When selling your Knoxville home, starting with the correct pricing and staging are like getting to start a marathon with a 5 mile head start. No it won’t necessarily make the race easy, but it will definitely get you ahead of the competition, and even the very best Knoxville houses comparable to yours will have to work really hard to catch up and beat you. So often agents are afraid to tell home owners the truth about what the market is saying their home is worth, or what improvements need to be made to help the home show the best it possibly can. The typical agent may be worried that they might not get the listing because they are not telling the seller what they want to hear. The truth is that by not telling the seller the cold hard facts, they are doing both the seller and themselves a disservice. Overpricing leads to extended listing times and ultimately a lower sales price as homes languish on the market. The same holds true for staging and home improvements. These items should be brought to the attention of sellers as the improvements will ultimately help the home sell faster and eliminate objections from potential buyers. Simple fixes such as de-cluttering, painting, removing of wallpaper, or trimming the bushes and planting flowers can make a huge difference in the perception of the potential buyer, turning a negative into a positive. However if the issues are never brought up, they can only stay negatives. Honesty will bring results. Within the past 12 months, because of sellers heeding this advice, I’ve had three listings go under contract within 10 days of listing. The old saying holds true in real estate, honesty is the best policy.
Don’t plan without God. God seems to have a delightful way of upsetting the plans we have made, when we have not taken Him into account. We get ourselves into circumstances that were not chosen by God, and suddenly we realize that we have been making our plans without Him— that we have not even considered Him to be a vital, living factor in the planning of our lives. And yet the only thing that will keep us from even the possibility of worrying is to bring God in as the greatest factor in all of our planning.
In spiritual issues it is customary for us to put God first, but we tend to think that it is inappropriate and unnecessary to put Him first in the practical, everyday issues of our lives. If we have the idea that we have to put on our “spiritual face” before we can come near to God, then we will never come near to Him. We must come as we are.
Don’t plan with a concern for evil in mind. Does God really mean for us to plan without taking the evil around us into account? “Love . . . thinks no evil” ( 1 Corinthians 13:4-5 ). Love is not ignorant of the existence of evil, but it does not take it into account as a factor in planning. When we were apart from God, we did take evil into account, doing all of our planning with it in mind, and we tried to reason out all of our work from its standpoint.
Don’t plan with a rainy day in mind. You cannot hoard things for a rainy day if you are truly trusting Christ. Jesus said, “Let not your heart be troubled . . .” (John 14:1 ). God will not keep your heart from being troubled. It is a command— “Let not. . . .” To do it, continually pick yourself up, even if you fall a hundred and one times a day, until you get into the habit of putting God first and planning with Him in mind.
SOURCE: OSWALD CHAMBERS
When you are selling your home in Knoxville, your strategy for pricing will be the #1 determining factor for getting a quick sale. Listing your home at the correct price can almost guarantee that a buyer will scoop up your property. On the flip side listing at the wrong price can cause your home to languish on the market for months and months with little to no showings.
Pricing is not a simple process, and Knoxville home sellers are likely to make mistakes that waste both time and money.
Don’t let this happen to you! Read below and avoid these common pricing errors to give yourself the best shot at a fast sale:
ERROR #1: Not doing your research
Often times sellers will base the price of their home on the listing price of the house down the street or something they have heard regarding pricing in the neighborhood. While knowing the prices of your competition is important, in many markets, listing prices are not a good indicator of what your home will actually sell for.
“Currently in Knoxville you will find that homes typically sell for 7% to 9% less than they’re listed for,” says Leslie Sellers, president elect of the Appraisal Institute. “So sellers who list their homes based on other listing prices are already almost 10 percent too high about what they expect to get out of their house.”
TO DO: Price your home based on a “comparative market analysis”. This is a report prepared by a Knoxville real estate professional that looks at the recent sales of similar homes in your area. For a fee, you can also get an estimate of your home’s value with a professional home appraisal.
ERROR #2: Hiring the Knoxville real estate agent who tells you highest list price for your home
It never fails. You talk with several Knoxville listing agents about how much they think they can get for your home, and one gives you a significantly higher listing price than the others. WARNING: the agent may be trying to “buy” your listing by suggesting an unrealistically high asking price. This practice is unethical and will cost you time and money. You will ultimately end up having to reduce your price significantly after your home has sat, without interest for many months.
TO DO: Always interview at least three agents and choose one who backs their suggested listing price with comparable sales data.
ERROR #3: Getting Emotional
You have probably spend significant time, money, and energy turning your house into your home, so it is only natural to be invested emotionally in it’s sale. Here is the bad news, buyers won’t have the same feelings for your home as you do. So regardless of what you “think” your home is worth, this should not be a factor in determining your listing price.
TO DO: You must stay objective during the pricing process by focusing on data spelled out in the Comparative Market Analysis. Do not take personal offense to low offers. Think of them as the starting point of a negotiation that could ultimately result in the sale of your home and transition into your new home.
ERROR #4: Pricing High Early
You only have one chance at a first impression when selling your home in Knoxville and those first impressions are crucial to a fast sale. Research shows that the first 10 days of a listing generate the most activity. If your home enters the market overpriced, it will often be overlooked by many buyers because it will not fall into their price range. Then when you ultimately reduce the price to fair market value, those potential buyers will have already made an offer on another home. The buyers who may be interested in your new lower price will also see that your home has been sitting on the market for a while, which could lead them to perceive that there is something wrong with the home.
TO DO: Price your home correctly the outset to get the attention of serious buyers and sell faster. Keep in mind the additional costs of ownership that you will be paying if your home sits on the market for multiple months at an unrealistic asking price.
ERROR #5: We have “time to sell” so we can price it higher and see what happens
Sellers who are not pressed to sell often choose to test the market by listing their homes at a higher price and waiting to see where the market goes. Unfortunately in most markets, where home prices are dropping, waiting may actually cause you to lose money.
“It’s key to price properly right away because you have a greater chance of selling if you’re just on the market,” says Wendy Sarasohn, senior vice president of The Corcoran Group in New York ” Everybody wants something that’s brand new, not been shopped around, and not on sale.”
TO DO: Price your Knoxville home based on current home values and you will ultimately sell if faster and for more money.
ERROR #6: Market Chasing
If you overprice your home early, you could find yourself making incremental price drops but never quite catching up with the market.
Here is an example: Sellers insisted on putting their Knoxville home on the market for $250,000, despite the fact that comparable homes in the neighborhood were selling for around $225,000. Four months and no showings later, the sellers finally decided to drop the price to $225,000. However, by this time home values had declined significantly in those months, so the reduced price was still four months behind the market. Since then, the sellers have been reducing the price on the home about every three months, but never catching up with their competition.
In a potential buyer’s eyes multiple price reductions not only make a home appear stale, but that there may also be something wrong with it.
TO DO: Price your home competitively to begin with. If you don’t get any activity, don’t hesitate to lower your price quickly. Work with your Knoxville real estate agent to reevaluate market conditions and determine the fair market value of your home.
Don’t hesitate to contact me if you are thinking about selling and would like me to put together a Comparative Market Analysis on your home. I look forward to helping you price it right and get it sold FAST!
When a tree falls
Your neighbor is responsible when a tree falls over your shared property line only if you can prove he was aware that his tree was a hazard and refused to remedy the problem. Regardless, your insurance company restores your property first, and later decides whether or not to pursue reimbursement from the neighbor or his insurer if the neighbor was negligent in maintaining the tree.
Before a tree falls
Write a letter to your neighbor before his dead, diseased or listing tree falls through your roof or over your property line.
The letter should include:
- Description of the problem
- Request for action
- Attorney letterhead–not necessary but indicates you mean business.
Trim their trees
If the limbs of a tree hang over your property line, you may trim the branches up to the property line, but not cut down the entire tree. If a tree dies after your little pruning, the neighbor can pursue a claim against you in civil or small claims court. Depending on the laws of your state, your neighbor may have to prove the damage was deliberate or caused by negligence, but may also be able to recover up to three times the value of the tree.
Before you cut, tell your neighbors what you intend to do to protect your property. They may offer to trim the whole tree instead of risking your half-oaked job.
Your tree falls
It’s always a good idea to take care of your big and beautiful trees, and keep receipts for trimmings and other care.
But if your tree falls over a neighbor’s property line, do nothing until their insurance company contacts you. You may not be liable unless you knew or should have known the tree was in a dangerous condition. If you pruned a tree or shored up trunks to prevent problems, gather your receipts to prove your diligence.
By: Ann Cochran
Published: March 23, 2011
VIDEO: Searching for things to do in Knoxville? A must stop if you are visiting or a go-to place if you live in Knoxville is Market Square. Chock full of great restaurants, shopping, music, activities, and all around people watching pleasure.
If you are like many individuals in Knoxville that are looking for a great deal on real estate, then you may have a few questions about the Knoxville market. There are a lot of homes for sale in Knoxville and there is no doubt that there are great deals being made on a daily basis. Here a few common questions answered that will help you find the perfect home of your dreams.
Can I Get a Loan?
It all depends on your current financial situation and your credit score. If you have had problems with debt in the past, it may or may not affect your ability to get a loan for a Knoxville home. You will need to get a credit report for you and your spouse if applicable and talk to a loan manager in Knoxville. They will look at your financial history and your present income. Sometimes you may not think that you can qualify for a loan and yet walk away from the interview pleasantly surprised!
Do I Need to Use a Real Estate Agent?
Yes, unless you want to end up driving around in circles looking at homes that aren’t worth your time. A real estate agent will help you narrow down your choices so you don’t have to waste any valuable time and energy. You will also have a professional in the field that can negotiate on your behalf to get the best price.
Can I afford it?
It is best for you to work with your financial advisor and Knoxville real estate agent to help you determine a realistic purchase price that fits into your monthly budget. When this is established you can start your search with confidence and the security of knowing what you really can afford.
As a local real estate broker in Knoxville we can offer you more free information about the Knoxville real estate market, including the most recent homes for sale, current property values and more. Feel free to contact me, Troy Stavros, anytime with any of your real estate or mortgage related questions and I will be happy to answer them for you. You can visit our website at www.RealEstateFish.com, which offers complete information about the Knoxville real estate market. You can also call me directly at 865-599-9444 or email me at Troy@RealEstateFish.com .