SaddleBrooke has been abuzz in recent time with news of sellers celebrating multiple offers and above list price offers. The local vernacular has expanded to include previously unheard-of terms like escalation clause and appraisal waiver, as we’ve witnessed frantically competing buyers offering everything from free post-possession occupancy to “as-is”, no-repairs-required offers. Indeed, of SaddleBrooke homes closed in the past year, about 60 percent have sold at or above the seller’s initial list price, with more than half of these closing above list price.
But not all SaddleBrooke sellers have been handed multiple offers on a silver platter. In fact, Tucson Association of Realtors (TAR) MLS records demonstrate during the past year, four in ten local sellers accepted prices that were lower than their initial list price. Even during one of the hottest sellers’ market in memory, 40 percent of SaddleBrooke sellers accepted offers below their original list price over the past year, with 18 percent percent having to reduce the list price, half of these more than once, to sell their home. Even in a robust seller’s market, there is clearly more to a successful sale than listing in the MLS and posting a for-sale sign.
If you are thinking of selling your home, the continued historical low SaddleBrooke inventory can be leveraged to your benefit. Potential buyers frequently return in the summer—some checking their tolerance to southern Arizona summers, while others are fresh from selling their homes in California, the Pacific Northwest and Colorado and flush with funds for having done so. (Nearly 50 percent of SaddleBrooke sales over the past year have been cash transactions.) Whether you plan to list this summer or next year, here are some dos and don’ts to consider for properly pricing what, in most cases, is your largest asset.
Do Consider the Comps
To get a general idea of how much you may expect to sell your house for, browse local listings. If the price you have in mind seems higher than similar homes in the community—more than 10 percent above the average of comparable properties sold in the past 90 days—and you don’t have more square footage, a better mountain view, more privacy or upgrades, prepare to readjust your thinking. Ask a realtor for a comparable market analysis (CMA) of your home which will help you determine a realistic listing price. Determining your home’s fair market value should be done with the help of a real estate agent. It’s their job, with their vast experience, to price your home right. A good real estate agent will be honest with you about your asking price.
Do Hire a Realtor Early On
Have a realtor set up SaddleBrooke search so that you can become familiarized with current market conditions. In addition to providing you an accurate CMA, your local real estate professional can help you determine pricing options and cost-effective strategies that can help you sell ideal. She or he should have the knowledge to know which renovations add to your home’s selling price. Depending on your financial goals and moving schedule, you may opt to perform some updates, system upgrades and staging. Before you invest in expensive upgrades, talk to a local, knowledgeable realtors for advice on their impact on resale value. We are on the front lines with buyers and know current preferences and can help you tailor a marketing plan to highlight your property’s assets and minimize its shortcomings.
Don’t Let Your Emotions Get the Best of You
Market research should be your guide to pricing your home, not your emotions. Hold onto the memories and experiences you’ve enjoyed in the home, but when you’re selling, you must focus on your home as a commodity and its sale, a business transaction. Chances are it is your biggest asset, and you want to do what is right. Remember this is the time to let your property shine, not you. It is best to keep yourself entirely in the background. With the goal of appealing to as wide an audience of buyers as possible, you’ll want to remove all your personal stuff and neutralize your décor as much as possible. Be honest about your financial goals and timeline and open to viewing your home anew as a commodity, so that you can allow the realtor to market to the broadest range of potential buyers.
Don’t Price Too Low or Too High
The price you set for your newly listed home sends a message to potential buyers. Price it too low and buyers will assume something is wrong with the property. Likewise, you may potentially leave money on the table if a savvy investor should suddenly swoop in. On the other hand, price it too high, and you run the risk of deterring buyers. When this happens, you may have to resort to a price reduction to entice new buyer interest. Unfortunately, buyers may view this as a red flag regarding your home’s condition. When a home stays longer than thirty days on today’s market, buyers’ reason, if nobody else has offered, why should they?
Do Allow Some Lead Time Before Listing
If you plan on getting some major repairs or upgrades completed before listing your home, you’ll want to get that process started as soon as possible. With many contractors and trade professionals backed up due to supply chain issues and labor shortages, you’ll need some time.
Don’t Wait Until a Buyers Inspection to Discover Your Home’s Defects
Even in a hot sellers’ market, it’s rare for buyers to forego inspection. Tile roofs, pests like termites and pack rats, as well as ancient HVAC systems trouble SaddleBrooke buyers. The Arizona real estate contract does favor the buyer and leave the seller vulnerable during the inspection period. While the buyer has a standard 10-day period inspection period, and leeway to cancel without losing their earnest money, the seller has only five days to respond to a buyer’s repair requests. This is not the time to find out that you’re in need of a new roof or air conditioner!
To avoid being under the gun with a myriad of buyer repair requests, a seller’s best practice is to get these items inspected and managed in advance. Ask your realtor for reliable service providers to inspect your home’s HVAC, your roof (a free inspection—get more than one if significant issues are found), and for any pests, keeping an eye out not only for termites but pack rats that may lurk in your attic. Yes, you will have to disclose these findings, but buyers will appreciate your transparency and diligence in repairing any issues. You can also decide in advance whether you’re going to invest in repairs or lower your asking price. Advance inspection will put the seller more in the driver’s seat during the transaction and less vulnerable to further price concessions.
Don’t Be Passive About Appraisals
If you are involved in a transaction with a buyer who is financing the purchase, don’t underestimate the importance of highlighting your home’s special features and upgrades to the appraiser, and don’t assume the buyer’s agent will do so. In an upwardly moving market, it can behoove the seller side to take a more active role. A seller’s agent can find out who the assigned appraiser is (they are chosen randomly from a lender’s pool) and ask what he or she knows about the SaddleBrooke market, as well as providing comps and a list of features and upgrades. Being preemptive could keep you from potentially having to lower your property’s purchase price in the case of an appraisal shortfall.
Do Adjust the Price or Approach as Needed
If, despite your efforts to target just the right price isn’t attracting offers, don’t hesitate to regroup with your agent as soon as possible. Your agent can elicit helpful feedback from those who’ve viewed the home to help you determine why it isn’t selling and what adjustments might help fix the problem.
Make sure there aren’t any errors in your listing. A recent SaddleBrooke iBuyer listing that wasn’t selling had the subdivision category of their listing as N/A which made it virtually invisible for any buyer searching online for the SaddleBrooke subdivision. Frontload the listing photos that highlight your property’s greatest assets, including the view. Minimize or remove photos that highlight very taste-specific items like wallpaper or brightly painted feature walls.
Sometimes, a coat of paint is all that stand between you and an offer! Allow for open houses—you’d be amazed at how many transactions result from a friend or relative walking into an open house or a “love at first sight” occurrence with individuals who may not have been looking to buy.
Despite continuing Seller Market conditions, if your home is languishing without an offer, it may be necessary to reduce the price. The market may have changed since your agent’s first CMA. Take another close look at the current market and adjust accordingly.
With slight adjustments to your home’s price, listing, staging, and condition, it will sell. There’s a buyer for every home, no matter where it is, and what it looks like.
If you’re thinking about selling, pricing your home appropriately is key. Do rely on the professional expertise of a realtor who understands how to balance factors like the value of comparable homes, the current demand for homes in the market, and how your home’s condition affects value. Team up with a good agent who knows the SaddleBrooke market, and you’ll check all the important list items to sell for the best price and as fast as possible.