When selling a beach home, certain strategies don’t work as well as others. Glenn Phillips, CEO of Beach Homes Realty, discusses some bad strategies for selling beach homes.
- Expensive List Price Mistakes. Here are some phrases to watch out for to indicate problems when selling.
- “Test the Market.” Often, when sellers test the market, they don’t have a way to score it. This is typically used to justify high prices on beach property.
- “What We’ve Got In It.” What you have invested in the property has nothing to do with property value. Similar to stocks, the market tells you what the price of your home is.
- “I Just ‘Feel’ It’s Worth…” How you feel about your home’s worth doesn’t determine the market value.
- “Other Homes Sold For…” Your home isn’t identical to the home that sold for a high price. The homes are in different areas and conditions. The other homes likely also sold in a different market.
- “Nearby Homes are Listed for…” Listed homes haven’t sold, so they are likely overpriced.
- Selling in One Day. Beach home buyers often come from out-of-state. If you take offers in one day, you’re likely leaving money on the table from better offers.
- Slow to Adjust to the Market. If the market has changed, it’s essential to adapt to the current market when selling your beach home.
- Refusing to Counteroffer. Don’t take low offers personally. A low offer is better than no offer. Instead of walking away, give the buyer a counteroffer to put it on them to refuse or accept. Additionally, if you get several offers you think are low, it may be what the market is demanding for your home.
- Fixating on Anything but NET. Don’t lose sight of how much you’ll walk away from the closing table with. Focusing too much on how you get there can make the entire transaction more difficult.
These five strategies can hurt you when selling a beach home. Visit beach-homes.com to connect with agents who will guide you through the best way to sell your home.