HEMPFIELD SELLING TIPS

I repeatedly talk with potential Hempfield sellers about listing their homes. When we discuss the values or list price a problem often comes up. I can only be honest and straight forward with Hempfield home sellers about what their home is worth. I get the estimated home values from comparable homes that have recently sold in their neighborhood. This is also exactly what an appraiser will do as well. By the way, appraisers work for the bank that will be financing the buyer's purchase (anyone making a connection yet)?

The biggest hurdle I see for the successful sale of a home especially in today's market is that sellers feel that their home is worth more than any appraiser will appraise it for. Even though no home in their neighborhood has ever sold for what they feel their home is worth, many sellers think their home to be worth significantly more than any home in their neighborhood "because of all the features" in their home. The honest truth is that your home is only worth what a qualified buyer will pay for it. Also, what that buyer's mortgage will lend them. If a buyer has a lot of equity to plop into a home the lender may only finance 50% of the value. That buyer can now afford to over pay. But if that buyer can only plop 10-15% equity into a down payment that buyer's mortgage lender will not allow them to over pay.

I can't tell you how many times I've met with potential sellers to list their homes; I tell them honestly what I think their house will sell for. Another agent ends up listing their home for what they (the seller) think their house will sell for. That listing agent just bought the listing, because they will either never get paid or will get paid in 2 years after the home sells and they have spent their entire commission in advertising and marketing expenses. In almost every instance, the house sits on the market for a long time. Potential buyers think "what's wrong with this house, why hasn't it sold?" The house becomes stigmatized and after a year or so and 3 different listing agents. It eventually sells for what I initially told the seller it would sell for.

Another negative aspect of this situation that the seller doesn't realize is that many qualified buyers will not even consider looking at their home. Potential buyers see the unrealistic price and assume they can't afford it or they never view it because they are searching for homes in a lower price range.

Believe me I would feel the same way as these sellers. Personally, I feel my own 2700 sq ft, on .75 wooded acres with 3.5 Baths, 4 bedroom home with a fully finished basement in East Hempfield that has many cosmetic and mechanical updates should sell for about $400,000. But it recently only appraised for $380,000. How I fell won't sell the house. Guess what that means if I want or need to sell it in this current market.

My point is that as home sellers in this current market we need to be practical and realistic if we want to sell homes in a timely manner.

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This is posted by Ken Offidani. Ken Offidani is a Realtor for Coldwell Banker Select Professionals. He specializes in Hempfield & Manheim Township Real Estate. If you are looking to buy or sell a home, please call Ken Offidani today 717-587-1652 or 717-735-8310