There are five common mistakes sellers make when listing their home that you need to avoid if you want to sell quickly and for top dollar.
Here are the five most common mistakes sellers make when listing their home:
1. Having the wrong pricing strategy. Basically, there are three pricing strategies you can follow when listing your home: pricing it above market value, at market value, or below market value.
Most sellers are inclined to price their home above market value, with the idea that they can leave room to negotiate downward. The problem with this strategy, though, is that it doesn’t generate buyer interest. Your home will just sit on the market for a long time, and you’ll eventually have to start making price reductions. On the other end, buyers will notice that your home has been on the market a long time and wonder what’s wrong with it, which will lead to them making lowball offers. After all is said and done, you typically end up selling below market value.
If you price your home at market value, you’ll generate some buyer interest and maybe even receive an offer or two, but you’ll still probably have your home on the market longer than you’d like and sell it below asking price.
The best strategy is to price your home below market value. In our low-inventory market, this is what gets buyers excited, and it can cause a bidding war to erupt over your home. Not only will you be able to choose between a variety of great offers, but your home will be off the market quickly.
We know how to market it properly and protect your best interests once you receive an offer and it’s time to negotiate.
2. Not hiring a real estate professional. A lot of sellers think that selling a home is as simple as listing it on the MLS and sticking a “For Sale” sign in the front yard, but that’s not the case. Make sure you hire an agent to help sell your home. We know how to market it properly and protect your best interests once you receive an offer and it’s time to negotiate.
3. Making unnecessary improvements. I see a lot of sellers make home improvements they don’t need to make and spend money they don’t need to spend before listing. For certain home improvements, you’ll only end up losing money by investing in them. If you want to upgrade your home before putting it on the market, consult with a real estate professional. Doing so will save you a lot of time and energy.
4. Not getting a pre-inspection. A lot of times, I’ll see a home go under contract only for the buyer to get scared off by a home inspection report with a laundry list of repairs that need to be done. In this situation, after that buyer walks away, the seller has to put their home back on the market and risk getting a lower offer from the next buyer. To avoid this, get an inspection done before listing your home. That way, once you do get an acceptable offer, you don’t have to worry about losing it because of the home inspection.
5. Not being flexible for home showings. Make sure your home is as available as possible for buyers to see. Allow your agent to put a lockbox on the front door so they can come and go as they please. The quicker your home is available to be shown, the better. Some sellers prefer to have a 24-hour notice for all showings, but if you do this, you might lose out on the perfect buyer due to their own time constraints. To help yourself be more flexible, keep your home show-ready at all times.
If you have any questions about this topic or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.