Between constant multiple offer situations and listings going under contract within days, the Real Estate market is thriving. The question arises though, why is there that one home not moving? Being in that situation where the homes are selling around you, but yours is just sitting, it probably the biggest fear for most homeowners. Especially in a market like the current one where the buyers are significantly outnumbering the sellers.
This fear can be a valid one, but luckily all the things that can cause this are understood. Avoiding these 5 mistakes makes all the difference:
Over or under renovating:
Before anything else in the selling process starts, renovations are typically taken into considerations and rightfully so. The basics like paint may not initially seem to fall under this category but it can make all the difference. Having neutral colors allows for the buyers to better picture themselves living in a house and the opposite usually looks like work to them. The last thing that you want a buyer to think is, “how much would I have to spend to fix that”. That kind of a thought leads them to wanting price reductions or maybe even just leaving to the next house.
On the other hand, too many upgrades could just be a waste of money and time for the seller. If your home is the only one in the neighborhood with all the bells and whistles then there is a good chance that it won’t be fully appreciated by those buyers looking in that area. There is always the possibility for diminishing returns when it comes to upgrades so ensuring that you have a full grasp on what is important, and what isn’t, is a necessity. This is also one of the biggest pieces that great agents are able to help with.
Having low quality photos:
Nowadays no one enters a property without first dissecting everything about it online. iPhone pictures may seem nice, but they simply don’t cut it when it comes to maximizing the interested in your home. Having professional photos not only allows for all buyers to be more interested in scheduling a showing, but it also allows them to have the best expectations once they are on their way. Having the best pictures allows them to fall in love with your home before ever stepping foot inside and doing everything you can to allow this can be the difference between a full-price offer and lengthy negotiations.
The CAZA Group and all of the best agents make sure that every property has professional photography. The best photographers will know exactly what buyers are wanting to see. they make sure to prep the rooms before hand and ensure that the ideal lighting is available. These small touches are what makes all the difference.
Failing to properly prep for showings:
Once a property appears online and homebuyers begin to walk through, the next question is how to maximize their experience. In order to give the best experience possible there is one extremely important thing to remember when it comes to staging a home, “We live in homes very differently than we sell them.” It’s nothing personal, but buyers want to be able to see themselves in a home and there are a lot of things that can distract them from that.
Family photos and sports memorabilia are great to liven up your home when you are living in it, but they can get distracting to buyers and takes away from the home itself. The goal is to make the home as memorable as possible and this is done by allowing a buyer to see themselves living there. The more personal items there are around the home, the more difficult this is for them.
Improperly staging/cleaning your home is the second piece of prepping for showings. If there is clutter then all it does is make the place appear smaller than it actually is and it naturally affects the value that they see in it. This effect on buyers can also happen when a home isn’t staged properly. Staging can consist of simply moving furniture around or bringing some in, but by strategically placing the correct furniture allows for buyers to focus on the best features of the home.
Staying around for showings:
Now that the home is staged, there is one important aspect of the showing that is so important that it deserves its own section. Give homebuyers space. When a seller stays in the home it can impact the entire experience for those walking through. It can make them uncomfortable and no one buys a home that makes them uncomfortable. Staying can also make them leave faster which means they won’t be able to take everything in fully.
Leaving at least 5 minutes before showings should be considered a requirement. Yes, leaving the house can be a pain, but sitting on the market for weeks is much worse. Make the experience as easy on them as possible and it will pay off.
Overpricing your home
Now that everything else has been talked about, the most common talking point can be brought up. Overestimating the value that is in a home can be a serious detriment to the net profit in the end. As a homeowner it is natural to have difficulties when looking at your home objectively. Most people love their home and at a certain point that can cause issues. The worst situation to be in is initially pricing a home high, then continuing to chase the market downward while the days-on-market grow. 9 times out of 10 the best option is counter-intuitive. Pricing your home at the closest price-band below its estimated value allows for it to get the attention of multiple buyers and end up in a multiple offer situation. Once that happens, you’re ready to maximize your bottom line.
It is important to remember that this one piece affects every stage in the process from its online presence to the showing and the eventual offer(s). For a little tip about using buyers psychology when pricing a home, check out this article about selling for more by asking for less.
Again, when the market is moving, the most important thing is to make sure you don’t sabotage your own success. By avoiding these 5 common mistakes you are able to get the most money, in the least amount of time, with the least amount of stress. Of course, talking to an expert about the best way to navigate this entire process and avoid these mistakes is always beneficial. If you have any questions regarding this advice or your specific situation, The CAZA Group is here to help.