4 Common Home Seller Mistakes

by Gema Smith 11/17/2019

Photo by rawpixel.com via Pexels

If you're like many Americans, your home is your biggest asset. And if you're thinking of selling your home to use the profits for a new home, sending the kids off to college or simply adding it to a retirement fund, there are a few things you may want to avoid to make sure your home sells. 

 Setting the Price too High

Some sellers make the mistake of thinking their home is worth more than comparable properties. A lot of times, living in the home and becoming attached to it may cause an overestimation of the value of upgrades or dismissal of the lower price tag of similar homes with similar features.

When you price a house too high, though, the property may stay longer on the market and go through several price reductions before it finally attracts interested buyers. And if you happen to be in a new home already, you might be paying two mortgage payments while waiting for a buyer to place an offer. Putting the right price on your home helps ensure buyer interest and a quick sale.

Neglecting to Order a Pre-inspection

Some buyers are open to fixing problems, but your cost during the negotiation phase may be significantly higher than it would have been if you hired a contractor to fix any preexisting issues.

A way to solve this problem is to order your own inspection before you put your house on the market. This is also a great way to establish buyer trust, showing that you are transparent about the house's issues when you give them the report or show the report of the issues being fixed.

Going Overboard on Presale Renovations

You love your home, and you want to prove to the buyer that it is a gem. But sinking too much money into presale renovations can mean spending money that you may not get back during the negotiations. You also want to be careful that you're not spending your renovation budget on cosmetic enhancement when the house needs structural improvements. That is another excellent reason to invest in a home inspection prior to putting your house on the market. 

Failing to Choose the Right Agent

The real estate agent you choose to sell your home makes all the difference -- and with buyers' agents requesting up to 6 percent in closing fees, it's important to make sure you find someone who will work hard for you.

What should you look for? Good chemistry tops the chart, since you need to be able to trust your agent to act in your best interest. Other important factors are familiarity with the local market, experience selling houses in your price range, access to good marketing databases, and evidence of a strong network.

Ready to get started with the home selling process? Contact me, and we'll get the ball rolling!

About the Author
Author

Gema Smith

Gema S. Smith has been an influential pioneer in the luxury real estate industry for over 30 years. With a reputation for providing first-class service and garnering impeccable results for her clients, Gema’s accomplishments have earned her mentions in San Jose Magazine as well as two State of California Senate Certificates of Recognition. 

Unapologetically persistent, tenacious in her negotiation and passionate about developing genuine trust with her clients, Gema brings her best-in-class service and award-winning approach to The Agency, with a focus on the high-end market of Silicon Valley. Previously, Gema served as a Broker Associate with Intero Real Estate Services in San Jose, where she was a consistent top producer and recognized as a Top Listing and Sales agent for the company’s 15 corporate offices. Knowing that every buyer and seller has their own unique story to tell, Gema is proud to play a role in her clients’ ongoing narrative and represent their best interests in what is often the biggest transaction of their lives. 

Gema has been an active member of the real estate community since 1987, getting her start in the loan business before obtaining her real estate and broker’s licenses. In 2002, she opened a real estate brokerage and loan company which she ran successfully until 2008, when she chose to focus her efforts on real estate sales full-time. Gema is a long-time member of the Santa Clara County Association of Realtors (SCCAOR) and California Association of Realtors (CAR), as well as a Certified REO & SHORT SALE Specialist with The Five Star Institute. She is also a two-time Santa Clara County Chapter President of NHORA (National Hispanic Organization of Real Estate Associates) and currently sits on the NHORA National Board of Directors. 

A passionate philanthropist, Gema sits on the Board of Directors for the Jose Valdes Math Institute. Her commitment and dedication to the advancement of educational opportunities to underserved communities defines her character. In her spare time, Gema enjoys gourmet cooking, entertaining family and friends, wine tasting, reading, jogging and traveling.