Coldwell Banker Gosslee

5 Common Mistakes Sellers Make


Posted: January 03, 2020 by Jessica Wimberly

A new decade is upon us. Time to start knocking those resolutions out of the way. 

We thought we would share some common seller mistakes with you to help you stay on the up and up in 2020. 

Let's get started...

MISTAKE 1: NOT HAVING A PLAN

To put your home in the best possible position, you really should have a plan 90 days prior to selling. 

You'll want to meet with a Coldwell Banker Gosslee Real Estate Professional to learn of any changes or updated you should make, simple staging that can be done prior to listing photos and get a clear picture of the marketing plan your agent intends to follow. 

You'll want to have a plan for timing, for price adjustments, for showings and it is so much easier when you get started before you're ready to put that For Sale sign in the yard. 

MISTAKE 2: SELLING IT BY YOURSELF

When you list your home For Sale By Owner, you're immediately discounting the price someone is going to be willing to pay. 

When you thinking saving that commission might be worth getting fewer buyers and having it sit longer on the market, think again. 

Many buyers, once realizing a house is listed by the owner and not an agent, will do the math in their head and subtract what you would be paying an agent from the price they're willing to offer. 

When you are putting your home up For Sale on your own, you're missing the opportunity to be in MLS. This is where serious buyers are set up on home searched that pull in new listings that match the criteria they are looking for. 

Lastly, you might be way under valuing that your home is worth. If you think you can hop over to Zillow and grab your Zestimate to determine your list price, you might be losing out on a big chunk of money. Zillow hasn't been inside your home and had no idea what the condition is or what updates you've done. A Real Estate Agent is in homes every single day and is very familiar with the market and what a seller can get for their home. 

MISTAKE 3: PRICING IT SLIGHTLY HIGHTER THAN THE PRICE YOU WANT IT TO SELL FOR

This may be the #1 common mistake we see sellers making. If you want to sell for $300,000 - you might think "Let's price the home at $310,000 or $325,000 so hopefully we end up at $300,000."

The problem with this thinking is that when you are pricing over the market value, you are going to miss out on a big pool of buyers who actually can afford the price you want but are out of the ballpark with the price you raised it to. 

You create much more demand when pricing your home at or slightly below market value because buyers see the value and you will be reaching more buyers altogether. 

Pricing it slightly higher equals less demand, less interested buyers, more time on the market, and ultimately, a lower sale price. 

MISTAKE 4: SKIMPING ON STAGING

According to the National Association of Realtors - 83% of buyers' agents said staging a home made it easier for a buyer to visualize the property as a future home. 

Simple things like swapping a bright red kitchen for a neutral color, moving big furntiure out of the way to make the living area look larger, and adding in a rug or decorative accents can take your home's appeak to an entirely new level. 

Most buyers are first seeing your home online. Some simple staging hacks that your Realtor can share with you can make all the difference in how your home ends up looking in the listing photos as well. 

You'll also want to touch up paint that needs it, give the front door a fresh coat of paint, scrub floors and baseboards and make necessary repairs prior to putting it on the market. The condition of your home makes a big impact on the price someone is willing to pay. 

MISTAKE 3: NOT BEING FLEXIBLE

If you want to sell your home then you're going to have to understand that accommodating the buyers who want to see it is a crucial part. There might be some inconvenient scenarios, but making sure you are finding a way to let the buyers in when they need to see it should be a top priority. If you have extenuating circumstances, make sure you communicate this with your Realtor so they can make note of that for all other agents. 

Pricing your home is a combination of an art and a science. Sometimes there may be scenarios where you need to make an adjustment with the price. Have a conversation about this with your agent prior to putting your home on the market so you have a plan in place. 

When you are not willing to be flexible whether it's with an offer or having to adjust the list price, it could result in your home spending a lot more time on the market and at the end of the day you are probably going to end up at a lower price than if you would have been flexible initially. 

We hope these tips were helpful! If you are thinking of selling your home in 2020, we would love to help! 

Bossier City Office 318-747-5411
Shreveport Office 318-861-2461

You can also visit us online at www.cbgosslee.com








 

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