Sell Your Home Efficiently By Avoiding These Common Mistakes
Do you ever wonder why homes sit on the market for months without selling? As a realtor, it is my job to educate you on the common mistakes sellers make so we can sell your home as efficiently as possible. A good realtor will not only educate you on common mistakes to avoid, but also provide you with market knowledge so you can work together to make an educated decision on your homes price and marketing strategies. As an agent with Hawaii Life, my colleagues and I often see and hear these common mistakes listed below that have the biggest consequences.
Pricing Based on Emotions
More often than not, we see sellers who list their property above market value because of the sentimental value attached to it. This often leads to the home getting little attention and sitting on the market until the price is decreased. While a price decrease is great, many people will be wary when putting in an offer due to the days on market and often assume something may be wrong with the house. Try to look at your home from the perspective of a buyer before deciding on a price to save yourself time and energy.
As a good agent, my job is to educate my clients on the current market. When we discuss selling your home, I will present to you a list of comparable properties that have sold around your neighborhood within the last several months. No two properties are the same, which is why we present several similar homes and together we suggest a price we believe is both aggressive and fair to get you the most money in the least amount of time.
Leaving Room to Negotiate
Another mistake sellers often make, is wanting to price their home higher than market value in order to leave room for negotiations. While realtors are good at negotiating, pricing your home too high will cost you in the long run. Like I said before, homes priced too high often get much less attention, one of the reasons being most realtors will not show buyers homes they deem to be overpriced. Buyers may also assume that the seller does not want to negotiate so there’s no point in putting in a lower offer, and they will move on to something else that is in their price range.
When a home is overpriced, an appraiser may have a difficult time justifying that price, and you may end up having to lower the price afterward if the buyers lender lowers the amount they can borrow. So, in order to save you time and energy, try your best to price your home according to market value.
When a home is priced correctly, often times you can end up getting multiple offers and it can sell for higher than the listing price. We cannot guarantee a bidding war or multiple offers, but you’re much more likely to have the opportunity to negotiate when your home is priced according to its market value.
Not Depersonalizing Your Home
When preparing your home for photos and going on the market, it’s important to depersonalize. Not only to make your home show the best that it can, but also for your own privacy. Buyers are trying to picture themselves living there, and have a difficult time doing so when they see a stranger’s personal belongings throughout the home. Having your home staged with certain belongings such as furniture is great, but when potential buyers view your home and see things such as kids toys, clothing or clutter throughout the house, they become distracted by those items instead of really seeing the home for what it is. A good agent will guide you through depersonalizing for your individual situation. Cleaning of a home typically happens in escrow, however, I would suggest having it professionally cleaned for it to look its best in photos and in person.
Not Maximizing Your Homes Exposure
While we’re on the subject of open houses and photos, working with an agent that has great marketing tools is very important. As an agent with Hawaii Life, we have a broad span of marketing tools to give our listings maximum exposure on social media, our blog, postcard mailouts, letters, the MLS, and even exposure in Forbes Global Properties. Also, allowing your agent to show the home in as many ways as possible is crucial if you want to sell your home efficiently. As a realtor, I know it can be overwhelming letting strangers in your home, which is why we do our best to respect our clients privacy and focus on the home itself, not the people who live there when marketing.
Not only are open houses vital to the sale of your home, we also provide in-depth virtual tours and professional photos to get people eager to see the home. The more photos the better; however, buyers almost always want to see the home in person before writing an offer, which is why the sellers cooperation and flexibility for showings is crucial.
These are just a few of many things to consider while preparing to sell your home. A good realtor will guide you through every step of the way and not let you make mistakes detrimental to the sale of your home. Your realtor should provide you with market knowledge and help you come to an appropriate price point while also respecting the personal value you see in it. If you’re thinking about listing your home and you’re not sure where to start, reach out today and I will provide you with an in-depth presentation of how I can help you get the best price for your home in the least amount of time!