It’s early April, we’re at the height of the Spring market, and you’ve decided that it’s time to sell your home. To help with this often-complicated and nuanced home-selling undertaking, I’ve created this quiz, which covers a variety of aspects that go hand-in-hand with the process. From pre-listing your home to showings and the post-offer timeframe, these true or false questions are designed to effectively guide you through the successful selling of your home.
1. I should price my house so that I have negotiating room when an offer comes in. True or False?
False. It might sound illogical, but the best way to price your home is as close to the price for which you think it will sell. And if you do, it can often result in multiple buyers jumping in with offers, which then results in your house selling quickly and for more money than if it sits on the market for days and months, and you end up “chasing the market down.” Pricing to Do’s and Not to Do’s When Selling Your Home can provide additional information on this complex topic.
2. I should refrain from cooking fish or other foods that might smell strongly prior to showings. True or False?
True. These strong smells can be a real turnoff to buyers. If the smells are too overpowering, the buyers won’t be able to focus on the fabulous features of your home. And the odors may be the only thing they remember about your house. Check out Smelling Your Home for more on this subject.
3. Storing items in the garage and unfinished basement areas is better than storing items in the living areas of the house. True or False?
True. Yes, yes, yes. Often it’s hard to get rid of all of the clutter prior to listing your home. And if this is true in your case, place the extras in the garage or basement where buyers expect to see “storage” and where it doesn’t detract from the show-ability of the living areas of your home.
4. The first offer is always the best. True or False?
False. Although this is most often the case (probably 95% of the time), it’s not always the case. That being said, it’s prudent to treat it like it is - and will be - the best offer you’ll see. Otherwise, you very likely could be hitting yourself for not working with it.
5. The look of my home’s exterior is very important as one never gets a second chance to make a first impression. True or False?
True. This type of statement is pertinent and true in many aspects of our lives, and it’s especially accurate with the home selling process. Your home’s exterior is the first thing a buyer sees and is paramount to the formulation of their first impression of the property. And it’s something you can’t take back or have the chance to do over.
6. Removing dated curtains, and fabrics and painting neutral colors will help appeal to today’s buyers. True or False?
True. These days, “dated” can translate into buyers having negative reactions to your home. First, they may not find the house visually appealing and therefore may not be able to envision themselves as the owners. Second, they may feel that the house needs more work than it actually does. And this leads to the third response, which is that they may further discount the price of your house because of the perceived work that needs to be done.
7. Being at my home during showings will be helpful to the buyers because they can ask me pertinent questions about the property. True or False?
False. Buyers feel uncomfortable and awkward if you are there for the showings. They want to visualize themselves in the home and have the freedom to do so during the showings. If they can’t do this because you are there, it can have a negative effect on their feelings toward your home.
8. Having the windows, carpets, and house throughly cleaned prior to listing it will help make it sparkle and will be appealing to buyers. True or False?
True. I like to call this Staging 101, and it’s where to begin when it comes to staging. If you can’t afford the often pricey process of professionally staging your home, you will go quite a long way just by cleaning it from top to bottom. Click Appealing to the Visual Sense: Selling a Shiny, Sparkling Home to read more on this subject.
9. If I am lucky enough to have multiple offers on my house (a.k.a., a bidding war), there will be one offer that will be the clear-cut winner. True or False
False. U
nfortunately, this is rarely the case. You have to make the best decision with the limited information you have. Part of this is because choosing the right offer is about choosing the right buyer, which is next to impossible. There is no way to determine if the buyer you’ve chosen in the bidding war will ultimately go through with the purchase of your house. Even if the offer is at full asking price without any contingencies and the buyers seem excited to go through with the sale, they could eventually get cold feet and back out. You and your agent need to weigh each offer and buyer’s interest and try to determine which offer/buyer is most likely to endure through the process to ultimately buy your home. Selling Your Home: Which Offer to Choose provides even more thoughts on this topic.
10. The deal most often falls apart between the time of the accepted offer and the signing of the Purchase and Sale Agreement (P&S). True or False?
True. The 10-14 days from the accepted offer to the signing of the P&S is largely when deals fall through. Most of the time it is because of the inspection. But it can also come down to the buyers having a change of heart for emotional, financial or a variety of other reasons.
How did you fare on this quiz? When you were selling your home, did you come across some of these questions and scenarios? And if you haven’t yet sold a home, I hope these questions can help guide you through the process when you ultimately do. Either way, I’d love to hear your thoughts, comments and stories.
