Seller Mistakes in San Carlos
With our San Carlos market completely starved for inventory, it would seem almost impossible to make a mistake with bringing a home to market. However, errors are being made.
As The Old Saying Goes, Timing Really Is Everything
Errors are being made because some are failing to understand the number one criteria point to consider when putting a home on the market: timing. Don’t get me wrong, presentation and marketing are very important factors when selling your home, but combined, they do not equal the importance of timing. The San Carlos market is all about when you are on and who you are up against.
Recognizing the severe deficiencies in our market, such as an extreme lack of inventory and frenzied buyer demand would dictate that any seller considering selling their home may want to move sooner rather than later and take advantage of the very one-sided selling conditions. Here’s an example: I recently met with a family that decided to sell their home this spring. However, they did not want to go on the market until they had time to do a few projects around the house and take the time to really make sure the house looked its absolute best. In theory, that all sounds very reasonable. However, if they were to wait until April when there will undoubtedly be more inventory on the market, they will not command the buyer interest that they would if they were on the market within the next two weeks. My advice, let’s get the house in good shape, but sacrifice absolute perfection in exchange for being launched into a market with really no competition. It can be a tough leap to make for sellers, but for the ones that understand the power of timing and how it impacts the San Carlos market, they will ultimately walk away with more dollars in their pocket.
Spend Your Marketing Dollars And Time Wisely
Another key mistake that is being made by sellers, and some agents, is the emphasis on marketing that simply is not going to pay off. A marketing plan is great, just be careful where you are spending your time and dollars. It’s not like you are going to put your home on the MLS and a prospective buyer is not going to be able to find you. There are so many third party sites that replicate the MLS info. Sites such as Zillow, Trulia, Redfin and many others make it easy for anyone not hiding under a rock to find your home. Print advertising is a waste of money and energy in my book. Your dollars are much better spent on the redesign/staging of your home for presentation purposes and purchasing the very best high definition photos/virtual tours available. Remember, the first interaction that many prospective buyers will have with your home is online. The photos better stand out. Very few property photographers take the time to create a true HD experience.
Coming Back Down to Earth
San Carlos sellers would also be wise to recognize that there are two primary occurrences which will instantly settle the market a bit. If we can hit normal inventory levels by spring, buyers will breathe a little easier and the demand will not be quite as frenzied. Second, if interest rates were to creep up just a bit, the market will settle as well. The mid-peninsula area, perhaps more than any other area in the country, is hypersensitive to interest rate fluctuation. With very high home values, the affordability factor is mostly a product of the prospective monthly payment.