In the movie Groundhog Day, the main character relives the same day again and again until he gets it right. Selling homes might feel like Groundhog Day to Realtors when they find sellers making the same mistakes over and over.
Since we’re all stuck at home due to #Thundersleet and #Icepocaplyse2023, desperately hoping we wake up to find that the little furry guy sees his shadow (or doesn’t see his shadow? I forget), I thought I would give some Realtors a call to see what their Groundhog Day seller moments are.
Sellers, save yourselves (and your Realtor) from a repetitive nightmare, and do it right the first time by avoiding these common mistakes:
1. Over- or Under-Pricing
You’ll lose money either way. It’s important to be realistic about setting a sale price. Over-pricing can cause your home to sit on the market with no offers, and the longer a home is listed makes potential buyers wonder what’s wrong with it. Under-pricing may get you a fast sale but you’ll lose the real value of your investment.
“The worst thing a seller can do is not listen to the facts that their agents are presenting and over shoot pricing. If you price right, you will sell at list or higher. Our jobs as agents is to provide our clients with factual information to help sell your house.”
Renee Uberta, Uberta Home Team, Keller Williams Allen
2. Minor Repairs or Updates
You’d be surprised the difference a new coat of paint, new carpet, or conversely, stained floors and broken fixtures, will make in the offers you receive. The perceived value to your potential buyers can be double or triple the cost of minor repairs and updates.
We know that when buyers come in they’re not going to like the baby s— green color you chose to paint that guest bedroom, or the burgundy red disaster in your dining room that was out of style in 1998. Don’t even get me started on mustard brown faux painting. When we receive feedback from buyers that tour the home, and they say the same thing, they still won’t spend a small amount of money to go in and paint a neutral color, so it sits and continues to get negative feedback. When they finally listen, (or the Realtor pays to have it done), then it sells.
Trey Freeze, Martha Williams Group, Williams Trew
3. Staging & Photos
Remember you want potential buyers to be able to picture your home as their new home. You want to create the perfect balance between a blank slate and an example of décor that brings out the best features of your space. This starts with quality photos and continues with thoughtful staging.
The three mistakes I see people making: 1. Not staging the home. 2. Pricing the home too high initially. 3. Not working with a knowledgeable and experienced agent who can advise and prepare them for the market they are in (and the market the past six months has been a doozy!)
Mandy Mahoney, Compass Real Estate
Sometimes we repeat mistakes because we don’t know any better or because they’re comfortable. Now you know better. Next time you sell your home, make sure you’re not having a Groundhog Day moment.
Now go watch Bill Murray and Andie MacDowell in the greatest movie of all time, and enjoy six more weeks of winter.
Or not.
