until it’s gone. In the case of my sellers in south Sacramento who lived in a hard-to-sell neighborhood, it took us more than 6 months to close that house. Then, last month, we had 2 strong offers, hours apart. Multiple offers for that house.
Right before signing the paperwork, I asked the sellers to leave all the remotes / keys / manuals in a kitchen drawer. As long as they left that stuff before closing, we are good. Because after the deadline for possession at closing — which by contract default is 6 PM — the seller is supposed to be gone. It doesn’t mean the seller can go over to the house that night or the following day to leave keys. That would be considered trespassing.