Even in a seller’s market, these mistakes can cost you big.
In today’s market, it’s no secret that sellers have the upper hand in the vast majority of transactions. With limited standing inventory and steadily high demand - especially in the Colorado Springs market - buyers are quicker to jump into contracts and offer more. However, that doesn’t make selling a home today a foolproof endeavor. Keep these common blunders in mind if you’re thinking about putting your house on the market.
Pricing Too High
In a situation like our current Colorado Springs housing market, it’s easy for sellers to fall into a false sense of security. While it’s true that you have an upper hand over buyers because inventory is so low and competition is so fierce, it’s entirely possible to go too big on asking price and end up in an unpleasant - and unprofitable - situation.
Pricing a home too high, even by $10K, might seem like a nice way to shoot for a stretch goal or test your theories about how much you can make off your home. However, what usually ends up happening is that the slightly higher list price will drive people away: we’ll see fewer showings, fewer offers, and overall less buzz about the house, even if everything else about it is ideal.
Especially in today’s market when houses fly from “for sale” to “pending contract” in a matter of days, there’s a high risk of developing a stigma if our listing stays on the market longer than a couple of weeks. Negative perceptions can develop quickly because buyers who have been in the game for a while come to expect that something must be “wrong” with any home that doesn’t have any acceptable offers in the first week or so.
Knowing the market, analyzing comparable properties nearby, and understanding the value of specific home features are all crucial in determining the appropriate listing price of a home. Right now, it’s very likely that strategic pricing will get us more than asking price ironically, sometimes more than we’d make from the same listing with a higher price!
Skipping Staging
Many people hold a common misconception that if they live in a tidy way and make sure to clean up before photos and showings, there’s no need to take any other action to stage a home. However, one of the most common mistakes when it comes to preparing a home for sale is staging like you live.
Living in a home involves using appliances and items, decorating to our particular tastes and interests, and utilizing furniture and storage areas around the house. Staging, on the other hand, centers around accentuating the light and open spaces of a home, and working to make rooms feel as large as possible. Removing items from surfaces, storing extra furniture, and putting away some decorations can make a world of difference in drawing buyers to your home and swaying them to make an offer.
Homes are deeply personal, and most of us tailor our design, furnishings, and other visible choices about our houses to who we are and our own tastes. Creating something close to a blank slate can feel difficult, but it allows potential buyers to picture the house as their new home, instead of feeling like they’re walking through someone else’s. Sometimes that slight emotional change can push buyers to offer more and fight their hardest for your listing!
Taking Your Own Photos
Once you’ve gone to the trouble to stage your home to sell, get professional photos to show it to the world! I provide my clients with professional photos because nothing will attract buyers to view a home as effectively as high-quality pictures will. Even the most beautiful, meticulously-staged home will be overlooked if the photos aren’t intentional, the lighting isn’t right, or critical details are missed.
Scrolling through pictures to get a feel for the features and layout of your listing is the first thing we need buyers to do in order to then book a showing and ideally make an offer! Photos allow for that first step in the buyer’s emotional journey of picturing themselves in a home.
Rushing Through Marketing
Using compelling listing copy, getting the word out about the home, and strategically posting the listing photos and videos begin building anticipation for the home and boost perceptions as the listing goes live. The more people walk through the house, the more offers we’re likely to receive, and the more negotiating power we have which all leads to money in your pocket.
It’s easy to fall into the trap of rushing through the process of marketing and instead leaning on the qualities of the home and the strength of the market. Even homes that are so incredible that they speak for themselves need to be in front of people in order for us to see offers roll in!
Not Using an Agent
It’s become increasingly popular, especially because of the incredible seller’s market we find ourselves in now, to try selling a home without an agent and instead list the home for sale by owner. While this route may appear to save money at first, the resources, processes, and expertise that come with working with a qualified agent will not only save you time and headache, but also make you more on your home in the long run. Real estate transactions and contracts can be complex ordeals, so having the right expert on your side is crucial.
No matter the state of the real estate market, these mistakes remain common and can cost sellers a devastating amount of money. Luckily, they’re all avoidable when you work with qualified experts who can help look out for your interests and your wallet.
Thinking about listing your home for sale? Now is the time! Contact me and we’ll get started.
