Selling your Silicon Valley home can often come with quite a bit of stress. Am I going to get the price I'm asking for? How long will it take to find a buyer? Luckily, the Silicon Valley real estate market favors sellers right now. Low inventory and high demand mean traffic should find its way to your door pretty easily. However, that doesn't guarantee you a quick, profitable sale. Avoid these common Silicon Valley seller mistakes so that your home sale goes as smoothly as possible.
Avoid Common Silicon Valley Seller Mistakes
Saying Too Much
Your kids have all grown up and moved out of the house. A new job takes you elsewhere. You and your spouse are getting a divorce. The mortgage payment has become too cumbersome to afford so you want to downsize. Everybody sells for different reasons. However, those reasons are yours and yours alone. Buyers don't need to know why you're selling. This information could affect their offer. Confide in your Silicon Valley REALTOR@ if you want. Otherwise, mum's the word.
Pricing too High
Out of all the Silicon Valley seller mistakes made, this might be the most common one. Many sellers have a specific number in their head that they feel they absolutely MUST receive. Unfortunately, this doesn't always correlate to what the market will allow. Forget that you spent $50,000 installing a pool in your background. Ignore the $75,000 you put into your kitchen remodel. Yes, this makes your Silicon Valley home more attractive. But, you rarely recoup every single cent you put into remodel/renovation projects.
Have your Silicon Valley REALTOR@ run comps on homes that recently sold in your neighborhood (within the past 30-60 days). Also, ask them to find out what homes in your area are currently listed for. One strategy employed by sellers is to actually set a price slightly below market value. This acts as an enticement to get more buyers to your listing. More interested buyers could potentially bring several offers, driving up the actual final sale price. It can be a risk. Discuss this strategy with your REALTOR@ to see if it's a risk that might be worth taking.
Not Staging Your Silicon Valley Home
The next mistake Silicon Valley sellers make is to not take the time to stage their home. That doesn't mean moving out either. An empty home tends to take longer to sell. That's because buyers need to see themselves in the space. I recommend hiring a professional whenever possible. Your REALTOR@ may be able to recommend someone. However, you can do it yourself if you're so inclined. Visit a few model homes for inspiration. Pack up all non-essential items and store them away in a storage facility. Just think of it as getting a jump on your packing. Rearrange furniture in each room to accentuate the positive and minimize the negative. That may mean moving a bureau from the bedroom into the dining room. Or taking a chair out of your sitting area and putting it in the living room.
Those house flipping shows on TV make it seem super easy to sell a property yourself. That's not necessarily true. If you pay attention, usually at least one of the people in each successful team is a licensed real estate agent. An experienced REALTOR@ knows the area, including current market trends. They also take care of marketing, hosting open houses and brokers' opens, field offers, negotiate a sale price, schedule inspections, address any potential problems that come up and keep an eye on deadlines. Unless you have enough time to work, spend time with your family AND take care of all the tiny details involved in your home's sale, you're going to need a Silicon Valley REALTOR@.
Not Disclosing Issues with the Property
Sometime during the sale, you will be presented with a Transfer Disclosure Statement that you, as the seller, must fill out. Be as thorough as you can. If a buyer finds out that there is an issue that was not disclosed before the final sale, they may have grounds to sue you later on. With disclosures, it's better to be safe than sorry.
Avoid these common Silicon Valley seller mistakes to ensure a smooth sale. If you have any questions, please feel free to contact me. I'm always ready to help.