Golfer hits a thins shot at a driving range

T – Thin shot: Creating realistic expectations when selling your home

In ABC's of Real Estate, Sellersby Doug Phelps

A thin shot is when a golfer strikes the ball with an iron and sends it very low and often too far.  Though not as erratic as a typical slice, the overall intention is still ruined. A thin shot is typically created by hitting the ball but no turf. 

How does this relate to the home selling process?

Most common unrealistic home selling expectations

An example of a thin shot in the home selling process is having an unrealistic expectation about the overall process of selling your home. Below are some unrealistic expectations and how to remedy them:

30 days to Closing

Home sellers sometimes have unrealistic expectations about the time their home will take to sell.  It is not realistic to assume a home will go on the market on day one and then thirty days later everyone will be sitting at the closing table in an easy transaction.  Not to say that it doesn’t happen but being prepared and patient is a better approach. 

Remedy:

Listen to your agent when he or she gives you an estimate about how long your home may be on the market.  Your agent has a good idea about how the overall market is moving as well as the individual characteristics of your specific home and area. 

Price

A homeowner might imagine buying a home and selling it for double a few years later but this is seldom the case.  You can profit handsomely from the sale of your home but be realistic with the market conditions, time of year, and the property’s condition.  Understand that not all upgrades you do are paid out equally and things that a buyer may be looking for may not resonate with your home.

Remedy:

Communicate with your agent about the updates and investments you’ve made.  Let your agent provide you with comparables to other most similar homes to arrive at a likely price. Then, together you decide on the pricing strategy that meets your goals and objectives.  

Demand

Your home may not be in a hip neighborhood or on a golf course.  If there is nothing particularly appealing about your home, albeit it’s still a nice home, understand that this will affect overall market demand and will have an impact on listing price and time on market. 

Remedy:

Be patient and communicate with your agent about little things like staging, hosting an open house or listing it on certain days to attract more interest.  This is where your agent can really help your home shine!

Aesthetic Issues

Maybe you inherited an old home that may be more of a project than a turnkey home and there are aesthetic issues or other things to address to bring it into current styles that appeal to the greatest majority of buyers.  Listing a home with aesthetic issues can come with certain stresses and it’s best to be prepared with a strategy whether you decide to fix them before listing or not. 

Remedy:

Communicate with your agent and review your budget to see if you want to fix any of these issues.  Understand that this choice will totally be up to your own discretion but that ‘as-is’ homes may sit on the market longer, there may be more negotiation involved and that price may be an issue.  

When you’re ready to list your home, contact me at (720) 323-4176, I’d love the chance to help caddy your home selling journey!


This post is part of an ongoing series where we talk about my two favorite things: golf and real estate!  Stay tuned for more golf-themed posts as we go through the ABC’s of real estate and provide helpful tips for home buyers and sellers alike.