Selling Your Home? Don’t Make These Mistakes

It comes as a surprise to many people that selling a home can actually be hard work. Not just for your Realtor®, either. Because if you hired an experienced professional to sell your home, they will have a huge list of tasks to undertake on your behalf, too. (And in case you were thinking it’s just a matter of putting up a sign and collecting a check, take a look at this article, What Happens Behind the Scenes of Your Real Estate Listing.)

No – it actually requires a real commitment on the Seller’s part to follow through on many things that will optimize their opportunity to grab the attention of buyers and sell quickly. When it comes to real estate, the motto that ‘you never get a second chance to make a first impression’ is doubly true. Buyers have a lot of options when they’re shopping for a home, and a Seller needs to put their best foot forward from Day One.

That’s why we want to share a few of the mistakes that Sellers have made in the past that worked out to their detriment. While their homes may still have sold eventually – it probably wasn’t at top dollar, or as quickly as they would have liked. Instead, we recommend that you hedge your bets, because doing these things up-front may be precisely what gets you to your next home destination (whatever that may be) faster, and with more money in your bank account.

Mistake #1: List as a FSBO Seller.

We’d like to ask you to take note of one very important (and proven) statistic: You will not make more money as a For Sale By Owner seller. Real estate agents are proven to sell for more money than sellers who try to go it alone – and that is taking into account the typical 6% agent commission you’re thinking you can pocket. According to the National Association of Realtors, on average FSBO sellers sell a home for $210,000. In comparison, real estate agent assisted sellers can make $249,000 on the same sale. If we subtract the 6% fee, that means a real estate assisted seller made almost $25,000 more than a FSBO seller made on the same house. ‘Nuff said on this one.

Mistake #2: Pricing Your Home Too High.

Over-pricing or under-pricing is a huge money-losing mistake. We get it, you want to make the most off of your home sale and you feel that the home you put work, time, and memories into is worth more than the other houses in your area. It may be tempting to argue with your real estate agent and push the list price higher. But it’s also critical to know your market and get familiar with comps of similar homes currently for sale (and those that have recently sold) to understand exactly what price tag your home needs. If the comparable house down the block is listed for $15,000 less than yours and has the same features, buyers will definitely be more interested in theirs over yours. That means you’ll risk sitting on the market longer (which gives buyers a negative impression to begin with), it will put you in a position of having to let buyers negotiate, and in the end, you can end up selling for less than a lower (and more accurate) listing price would have gotten you from the start. Timing is everything in real estate. Learn the impact that the phrase “Days on market” can have on your home sale.

Mistake #3: Not Making Necessary Repairs & Presenting a Cluttered House to Potential Buyers.

First, keep in mind that it’s always going to cost you less out of pocket to fix things ahead of time. When potential buyers see your home in disrepair, their first inclination is going to be “Let’s negotiate.” You’re starting out in the hole by not putting your best face forward, and that’s just an unnecessary mistake to make. Second, remember this: clutter eats equity and kills deals. One of the least expensive improvements you can make to your home is to declutter and create a sense of spaciousness. From the kitchen countertops to the overstuffed closets to the trophy-lined shelves in the den, it costs you nothing to get rid of all that ‘stuff,’ but it will make a positive impression and reap big rewards. (Besides, less to pack when it’s time to move!)

Mistake #4: Ignoring Curb Appeal.

This one falls a bit in line with #3 above, actually. But it’s important enough to merit a place of its own on this list. Because of your familiarity with your own home, you actually may not be the best judge of its ‘curb appeal.’ But if you think back to the times you’ve pulled up to someone else’s home, or an office building or shopping center – the first thing you see sets the tone, doesn’t it? (And when the tone is set negatively, things usually just go downhill from there.) So look at the exterior of your home and your landscaping with a fresh eye – or enlist someone else’s opinion – and come up with a plan to increase your home’s desirability before people even set foot inside.

Mistake #5: Bad Photos Can Stop Buyers Before They Even See Your Home.

As we’ve said many times before, people begin their home searches online, and that is more than likely where they will get the first views and impression of your home. We can’t stress strongly enough that bad, amateurish-looking photos has killed more deals before they could even get started. This is one place where it’s worth the expense to make sure you get it right. Think about it: the professionally photographed hotel wins the booking every time. The same goes for your home, but the stakes are even higher. Why would a buyer put the biggest investment of their life into a blurry vertical shot? (With 51% of buyers ultimately buying a house they found online, your house has to be in top shape for it to compete with the others they’re seeing at the same time.

Those five points are among the most important that Sellers should be aware of so they can take steps to address them before that “For Sale” sign even goes up in the yard. A knowledgeable and experienced Realtor® can help you navigate the process, and also discuss a myriad of other ways that you can ‘get a leg up on the competition’ – perhaps even helping your home be the one that buyers get into a bidding war over. Win-Win.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!