Sellers... This may burn your britches: by SMSmith

Real Estate

Here’s a topic that will likely burn your britches if you are currently trying to sell your home. However, it may help you to make better decisions moving forward.

It begins with a short story:
This week I had the privilege of helping two couples purchase their 1st Florida home. Both chose new construction. Mr & Mrs Smith ( the names have been changed for this blog ) are closing next month on their $198,000 feature-home-villa in Punta Gorda. Mr & Mrs Jones will close on their $650,000 Coastal pool-home in Grand Palm next summer. Both of these couples considered buying resale. I had sent them plenty of resale properties to look at online for several weeks prior to their Florida visit this month. However, most of the resale listings online do not compare in looks or in value for what I was able to show them in new construction.

Local sellers need to know this:
The following is the process that most out-of-state buyers are experiencing in the search for their first Florida home. They start on Zillow, Realtor.com or some other easy to use real estate site. They mostly find mediocre to poor photos of mediocre to poor décor. That is until they stumble upon some new construction or professionally staged and styled homes with quality photography. Once that happens, it’s almost impossible to get them to stop dreaming about their gorgeous new home that will look like one of the latter. Then they contact a local REALTOR and make plans to view the homes in person during an upcoming visit.

Mr & Mrs Smith:
My $198,000 villa buyers started off looking at up to $225,000 homes in Venice. That price point mostly includes condos and fixer-uppers. They were willing to buy in Punta Gorda to get the quality home they were looking for.

Mr & Mrs Jones:
Now this couple could have easily dropped $700k on their first slice of Florida and still nothing in the resale market came close to what they purchased. This would be why 70% of all homes on the MLS in Sarasota County DO NOT go under contract each month. There are many buyers, but most are buying new.

#TheTrickToSellingResale is to make it look and feel like new construction. Yes, that can be very difficult to accomplish, but not impossible. That is how Steve Martin Homes Group is holding their average days on the market in the 30’s. I say it constantly. “People buy beautiful”. Not your version of beautiful, but theirs. Do you know what their version of beautiful is? Probably not. You need a Katrina in your life to make that happen. She knows what the masses are choosing in both new construction and resale. Of course, the other way to sell it fast is to price it below market value, but who wants to leave money on the table?

Ouch… That hurts!
You also need to understand how much buyers are willing to pay for what you are trying to sell. Either be willing to sell for that amount or be okay with agents using your home to show their buyers what a great value another home is. Ouch… That hurts!

Most serious buyers have a REALTOR and REALTORS avoid showing homes that are either listed by owner or with a limited service agreement. Frankly, we want a professional on the other side of the sale that understands the current laws, practices and paperwork. Otherwise we increase the risk of a bad experience to our customer.

In a nutshell…

1.     Hire a REALTOR that can guide you in making your house look as much like a model home as possible.

2.     Make sure they are pricing it competitively and marketing it with excellence

3.     If you are in the Sarasota County area, find out if your home qualifies for the FREE Styling & Staging Guarantee offered only by Steve Martin Homes Group