Selling your home can be an emotionally stressful and difficult experience if not done correctly and Douglas Elliman Executive Vice President Ed D’Ambrosio has some important advice for anyone on how to successfully navigate through the process.
“It is important, prior to listing your home, to make sure your family is all on the same page and in agreement, say D’Ambrosio, who heads Elliman’s North Shore, Long Island Division and has more than 30 years of experience in sales, marketing and advertising. “Often there are family members who may not be ready to move. Houses have history and memories, so the family has to talk about making sure everyone understands prior to putting their home on the market. We, as realtors, want to avoid problems when an offer is made, and be sure that all family members are in agreement.”
“Pricing is key and the number one issue,” he said. “A professional real estate broker should always be hired to determine the price of your home. There is no crystal ball, but there are things that a broker can do to define what price your home should be. If your home isn’t priced correctly, it will be difficult to create buyer traffic and receive qualified offers. We never want the seller chasing the market by over pricing their property. If your home is not priced correctly it will not sell.”
“What is your timeline for making a move,” D’Ambrosio continued. “Is it immediate, or is it further out? Based on the timeline, a broker can better distinguish how to price your home and how best to market it. Strategy is key in obtaining the best price in the shortest amount of time.”
“Sellers should think ahead before they list their property, and have a plan as to where they may be relocating to,” he cautioned. “Right now, inventory is very low and demand is high in many areas. Homes in certain neighborhoods are selling quickly,” Ed explained. “Do you have an exit plan if you sell rapidly? We have seen this happen so often. Sellers put their home on the market, and they receive an acceptable offer quickly. The sellers soon realize that they haven’t found another residence to move to and resort to breaking out of the deal. Have an exit plan in place, whether it’s a short term rental or living with a family member.”
“Many homeowners’ don’t think about what their tax ramifications may be,” D’Ambrosio said. “Call in all of your professional service companies to get your house in top shape. Check for mold and moisture, as a negative report can be a deal breaker.”
“When you (as the seller) receive an offer, make sure the terms are strong,” warned D’Ambrosio. “Today banking and borrowing money is still tight. Buyers must have solid credentials. The homeowner should be requesting a pre-approval, proof of funds and credit scores, from any buyer making an offer. These are important requests that will help the homeowner say ‘Yes” or ‘No” to an offer.”