Nov. 1, 2017
Selling a home can be a stressful and challenging process, even when your in a sellers market. Home owners must be careful to not make common mistakes when listing they're home for sale. Some basic mistakes can cost sellers both time and money.
1) Setting the Sales Price
This is the most important factor for a successful home sale. Overpricing your home in a hot sellers market will not make your home sell. Instead, you will waste valuable market time. Success takes into consideration price, condition of the home, and location. Every seller wants top dollar for their home but there is a fine line between aggressively pricing a home and over pricing a home. This year I've seen make sellers list the home too high only to have the home sit on the market and then eventually lower the price a few times until it sells. Meanwhile, the home the seller's looked into buying has already opened escrow with another buyer. Some sellers get so focused on the sales price that they lose sight of the big picture.
2) Home Condition & Appearance
If your home doesn't look like a model when you begin having buyer showings you're doing yourself a disservice. Home's that show like a builder model or are professionally staged statistically sell faster and for more money. If you've ever seen a builder model you know what to expect. Everything is very clean, highly upgraded, bright, and touches on all the human senses. So it's not only visually appealing it's also smells nice and feels warm inside. Bottom line is that you can easily imagine yourself living there.
3) Deferred Maintenance and Home Updating
Many sellers have seen the popular TV shows Property Brothers and Flip or Flop which highlights the home renovation process and how to fix homes to sell them. While some home updating and upgrading can make a home more desirable, that doesn't necessarily make the home worth as much money as you might put into it. For example, adding a deck onto the back of a home adds 109% return for the owner. Whereas as with a bathroom renovation you're only looking at a 78% return on your investment. So knowing what you should fix or upgrade to get a good return on your money is crucial. This potential mistake is a case by case basis and your realtor can better advise you on it.
4) Marketing Your Home Incorrectly
There are many ways that both sellers and real estate agents might be marketing the home incorrectly. The common question from sellers of 'why isn't my home selling' can usually be traced back to basic mistakes. All too frequently in a sellers market do I see amateur photography. Sellers and agents think the market is moving so fast they just need to shoot 5 bad photos with their phone camera and presto the home is sold; they're often sorely mistaken. Sellers who are not employing marketing strategies designed to expose their home to the largest pool of buyers are limiting their profit. The National Association of Realtors buyer survey shows that over 95% of buyers look at homes online before contacting an agent or looking at homes in person. So a strong online presence and marketing strategy is crucial when selling a home today.
5) Landscaping and Curb Appeal
Have you ever heard the expression 'there's no second chance to make a first impression'? Well that could never be more true than when it comes to selling real estate. One of the biggest first impressions a home can make is it's landscaping and view from the street which is commonly called 'curb appeal'. If a home isn't well kept on the exterior then many buyers assume it won't be well kept inside either. I've had clients pull up to a home in their car and decide they don't want to see the home based off how it looks outside. It's amazing how some basic yard maintenance can spruce up the exterior of the home and emphasize it's sellable characteristics.
If you'd like a free consultation about getting your home ready to sell or have questions. Please give us a call at 949-412-3515 or click on the link below.