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Biggest home seller mistakes to avoid

Biggest home seller mistakes to avoid

4 biggest home seller mistakes to avoid - keyboard and house keysThe biggest home seller mistakes tend be the most common ones. The majority of seller mistakes often boils down to not hiring a good real estate agent and simply following her or his guidance.

Biggest home seller mistakes: summary

Here are the top four “biggest home seller mistakes” in my experience.  In most cases, a good listing agent will try to avoid these, but sometimes sellers pressure their real estate agent do do it the seller’s way, cutting these essential corners or ignoring the realities of the current real estate market.

  1. Overpricing the property for sale, misunderstanding what their home is worth.
    • Not studying the market stats and believing that the data applies to their home.
  2. Going on the market unprepared:
    • Not making the home “show ready”, nicely staged, clean, bright, and professionally photographed.
    • Not making the disclosure package complete and ready with all pre-sale inspections and disclosures completed.
  3. Lack of MLS exposure and lack of listing syndication.
  4. Overly restrictive showings, sellers being present during showings, any other hurdles to buyer’s agents showing the home to their clients.

Related to #1 and #2 above, a common mistake among sellers is pressuring the listing agent to tell them what they want to hear rather than what they need to hear. Hire a good real estate agent, ask for that professional’s guidance and act on it.

 

 

Errors with over pricing

What tops the list for the biggest home seller mistakes? High pricing! All the marketing in the world cannot compensate for a price that is too high. A low price may cause problems, too, but most of the time it will generate multiple offers, overbids, and a great sale price. In most markets, it’s riskier to overprice than to under price.

When homes don’t sell within 3-4 weeks in Santa Clara County, the vast majority of the time it is due to the list price being too high for what buyers are willing or able to pay for it.
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Selling a Los Gatos home: how long will it take?

Shannon Valley Ranch house 2015How long will it take to sell your Los Gatos home?  If you own a house in Los Gatos, 95030 or 95032, the answer is “it depends”. Naturally part of the formula will be the condition of the property and how aggressively it’s priced.  The pace also will be a function of schools and price point.  Generally speaking, the lower priced single family homes tend to sell the fastest (assuming that it’s priced and marketed well and doesn’t have any “issues”).  That’s true in all neighborhoods and subdivisions. (The Los Gatos Mountains area, or 95033, is a different market.)

Today, let’s take a look at the Los Gatos real estate market for home sellers by pricing tier and high school district with a view toward the number of days on the market. (You can read about the ratio of actives to solds and the absorption rate at the article linked below under Related Reading.)

We’ll begin with a look at the town as a whole.  For homes actively listed and not yet sold or sale pending in town, have a look at the number of properties for sale and the days on market (“DOM”) for each price point:

Los Gatos 95030 95032 Active DOM by price point

The average “days on market” for all homes is 70, so you might think that this is how long it will take to get your home into contract.  That’s not the case, though, as some homes never sell (even in a red hot economy like ours). Others sell really fast.

What we can see, though, is that the homes in the lowest price point haven’t been on the market long – a hint that this is the market segment that is moving.

Next, let’s have a look at the part of LG 95030 & 95032 with Los Gatos High School.

Los Gatos Active Listings Days on Market with Los Gatos Schools

Notice that the average days on market for this group is 47, not 70.   Most groups have double digit days on the market.  So perhaps not flying off the market, but not bad by national standards, and certainly faster than the town as a whole.  It looks like the answer to “how long will it take to sell” may be improved by being “in the schools”.

How long will it take in the areas with either Westmont  High or Leigh High? Overall, a much longer “days on market” are present for the active listings with 124. But the lower prices, up to $2 million, are extremely fast with the few homes in that band only being available for about a week or less.

Los Gatos Available homes Days on Market with Westmont or Leigh High School

The actively listed properties are everything available – the good as well as the not so good.  If we look at pending sales, though, we’ll get an idea on how fast buyers take the best homes out of the market.  Let’s check on the homes under contract now. (more…)

Help me to sell my home!

Computer_MouseWant or need to sell your Los Gatos home, or a nearby property?  Please fill out the form below and I will call or email you to set up an appointment for a no-obligation consultation- or we can chat by phone if you are not quite ready to meet in person.

If you are not really interested in selling at this time, but would like an approximate range of the likely market value of your home based on MLS comps only, please fill in the form at this link instead. This will give you an “auto comp” value.

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I help people to sell homes in Silicon Valley, particularly in Los Gatos, Saratoga, Monte Sereno, Campbell, San Jose and nearby areas of Santa Clara County.   (If you need help outside of Silicon Valley, I’m very happy to help you to find a great Realtor in your own area.)