As a follow-up to my blog post about the importance of timing with regards to buying a home in Charleston, I thought it was only fair to also comment on the schedule with sellers.
Having had thousands of listing appointments in Charleston South Carolina, I've met with many sellers from all walks of life. It seems there are two categories. (Well, three categories actually.) There are the ones that are truly motivated, the ones that can take all the time in the world to sell, and the ones that say they can take all the time in the world to sell but really are motivated. I know this sounds confusing, so I'll explain.
Category number one is easy enough. The truly motivated home sellers in Charelston are the ones that have to go (job relocations etc.) They wanted to sell yesterday, and getting the job done it's important.
Equally as important is how much money that will make. Many times these are people that need a certain amount of money in order to move on to the next destination. One of the big ideas that I need to convey when meeting with people is that their homes value really has nothing to do with their future plans, it's really only based on what a ready willing and able buyer will pay for the property.
So in this case timing is important, especially with regards to the price of the property is placed on the market for. I have to have the discussion that what's most important for you getting the most money possible, or selling within your time frame. Again these two lines are blurred easily, but as an agent it's important to point out that pricing is important, and it is totally related to time on the market.
The second category is pretty self-explanatory too. Many people put a property on the market for a "make me move" price. This, in many cases, does not prove be fruitful for the seller or the agent. Having a home on the market for too much money in Charleston South Carolina simply means more of the same. More "being on the market", less activity, and no true move involved.
The third category actually begins to define itself, many times after we get started selling home. Sellers indicate early on that they really could care less how long it takes to sell, but as we move along into the process their true motivation either increases, or their plans changed to where they need to sell soon. With that being said, it is a natural tendency for people to put their guard up at first, which I understand.
To evaluate a situation properly, one of the big questions that I have early on is from sellers who typically like to get things done, and like to get things done quickly.
These are the early birds. They ask questions like, "should I go ahead and get a termite letter?"In many cases, my answer is both yes and no.
It's a great idea to get a termite letter early on, because most people just don't crawl underneath their house every few months to take a look at how the condition is. On the other hand, termite letters only last 30 days. So while I try to advise people to work from a preventative maintenance perspective, I also have to point out that they may need to pay to update the cl-100 letter at another date. Still an ounce of prevention is worth a pound of cure in any Transaction.
Another example of timing really relates more to the buyer in a sellers transaction. It's important for me to find out what a seller's plan is from day one. (This is obvious.) But I also try to find out exactly what the buyers plans are in their timing is as well. In this mortgage industry, if the seller can gain a little bit of time in the house after the closing by renting back, it will help prevent future heartburn if the seller moves their items out and then the buyer's loan gets delayed. Again, the common denominator is finding out all about the timing and people's schedules. At times it can be like juggling cats, but it's certainly a worthy endeavor.
When a buyer inspects the home, nine times out of 10 they find a list of repairs. If they agreed to move forward by providing a repair list, then those earlybird sellers are inclined to jump right on preparing the items. Again this is both a good and bad idea. Being proactive obviously has its benefits, but if the appraisal hasn't occurred yet then we may be doing things prematurely. Homes in Charleston South Carolina went through a dramatic rise during the boom years of the mid to thousands. For this reason, we have had drastic rises and epic falls in value. The appraisal is super important, as we are now in a rising market, and knowing if the property will appraise for the sale price or more is hard to determine. For this reason, prior to doing any repairs, I always suggest that the seller wait until the buyers have had their appraisal completed.
Timing can also prove to be somewhat of an inconvenience in this day and time.
Buyers, sellers, the agents; we all move quickly and jump through hoops in order to make things happen in a timely manner. Again the common denominator being time. But many people don't know that as many as 80 people touch a transaction after a contract is ratified. Most people like to think that the banks are big and bad, but the fact of the matter is that they are real people too. There are hundreds of files on their desk and sometimes things slip through the cracks and just don't happen exactly on time. So I try to point out that we just really need to keep our eye on the transaction, prior to making any really firm plans.
Note to buyers: don't plan on moving in the same day you close. You may end up with a truck full of furniture at the attorney's office, or sitting in your agents parking lot. This could be stressful for more than one party involved.
This is a long blog post, yet there are many other aspects to consider. But, just as the blog post suggests, time is valuable. Yours may be money even. So I'll go ahead and cut this short, just to avoid being more long-winded than I already am.
Tune in for more information on selling tones in Charleston South Carolina, and feel free to contact me anytime with questions. I can help you estimate how long your home will take to sell, and how long it may take (and I underline the word "may take") to get to the closing table.
Thanks for reading
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Nat Wallen is a Realtor in Charleston SC specializing in residential property sales. He has been licensed since 1995 and is the top listing agent with Carolina One Real Estate. Carolina One Real Estate is the largest company in the Charleston SC area of 700 plus agents. For more detailed information, visit his homepage at natwallen.com. NOTE: Nat Wallen never solicits consumers interacting with his blog unless requested. YOUR comments are encouraged and welcomed. Thanks!
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