Saturday, June 6, 2015

What are you waiting for? - By Carrie Colby

Here are the Top 6 Seller Procrastinations that distract sellers from making well-thought-out decisions about the value of their real estate and what to do with it:
1. “I’m waiting for the value of my real estate to increase.” If you’re planning to buy more real estate with the proceeds of the sale, waiting for a better market may not be the best strategy. When your property goes up in value, so do others. Gains in your neighborhood may be canceled out by gains in the area you’d like to move to. You’ll achieve the greatest benefits when the differential between your current neighborhood and your ideal next location favors your real estate. Real estate professionals make their living balancing gains for seller-buyers, so don’t try to do their job when you don’t have their training and access to data. Concentrate on finding the local real estate professional with in-depth knowledge of the two neighborhoods in question who is ready to work on the best sell-buy strategy for you.

2. “I’m waiting for my house to be painted/fixed up, so I make top dollar.” Once again, increasing market value is what professionals do for their listing clients. In fact, professionals go beyond value increase to make sure their clients net the best return on their investment in the property. Your ideas, unlike those of professionals, on what to renovate and how will not be based on current, first-hand experience with buyer reactions. Don’t spend a dime until you have professional feedback on what will make your real estate more valuable to qualified buyers.

3. “I’m waiting for the last kid to go to college.” That departure date bears no relationship to the ups and downs of real estate markets. Wait for this arbitrary day and you may be doing yourself out of enough money to finance your child’s education, or at least a chunk of it. Annual estimates of market value for your property will enable you to make an informed choice about the right time to sell. Most real estate professionals do not charge for this up-dating service, but you want to receive details, not just “ball-park” opinion. Make sure to get an in-depth market analysis.

4. “I’m waiting to retire.” That may be a long wait since 20th century, pension-rich retirement is history. Now, your real estate should be a financial partner in your future. Managing home equity is your new job as we have been explaining here for ages. Same idea as number three where professional market knowledge gives you the edge.

5. “I’m waiting until I can comfortably leave behind the memories we’ve made here.” Being sad to leave a home, cottage, or building that has brought you and your family pleasure is not a bad thing. Would you prefer to be desperate to get away from the real estate you own? Take videos or do what you can to preserve the memories, so they are not a barrier to choice.

6. “I’m waiting for…” Passively waiting to see what happens is not a plan or a strategy - it’s a cop out. Monitor real estate and financial markets to determine when you have the greatest advantage. Strategize how to increase the value of your real estate in the meantime. Take this on yourself, or search out a real estate professional who shares your long-term vision of gaining the greatest return on your real estate investment.

Carrie Colby
Premier Properties
1263 Roosevelt Trail, Raymond, ME 04071

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