Avoid These Common Selling Mistakes

Vi Pavlicevich |November 6, 2020

All sellers wish for a stress free, smooth transaction, but the reality is that selling involves many moving parts. A good realtor will guide you through the selling process and help you avoid making mistakes that could cost you in both time on the market as well as final sales price. Achieve a seamless escrow by avoiding these common mistakes below:

1. Not choosing the right realtor

Selling a home is a partnership between the real estate agent and the seller, and choosing the right realtor can make or break your home selling experience. A good real estate agent knows the local market well, has good communication skills, and is transparent to both seller and buyer. Be sure to interview multiple agents and ask for references from their past clients. The goal is to sell your home in the shortest time possible at the highest price possible, and you don't want to waste time switching agents midway through.

2. Not making needed repairs

Depending on how long you've lived in your home, there could be a lot of wear and tear that needs attention prior to putting your home on the market. A fresh coat of paint, refinishing hardwood floors, and replacing countertops and fixtures in a kitchen could make all the difference in the overall feel of the home. It may also be a good idea to hire an inspector so that you don't encounter any surprises after you enter escrow. The inspector can look for big repairs items that can affect the safety and integrity of the home. Address big concerns and you'll avoid the potential negotiations during the option period that could break the deal.

3. Not pricing correctly

Be educated and be realistic when it comes to pricing. Before pricing your home, talk to your realtor about current market conditions, other comparable homes on the market, and the Days On Market for the neighborhood. These analysis will give you an idea on how long it'll take you to sell your home as well as the expected price range you can expect for your home.

Most home buyers set a price range for their home search. Pricing too high means your home may not show up on the buyer's search. Pricing too low means you're capturing buyers that are qualified to buy a home at a certain price range that is lower than your desired selling price.

Overpricing seems worst of the two. When overpricing your home, there is a big risk that it may take you longer to sell. There could also potentially be several price reductions which could trigger several things for a buyer: a buyer could think there is a serious issue with the home and be too skeptical to submit an offer or a buyer could submit a lowball offer thinking the seller is in distress with the longer Days on Market.

Once your home is published on MLS, the pricing history stays with the home. If you price the home correctly, you'll capture buyers who will submit legitimate offers, and you'll have the highest chance of selling the home at the price you want.

4. Not choosing the right time to sell

Traditionally you will see an uptick in buyer demand in the spring and fall with a slower market in the winter months. The strongest months to hit the market would be from March to June and then again from Sept to October. List the home at the right time and you’ve got a higher chance of selling quicker and for closer to your asking price.

5. Not decluttering or depersonalizing enough

First impressions are important, and you only have one chance to impress a buyer at first visit. A potential buyer wants to imagine themselves in your home, and removing personal items like family photos and religious items will help a buyer envision how they'll use the space. Decluttering your home will help the buyer see how spacious the home is. A cluttered home may also give the impression that the home isn't well maintained and can cause worry that there damage is hidden behind or under the "mess." Decluttering and depersonalizing your home will eliminate distractions that could otherwise take away their focus on the things that really matter.

Vi has helped many sellers get the best price for their homes, and she can do the same for you. Let Vi help.

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Vi's understanding for urban living meets no end when representing her clients in San Francisco. She loves the city life and is passionate about sharing the lifestyle San Francisco has become famous for.

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