Don’t Make These Common Mistakes When Selling

Published on 3/17/2022

Don’t Make These Common Mistakes When Selling

Today’s market is unlike markets in recent years with the low supply of homes for sale and high demand. It means that selling might look a bit different. You might not do everything the same you would when it’s a buyer’s market or even a seller’s market 20 years ago. Here are some common mistakes to avoid when selling in today’s market. 

1. Don’t price up

It may be tempting to bump up the price on your home a tad, especially since there’s such high demand. Why not get a little extra in the process, right? However, this could backfire. If you price a home too high from the surrounding comps, it runs the risk of being a turn off to buyers. This in turn could mean the home sits a little too long on the market without significant interest. If it sits even a week or two too long in this hot market, then buyers will start to wonder why it’s still there and what skeletons are hiding in the closets.  

Instead, price the home competitively still so it’s a good deal and comparable in price to similar homes nearby. This way, you’ll garner a lot of immediate interest from buyers. And this is where you want to be. A lot of interest means multiple offers for you to choose from. It also could mean a bidding war to drive the price up, or an all-cash offer as an incentive. 

2. Don’t forget to stage and prep

When prepping your home for sale, it’s also wise to remember that staging helps sell. It’s easy to feel that your home will sell itself in this market. However, you also want it to sell for top dollar either at or above asking price. So, take the extra time to deep clean, depersonalize, and declutter your home before taking listing photos and scheduling showings. Invest in professional staging if you think your home would benefit from that extra boost and if your budget allows. It is a great investment, so don’t think of it as money you’re throwing away. Rather it’s money that will come back to you in the form of a greater ROI once you sell. 

3. Don’t be stingy with your time

Once your home is listed and staged, it’s time to show it! But one mistake sellers make is being stingy with their time. You really can’t afford to be picky or flakey when it comes to showing your home. If you want it to sell fast (which remember, you do so it doesn’t languish on the market and give buyers the wrong idea), then you need to be available to show at the drop of a hat. Plan to be away as much as you can that first couple weekends at least. Clear your schedule, take off a couple days of work, or plan a little getaway for the first weekend with your family to totally clear out and let your realtor handle the showings. And do let your realtor handle as many showings as possible. It’s easier for buyers to ask questions and relax while looking at your home if you aren’t there looking over their shoulder. 

4. Don’t necessarily jump on the first offer you get

You may get an offer (or multiple offers) very quickly. This is good, of course. But you also want to take a beat and let yourself consider the offer carefully. Sit down with your real estate agent and discuss what this offer brings to the table. Be wary of offers that are way above asking. It may seem too good to be true, and that’s a red flag, because it might turn out to actually be too good to be true. If the offer is way above asking, it could lead to an appraisal gap which in turn would mean the bank wouldn’t back an offer that is that much higher than what the home appraised for. And then the offer could either be rescinded or the buyer might ask you to come down significantly. So do your due diligence. Consider aspects like closing date flexibility and other contingencies that might be offered alongside money. 

Keep these 4 common mistakes in mind when prepping to sell your home this Spring. Lean on your realtor to help you avoid these pitfalls. And let us know here at Smithfield Storage how we can help with your storage needs once you sell and need to move!