Sellers, Beware: Five Reasons You Might Not Get Top Dollar when You Sell Your Home (And How to Avoid Them)

For most people, their home is their largest asset, so they want to maximize that asset by getting top dollar when they sell. Here are a few reasons you might not get top dollar when you sell - and how to avoid them!

Selling At The Wrong Time

From early spring to late summer is home-buying season for most people, especially those with children. Putting your house on the market during this period is when you are likely to get top dollar for it. Early fall is also a good time to list your home. Winter - especially December - is the worst time to list. If you list your home outside of prime selling season, you are likely to get less for it than you could have otherwise.

Selling a Home in Charleston, SC and the Renovation Puzzle

When you are selling a home in Charleston, SC, two underlying unknowns are always present. How long it will take? Is one. The second is what will the final selling price be?

The answer to that second one at least partially depends on actions the person selling the home controls, since performing renovations and add-ons boosts a property’s salability. But which renovations add the most value? Even though considerable study has been given to the issue, for any given home it’s difficult to pin down which are most likely to have the greatest impact.

Selling a Home: What Makes Your Property Stand Out?

This summer, success in selling a home in Charleston area will depend upon the same factors as always: location; quality; buyer appeal.

A home’s location—short of calling in the house movers—is pretty much what it is. The structural quality of workmanship and the level of maintenance that it’s received though the years can be gussied up where it shows (and should be!), but that, too, is largely a done deal.

Short & Sweet—Charleston, SC Open House Checklist

Estimates so far indicate that summer 2014 is likely to be a better than usual season for area home sales. The past winter threw a wet blanket over all kinds of business activity, creating a perfect scenario for a sales bounce back—and that’s exactly what is beginning to show up in the stats. As Bloomberg News reported last week, sales of homes “climbed in April for the first time in three months…the biggest in six months…”

Selling Your Charleston, SC Home: What About Repair Requests?

If you have taken good care of your property, you rightfully expect that selling your Charleston area home will result in its fetching a good price when it hits the market. That’s the right mindset for success, but it serves sellers best when it’s only a starting point. Dealing with flesh-and-blood buyers can require some judicious flexibility—for one reason, there is usually an inconspicuous (somewhat annoying) fly in the ointment. The metaphoric fly is the fact that no property is without its flaws; and its metaphoric buzzing is likely to get louder as your sale’s closing grows nearer.

Negotiating a Charleston Short Sale this Winter

A Charleston short sale is a transaction in which the amount paid is not sufficient to cover the existing mortgage or property liens. Once the lender agrees to accept the lesser amount, the short sale succeeds, the lender calls it even with the seller, and all parties can move forward.

It’s a good thing to ‘unfreeze’ a property, yet short sales in Charleston, SC can be tricky to close. In the worst-case scenario, a buyer and would-be short seller can be put on ice for a full year or more before the short sale succeeds. As is evident to anyone who has been through the process, a Charleston real estate agent with short sale experience is essential for leading the way through the negotiations and closing.

In addition to working with a knowledgeable agent, it’s good to also approach a situation which might turn into a short sale by understanding the general precepts that influence those who will make the decisions. Usually, the mortgage-holding bank publishes how they wish to be contacted. Often, it’s through the “Loss Mitigation” Department (or a title to that effect). That language tells you all you have to know to explain why their attitude may be less than enthusiastic.

Like any commercial business, the bank’s decision-makers seek to minimize the time and man-hours needed to gain the best result. If you come to them with what is an obviously unreasonable offer, they are no more likely to react positively than any other seller. For this reason, researching the market value of nearby properties--enough so that it’s easy to show that your offer is based on a reasonable discount from those prices—is the best way to be taken seriously.

Although you shouldn’t be surprised if even a reasonable offer is turned down at first, don’t be afraid to counter with a second offer.

Depending on the circumstances, I sometimes advise my clients to decide on a viable time frame in which to either close the deal or move on. Not only will this prevent your wasting time, but it can motivate a loan officer to truncate what might otherwise become long-winded negotiations.

Short sales in Charleston, SC are still to be found for motivated and patient buyers. If you are looking to buy a home in the coming year, now is the right time to contact me to start your search!

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

On Selling Your Home in Charleston, SC…When It’s Not Even Listed!

It’s the kind of “problem” many would like to have: a buyer has just made an offer on your home — and you hadn’t even listed it for sale!

 Turns out, it’s not all that uncommon for “house-stalkers” (or their determined agents) to slip notes into owner’s mailboxes or just knock on the door and ask to buy the house. It’s a house-hunting strategy that has worked for all kinds of buyers who are unimpressed by the homes they find on the market.

For anyone up in the air about selling your home in Charleston, SC, here are some questions that can lead to a rational decision:

Were you planning to sell in the future?

If so, how far into the future? 20 years? If that’s the case, unless it’s an astounding offer, better stay put. But if you were considering selling your Charleston areahome within the coming 5 years, seriously entertain the offer! Making the most of unexpected happenstances is a calling card of successful people from time immemorial.

  Is the return on your investment substantial?

Except in a financial emergencies, selling your home in Charleston, SC is never a good idea unless you are getting a solid return on your initial investment. (Not just the initial price: include renovations, additions and your own sweat equity). If the offer qualifies on this dimension, it’s time to engage a professional home appraiser to give you an expert view of what your property is really worth in the current market.

Are you ready to move?

We all have emotional connections to our homes, especially after we’ve invested much effort into shaping its look and feel. Part of your decision that’s as important as the financial side comes with considering where you would live after the sale. Gauge whether your excitement over a new house, neighborhood and even a new city outweigh the feelings you have for your current home.

If opportunity comes knocking at your door, it never hurts to consider! And if you are thinking of selling your home in town in any case, contact me to go over the numbers!

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate