Selling your home can be an emotional roller coaster, but what is even more frustrating is having your home sit on the market unable able to sell. Your home is most likely your biggest investment so taking extra precautions to do it right is always in your best interest. Be sure to avoid these top 5 mistakes when selling your home!
Overpricing Your Home
When selling your home overpricing is the first and usually biggest mistake to avoid. Overpricing your home will deter not only buyers but also agents, even if they are in fact attracted to you home. If your home is priced above the appropriate price bracket according to its current value, there will be an entire group of buyers potentially not even viewing it online. This is because their search contains a lower price range where yours really should be.
Timing is crucial when listing your home for sale. The newest homes on the market will attract more attention and buzz than a home that’s been sitting too long. This “golden window of opportunity” for your home to sell for top market value is typically during the 2nd to 4th week of being on the market. After this “golden window” the excitement and buzz about your home will begin to fade off, resulting in less offers, showings and potentially a lower than asking sale in the end. This is why pricing your home correctly the first time according to today’s market is extremely important so you can reach a successful sale during that “golden window”. An overpriced home will sit longer on the market and surpass the window.
The housing market in Atlanta is constantly changing so having a recent assessment of it’s value is key. Find out what your home is currently worth in today’s market.
Not Making Necessary Updates
Making improvements around your home big and small will increase your home’s value when done right, AND will increase buyer’s interest. The less buyers see they need to update, the easier it is for them to picture themselves making an offer and moving in. The most important rooms to focus on are the kitchen, bathrooms and master bedroom. A fresh coat of neutral, buyer-friendly paint is always a good idea. Update as much as your budget allowed with your home, especially areas where there is damage, or if aspects of your home are very outdated.
There is such a thing as going overboard with renovating and updating your home to sell. Consider the standards of your neighborhood- some might require a certain level of updating while others don’t and you can save the cash. You want to make sure where you are spending money you will be receiving a return on that investment, instead of wasting money on an upgrade that you won’t get back. Another thing to consider is to choose updates that are appealing to the masses. For example, splurging on a big statement piece light fixture might appeal to some buyers but others might not see the value int it.
Old-School Marketing Tactics
We’ve been in the digital age for years now and real estate is no different. You would be surprised by how many homes can be sold by simply sharing your home listing on your social media accounts announcing to your network of friends and family it’s on the market. We are now experiencing information overload and the old-school marketing tactics usually won’t cut it these days. Your agent should be able to provide tacting for reaching more potential buyers including email marketing, social media sharing, facebook advertising, videos and more.
Choosing the Wrong Agent
Choosing the right real estate agent is the first important step when it comes to buying and selling your home. You want an agent with the right experience, knowledge and personality that will work for you. One very important factor some sellers don’t think about is to find someone who understands your communication style. Communication is so important when it comes to your biggest investment, whether you prefer phone calls, texts or emails, make sure your agent is happy to communicate in the way that works best for you. View our post on Top 5 Things to Look for in Your Real Estate Agent for a more in depth look so you can make the right choice.