Some of the most common obstacles home sellers have to hurdle
Selling a home to move on to bigger and better opportunities can be an exciting time. But anyone who has bought or sold a home before knows that can be a long and tedious process. When selling a house or property, often the seller is under some sort of time restriction. They could be closing on their new living arrangement, maybe they’re moving for a new job with a strict start date, or need the equity from the old house for their new property. No matter the case, sellers usually don’t have a lot of time to be held up when trying to complete the transaction.
Real estate trends change constantly throughout the year. With that being said, any real estate agent can tell you that no two real estate transactions are the same as so many different challenges can arise. No matter the situation, everyone loses out if the challenge stalls or derails the deal altogether. Here are some of the most common challenges faced when selling a home:
1) Keeping Emotions in Check
Probably the hardest part of selling a home is letting go of the time, money, and effort put into building and maintaining it. It’s not uncommon for sellers to have a hard time letting go of the house that their family has lived in for years and the memories created while living there. Many times, sellers will want to artificially inflate the price of the home due to the time and money they spent on upgrades or repairs over the years. Sellers have to remember that to buyers, this doesn’t mean nearly as much to them from an emotional attachment standpoint. The only way to overcome this is to be 100 percent sure it’s time to sell the family home and move on. Keep reminding yourself that it’s a business transaction at this point, not an emotional decision.
It can also be easy for those selling to be worried about seller’s remorse. The easiest example is the seller may be scared that if they sell the home for X amount, it could be worth Y amount just a few days later. Working with an experienced agent or team who knows the latest real estate trends can help make sure that the final sale price is fair, profitable, and sustainable.
2) Real Estate Market Conditions
When selling a home, obviously the goal for the seller is to make as much profit as possible. But listing price when selling a home can be a crucial step in the process. If listed at too high of a price it could keep potential buyers away. If at too low of a price, the seller might miss out on a chance to capitalize on earnings. It is important to know local market prices and how to effectively market your property in the current housing market.
There are so many factors that determine what each local real estate market looks like. Is it a buyer’s market? A seller’s market? Is the house located in an area where it is better to sell in spring or winter? How many houses are for sale in that area?
Again, each market will be different so it’s hard to generalize supply and demand for an entire area. But if possible, it’s a good idea to study your local market for a few weeks, if not months, leading up to the listing of your home. The best way around this challenge is to work with a mortgage broker and real estate team who know the mark front and back.
3) Finding a Reliable and Certified Real Estate Agent
There are a few different types of specialty real estate agents that can assist with a specific type of home sale. For example, if you are moving for a new job and are utilizing a relocation package, it would probably be in the best interest to use a relocation-specialized real estate agent. These agents generally hold relocation-specific certifications, such as Worldwide ERC’s CRP certification. This certification showcases that the agent is deeply familiar with the nuances surrounding corporate mobility and how it can impact the real estate process. Additionally, these agents will be familiar with specialized home sale programs that are common in the relocation industry, such as the Buyer Value Option or Guaranteed Purchase Offer.
It’s worth noting that if your company is providing you with relocation benefits, you may need to utilize a specific network of vetted real estate agents in order to qualify for your benefits. If you’re unsure, it’s best to check your relocation policy or get in touch with your relocation specialist (GMS Relocation Coach).
4) Prepping the Home for Listing
For anyone selling a home, this challenge could involve some manual labor or some money for repairs. In order to fetch the best possible price for your home, it should be “show ready”. If there are any repairs or upgrades that the house needs, it’s a good idea to get those out of the way before marketing the home for sale. If not, sellers run the risk of having a sale held up due to negotiations about the repairs with the buyers and their agent. However, in a seller’s market, when buyers are more desperate to get a deal done, you may be able to negotiate to leave some minor repairs for buyers to tend to after the sale is complete.
5) Unrealistic Buyer Expectations/Needs
On rare occasions, you may be faced with potential home buyers who simply have unrealistic expectations. This can cause sellers additional stress and potentially derail the deal. The only advice to be given here is to remember this is a business transaction and if the deal isn’t right then walk away and be patient for new buyers.
GMS Stays Up to Date on Real Estate Trends
Global Mobility Solutions (GMS) has been helping individuals and families relocate since 1987. Our expert team stays up to par on real estate trends throughout the US and Canada to ensure that our clients’ employees are successful when trying to buy or sell a home. We want to make sure that moving is as smooth as possible and assign dedicated Relocation Coaches to each employee to guide them during the relocation process. If you have any questions about our industry-specific benchmarking studies or need more info on the relocation process itself, please reach out to us today.
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