When pricing your home for sale many factors are considered including location, size, amenities and ultimately…supply and demand. However there are many common misconceptions around selling real estate and I wanted to share with you my top 4 when it comes to selling.
1. Price high to expect low offers - – This is the most common myth and backfires more often than not. In San Diego we are fortunate to have a strong demand to our real estate offerings and likewise of list to sales price disparity is very low. Buyer and agents are looking at price very closely. The first 10 days of a listing is by far the most important time, not only are your exposing your listing to the mass of buyers “in the market” but first impressions on price are important too. If you expire your active buyers “in the market” you are only left with buyers coming into the market who often are not as motivated as someone who has written three offers and has been looking in your area for months. If your home is overpriced and not in line with the neighborhood not only will your home not sell, you will be assisting in the sale of others people’s homes.
2. Throw some grass seed down and paint the front door red - This is the second most common myth about selling your home is do some minor upgrades and forget the big stuff. You always want to make sure you address any major issues that might come up in the inspection to ensure a smooth process for the buyer and help to ensure a smooth close for the seller. For showings prior to contract, buyers need to envision themselves in your home and your goal should be to make the space as neutral as possible. I make the analogy of a nice hotel suite with very neutral feeling. De-cluttering & De-personalizing can help the buyer feel at home.
3. Discount Realtors, For Sale By Owner, Flat Fee MLS – This is the third most common myth. You may think you can sell your home yourself, maybe your can?, maybe your cant?. It’s true, Realtors don’t work for free but often times their value collectively is realized by sellers after the transaction is completed. I’m all my years selling homes I have never once had a seller tell me a charge too much and almost every times I am able to quantify my value in actual numbers to the seller. Selling a home takes a lot of time and expertise, the exchange of a few words could have a significant impact on the bottom line.
4. Not every offer is a winner – Don’t get offended if you receive a low offer. It’s your agents duty to present each and every offer to you. Some buyer will make very low offers because that is how the want to begin the negotiation process. It doesn't take long to figure out if they are a serious buyer or not.