Common Mistakes That Can Cost Home Sellers Thousands!
Selling your home can be a nerve racking, exhausting experience. Last minute calls, inconvenient showings, price adjustments, and the uncertainties of being stuck with a house that doesn't sell for months on end can all take their toll. If you are not completely prepared you could end up losing thousands of dollars in profit!
HOME IS PRICED TOO HIGH
By far, the worst home selling mistake a seller can make is hanging the wrong price tag on a home. If the home is priced too high, buyers won't look at it. If it's priced too low, sellers worry that they'll give away profits.
Pricing a home to sell is an art. Part of the market value is based on comparable sales, but other factors to consider include market movement, demand, the home's location and its condition. The market value is set by the market - not by Realtors, appraisers or sellers - but by what buyers have paid for comparable properties.
If the home is overpriced, buyers might submit low-ball offers, which tend to result in an immediate offer rejection. These extremely low offers tend to infuriate and insult sellers.
Some agents deliberately overstate the value of a home and push a seller to sign an overpriced listing. There are many reasons why agents to this, but the bottom line is sellers lose a competitive when later reducing the price.
NOT PROVIDING EASY ACCESS
Accessibility is a major key to a profitable sale. A lock-box allows buyers to see your home when accompanied by an agent at a minute's notice. The more accessible your home, the more showings, and the better the odds are of finding a person willing to pay top dollar. In today's competitive market, buyers who can't get a viewing will go on to other homes, and purchase elsewhere.
First impressions are probably more important in real estate than in any other field. A staggering amount of home sales have been lost to cluttered rooms, un-mowed lawns, dirty kitchens and bathrooms, stained carpets and unpleasant odors. It is imperative that you clean every nook and cranny so that everything sparkles as when it was new.
FAILURE TO MAKE REPAIRS
Many times minor improvements will set the homeowner back thousands of dollars during negotiations. A leaky faucet, paint on trim, a cracked tile, any of these minor details can be used as leverage when dealing with offers and counter-offers. Another thing to keep in mind is that since there are so many homes for sale, what may seem to be a small fix-up job can make the difference between a closed sale at top dollar and a home that just sits on the market for months on end.
POOR SHOWING TECHNIQUES
Your home should be neat and clean, but that's just the beginning. There are lots of little details that make a big difference. Knowing exactly what to say and do when buyers come through your home is crucial.
CHOOSING THE WRONG AGENT
The vast majority of all homes are sold by real estate agents - but not all agents are the same. The agent's experience, knowledge, and marketing plan will have an enormous impact on your success. Choose the agent and not necessarily the company they work for. Just because an agent works for a large company does not mean that agent is experienced, knowledgeable and will spend the time and money necessary to properly market your home. Choosing the right agent will make all the difference in the world.