5 costly mistakes many first time sellers make.
If you have been considering selling your home, avoid these 5 costly mistakes many first time sellers make.
1) Overpricing your home.
One of the most common mistakes many first time sellers make is overpricing their home. Data shows that listing a home slightly under market value, will attract the most buyers. Your goal should be to draw as many buyers in to see your home. Buyers will often be motivated to make their highest and best offer knowing other people want your home as well. Use this powerful tactic to push bids above and beyond your home’s market value.
Takeaway: Price your home strategically.
2) Not showing your home (enough).
The amount of buyers that see your home is correlated to the amount of offers you receive. Make it easy for buyers to see your home. One of the most effective tactics we employ is to list a home early in the week and invite everyone for a two to three day showing on the weekend. By Monday, if we did everything correctly, you should have really good offers to choose from.
Takeaway: Make it easy for buyers to see your home.
3) Not staging your home.
When you have buyers preview your home, the goal is to make it easy for them to envision themselves living there. While you can professional hire staging companies, you can also DIY. When we meet with sellers, we do a thorough room-by-room walkthrough and help our clients make adjustments to make sure buyers can easily picture themselves living there.
Takeaway: Stage your home — either professionally or DIY.
4) Focusing only on the money.
If you receive 20 offers on your home, how do you know which to pick? In competitive sellers markets, buyers often make big and extravagant offers in order to beat the competition. Many first time sellers often gravitate towards the buyer with the highest price. However, while the highest price is important, smart and experienced sellers consider the terms of the offer as well. Choosing the wrong offer can cost a seller a lot of money, wasted time, and a huge headache. When we work with our clients, we help them choose the best offer as well as secure a minimum of three back up offers. In addition, we leverage our mortgage company to ensure the buyers’ are financially capable of purchasing your home before we even enter contract with them. Before accepting an offer, take a step back, breathe, and look at the entire offer objectively. The last thing you want to do is to be stuck with a buyer who is just going to waste your time and money.
Takeaway: Consider the entire offer — price and terms.
5) Choosing the wrong agent.
Did you know there are more licensed agents than there are homes for sale? It can be argued the reason is because the requirements to obtain a real estate license is too easy, and TV shows have created a false narrative that being a realtor is a quick way to making a ton of money. The truth is being a real estate agent is tough, not as glamorous as what is depicted on TV, and requires one to work on their craft daily. While a good agent can help make you money, a bad agent can easily help you lose money. Instead of hiring the first agent you meet, take your time and interview at least three agents. Ask them questions. Do your research.
Takeaway: Interview at least three agents before choosing one.
Your real estate experience matters.
Buying or selling a home (especially for the first time) can be nerve-racking. To alleviate the anxiety, we emphasize educating our clients so that they understand what to expect during their real estate journey. If you would like to chat about buying or selling a home, feel free to call or text me at (323) 420-4669.
Talk soon,
James Paul Valerio
Broker & Owner of The Valerio Group, Inc.
DRE #02001410 DRE #02131396
