If you are considering selling your Tampa home, here are 8 ideas to consider.
1. Don’t Wait – Act Now
(a) By many accounts, Tampa home prices are expected decline by an additional 15-20% between mid 2008 and 2011.
(b) Even though prices have fallen from historical highs, NOW should be the best time to sell in the Tampa Bay area unless you are prepared to wait for at least 5 years.
2. Fix it Up & Clean it Up
(a) To successfully sell you home, you must win the “beauty contest”.
(b) Fix any visible items that are in disrepair.
(c) Eliminate any odors from pets or smoking.
(d) The home must be “move-in” ready, since there is so much competition.
(e) A fresh coat of paint (all rooms “builder beige” or a cream color) is helpful.
(f) Painting the garage floor or pool deck may add value.
(g) Cleaning and stretching carpets is recommended.
(h) Pressure wash the driveway, sidewalks, deck, soffits, lanai and pool cage.
(i) If a nearby home is in foreclosure and detracts from yours, pay someone to mow that lawn.
3. Stage It
(a) Remove clutter. Remove unflattering or out-dated furnishings.
(b) Remove over-sized furniture and items that impede the traffic flow.
(c) Remove small appliances and most items off the kitchen counters.
(d) Use the Team Bohannon truck to take excess items to a storage facility.
(e) Consider landscaping, flowers, paint, carpet, pressure washing and light decorative accents.
4. Price it Agressively / Low
(a) To be sell your Tampa home, you must win the “price war”.
(b) Prices have fallen by 20% in the last year, stay ahead of the curve.
(c) Buyers don’t care what we want/need/paid, or what a neighbor sold for years ago.
(d) Buyers won’t pay what a home is “worth” today, but are seeking protection against future declines.
(e) Homes should to be priced 5%-10% below “market value” to sell.
5. React Quickly if No Offers
(a) You should expect 8-12 showings within the first 21 days on the market.
(b) A lack of showings indicates the home is over-priced; a reduction is required.
(c) If you have ample showings but no offers, then a price reduction is required.
6. Hire the Top Tampa Real Estate Agent
(a) Hire the best, most experienced & aggressive selling (listing) agent in Tampa.
(b) Do not select a Realtor based upon a suggested listing price; as some agents will quote an unrealistic price to “get the listing”; in reality, buyers determine the price.
(c) Insist on an agent who actually invests in marketing and advertising.
(d) Ensure your Tampa Realtor has the experience and the system in place to handle any difficulties; there are ”88 Types of Turbulence” or issues that might arise between contract & closing.
7. Play the Banker
(a) Consider “Seller Financing” or a “buy-down” of the interest rate.
(b) Offer down payment assistance through Ameridream or Nehemiah (until October 1st).
(c) Offer a “Seller Credit toward Closing Costs & Pre-paids”; and/or prepayment of HOA or CDD fees.
(d) Keep the focus on your bottom line, not the structure of the agreement.
8. Take the Offer
(a) When weighing an offer, consider your continued carrying costs and any price reductions that may be required in the future by not accepting the offer.
(b) Please give permission for the home to be sold quickly – try to avoid “Seller’s Remorse”.
(c) The first offer is usually the best offer, but the choice is entirely yours. We have often seen homeowners reject the first offer, only to reduce the asking price months later after values have declined further. Your agent should present you with updated market data, and experienced advice without any pressure.
To sell your Tampa home now, contact Dale Bohannon at 813-979-4963.
