Top 5 Real Estate Mistakes made by Sellers in La Jolla

A homeowner may be listing their home for a number of reasons.  Unfortunately, many sellers make common mistakes that can be costly in the long run and actually discourage buyers from submitting an offer.  When selling real estate in La Jolla, sellers need to be aware of what they should avoid in order to quickly sell their property at a price they are comfortable and satisfied with.

  1. Overpricing Your Home – Many sellers make the mistake of overpricing their home due to emotional attachments or they choose a price point based on what they would like to net from the sale.  Informed buyers will have done their research and be aware of the comps and reasonable prices for the neighborhood.  A high asking price could force potential buyers to immediate eliminate your home as a possibility.
  2. Over Improving Your Home – Many La Jolla sellers see the benefit of remodeling areas of their home prior to putting it on the market.  While this can increase the property value, some homeowners may take it a step too far.  When remodeling includes awkward additions or changes that are highly personal, potential buyers may be turned off.  A buyer wants to add their own personal touches, not spend time covering yours.
  3. Crowding Potential Buyers – Purchasing a home in La Jolla is a large financial and emotional decision, especially for first time homebuyers.  Potential buyers need time to focus in order to evaluate your home and determine if it is a right match for them.  Overeager sellers inadvertently turn off potential buyers by not allowing them a certain level of privacy during the showing.  During an open house or home tour, think about leaving the home or confining yourself to one room if you absolutely need to stay at home.
  4. Wasting Time with Unqualified Buyers – In our current economy, some La Jolla sellers have seen a potential buyer fall through at the last minute due to finance complications.  Before accepting an offer, be sure to confirm the buyer’s funds or ask them to consult with a loan officer. Obtaining La Jolla real estate loans can be a lengthy process and sellers should seek out buyers who are pre-approved, not just pre-qualified for a loan.  Also, don’t compare your offers based solely on price and examine other factors such as percentage of the down payment.  Always have a backup plan in the event a prospect is denied financing so you do not have to put your property back on the market if your buyer is unable to close.
  5. Not Knowing the Terms of Your Contract – It is important sellers in La Jolla are aware of the terms and conditions in their contract. Before accepting an offer, review the contract with your attorney or real estate agent. They will be able to answer any questions you may have and be able to point out stipulations such as making repairs.  Understanding these requirements can save you time and money.

It is also important to hire a professional with a proven track record.  Their experience and knowledge of real estate market provides you with invaluable advice in regards to pricing, marketing tactics, staging recommendations and more.  For local sellers who are looking for quality agents to help sell their homes, view our directory of professional La Jolla real estate agents.

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Vanessa Turkeltaub
Vanessa Turkeltaub graduated from UC San Diego with a BA in Communication. She has been with Blue Book Publishers for over 5 years, and has written over five-hundred La Jolla related articles. She enjoys going to concerts, art, and traveling. (vanessa@lajollabluebook.com)

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