The time, effort, and money required to sell a home is no small matter. There are a lot of things to do…home preparation, buyer viewings, numerous phone calls and visits from you agent, contract negotiations, inspections, escrow and closing, and on top of all this, getting ready to move to a new home and perhaps a new job. With all this to be done, there are common pitfalls that sellers run into during the selling process. Read on below to learn about the most common Pitfalls that sellers experience and things you can do to avoid these pitfalls.
Pitfall #1: Home Price Too High For Market Conditions
Buyers have many choices and want a good deal. A home that is priced too high is likely to stagnate on the market. The longer a home sits on the market unsold, the more buyers start to question if there are problems with the home. Sellers should consider the value of selling a home quickly at a slightly lower price vs. waiting a long-time (if ever) to obtain a higher price.
Pitfall #2: Selecting an Agent Who Uses Only Traditional Marketing
Before the Internet, buyers became aware of homes available for sale by viewing yard signs, looking in the newspaper, or by calling a local real estate agent. While these methods are still commonly used, the Internet has dramatically changed how properties are marketed for sale by real estate agents. Innovative real estate agent do the above, but also utilize other techniques such as: an upgraded MLS listing of your home, a unique web site to market your home, virtual tours, email flyers, etc. Sellers should find an agent who uses all of these methods and more to market your home to the broadest possible population of homebuyers.
Pitfall #3: Messy Home or Yard
Some sellers prefer to sell their home “as is” and price their home accordingly. This approach becomes problematic in a market when there is an abundant supply homes. In this market, buyers have many choices and often ignore homes that need cosmetic maintenance and repairs. Most home sellers would be well served to ensure that the lawn and landscape are well maintained, the home is freshly painted inside and out, the carpets are clean, and any unnecessary furniture and personal property is removed from the premises. Remember, the decision of which home to buy is often made on emotion rather than on rational analysis. Small things such as messy home or yard can make all the difference in selling or not selling your home.
Pitfall #4: Not Upgrading When You Should
Homebuyers can be a picky lot, but there are some upgrades that most buyers consistently prefer. Some of these improvements provide a good return on investment, while others don’t really impact the market value of your home. If you are considering selling your home, seek out the advise of a good real estate agent to advise you about upgrades that are likely to improve the current market value of your home. Consider the likelihood of increased market value of various improvements, and undertake those that are likely to increase the current value of your home.
Pitfall #5: Limiting Access to The Property
Homebuyers and their agents usually have limited time periods in which both parties are available to see your home. With so many homes on the market, prospective buyers have many choices about which homes they go to visit. Sellers who allow access to their home by appointment only, dramatically limit the number of prospective buyers that are likely to see the property. Sellers should make their home available for viewings in the broadest possible time period, and allow buyers and their agents easy access via a lockbox. This will allow more prospective buyers to see your home, even on short-notice, and increase the chances of selling your home on terms favorable to you.
Pitfall #6: Making Sales Price The Only Criteria
It’s human nature to want the highest price possible for the sale of our home. However, savvy home sellers also consider other criteria when making a decision to accept or reject an offer. In addition to the offer price, sellers should consider other offer terms such as the likelihood that the buyer will be able to get a loan, how quickly the buyer can close escrow, the tax consequences of the sale, laws that may impact the seller when the property is sold, etc. Price should be an important, but not exclusive criteria to consider when deciding whether to accept or reject an offer.
Pitfall #7: Not Really Ready To Sell
Some home sellers hire an agent, put their home on the market, but don’t really want to sell. Their ambivalence can be evident by setting the sales price too high for market conditions, not making necessary repairs or upgrades, not allowing easy access to the property, etc. If you ambivalent about selling, take your time and make sure it is the right decision for you. Your agent can only help you sell your home if you create the conditions for a successful sale.
Pitfall #8: Only Selling Your Home in Spring Time
There is a common belief that the best time to sell your home is in springtime. This idea may or may not be true depending on market conditions, and factors of supply and demand in your neighborhood. San Diego has excellent climate and people buy homes year around. Be sure to consult with a Real Estate Agent who can advise you about current conditions for home sellers, and recommend a course of action for selling your home.
Pitfall #9: Low Confidence, Commitment or Energy
Yes, there are many, many available homes for sale. There are also many, many buyers who continue to purchase homes. Sellers, who embrace the current market conditions and take action to find a hard-working real estate agent, will be rewarded with a timely and profitable home sale.
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Do you have specific questions about selling your home or condo? Do you want general information about the home selling process? Call us today and get answers to your questions, (619) 980-2702. Or send us an email.
