The best selling season is here, but how do you secure top price without major mistakes detracting from your listing? In HomeLight’s National Agent Insights Survey on what sellers are most likely to trip up on in the sales process, 54 percent of sellers made errors pricing their home, 21 percent failed to prep their house properly, and 9 percent failed on buyer negotiations.
Because home selling can seem straightforward, Austin sellers may be surprised to learn that making the mistakes below could be costing them in sale dollars.
Mistake 1: Overpricing
Although top dollar is priority, homes must be priced accurately to sell well. Going over your area’s limits or against your real estate agent’s advice could mean continuing paying the mortgage as your home sits, or selling for less after price reductions. An inflated price also lowers appeal, and additional market days may convince buyers your home is problematic.
Trust your Realtor’s recommendations on what price will get your home sold fast. By pricing right, you could see above-asking offers and bidding wars. It is your Realtor’s goal to get the home sold as quickly as possible.
Mistake 2: The Wrong Agent
Picking the wrong agent can mean lower sold prices, longer days on market, poor marketing plans, and disorganized communication. But by asking specific questions, sellers can pinpoint a Realtor with an outstanding reputation that’s right for them.
Consider asking:
- What’s your list price to sold price ratio?
- What are your marketing strategies?
- Do you have past clients I can speak to about their selling experience with you?
Experienced agents know proper home pricing and marketing, how to attract potential buyers, and how to handle paperwork and questions. By choosing the right agent, selling your Austin home will be more efficient and profitable.
Mistake 3: Neglecting Prepping
The National Association of REALTORs (NAR) 2017 Profile of Home Staging states 21 percent of sellers’ agents said staging a home increased its dollar value by six to 10 percent, and 39 percent of sellers’ agents said home staging decreases time on market.
Failing to address staging, prepping, and curb appeal can not only cost you thousands on your sale price but discourage potential buyers. If buyers see photos of weeds, cracks or stains, cluttered countertops, and messy personalized spaces, they won’t schedule a tour.
Ask your agent for interior design and staging tips, or for stager recommendations. With the NAR Staging report mentioning 49 percent of buyers’ agents said home staging had an effect on the buyer’s view of a house, making a good first impression is imperative.
Mistake 4: Skipping Repairs
Almost every home needs to address lingering issues, from landscaping to leaks. Taking care of repairs before selling eliminates possible deal-breakers. Discuss fixes with your agent to determine which ones will pay off for you and maximize your list price. Although handling these issues takes time and money, having your home looking and functioning well is more likely to attract offers quickly and expedite the closing process.
Mistake 5: Staying Emotionally Attached
If you don’t look at your house as a commodity, start now. Remaining emotionally connected closes sellers’ minds off to ideas on fixes, prepping, list price, and negotiations. To depersonalize and stay objective, picture your home as if you’re a potential buyer. You want to capture their attention through the lifestyle your home showcases, not through family keepsakes.
Mistake 6: Underestimating Selling Costs
Since NARs’ 2017 Profile of Home Buyers and Sellers says 37 percent of sellers offered incentives like paying for closing costs, providing home warranties, and undertaking remodeling, knowing these costs ahead of time is important. Under-the-radar items include final property taxes and utility bills, homeowners association and home repair payments, credits to the buyer, title insurance, and escrow fees.
Did you avoid any of these mistakes on your recent Austin home sale? Reach out on our Facebook and Twitter pages to let us know!