The Top 5 Mistakes Home Sellers Make
Listing your house for sale may sound simple enough, but the truth is that people often make mistakes which end up costing them time and money. Here are the top 5 mistakes and what you should do to avoid them:
1. Pricing your House too High
The value of your home is influenced by its location, improvements and condition but, more importantly, by the market. It’s possible that your house is actually worth less than what you paid for it when you bought it and, as annoying as that may be, not taking into account this reality and basing your price on the profits you want to make will cost you dearly.
Sometimes, agents and sellers deliberately overprice a house to test the market or be able to negotiate the price down to the property’s actual value. This is also a mistake, as it can cause your house to sit on the market for months. Later, lowering the price can actually make prospective buyers feel that you’re desperate and try to snatch a better offer – so, in the end, it’s possible that you get even less than what you could have if your house was priced properly.
2. Hiring an Inexperienced Real Estate Agent
Hiring an inexperienced real estate agent can mean your house will take a longer time to sell. It’s true, we all start as beginners, but hiring a professional Realtor with a portfolio of successful sales can be an advantage. Avoid hiring someone based on criteria unrelated to his performance, especially based on his commission – an agent who feels he is properly compensated will try harder to sell your property.
3. Selling a House in Poor Condition
This is one of the mistakes that many people make, either because they underestimate the time needed to make repairs and improvements, or because they underestimate their importance. The fact is that people don’t want to move somewhere and start fixing the place – no, they want a house in a perfect condition which they can start turning into their home as soon as they move in. It’s the little aspect which make the overall impression, like a simple paintjob, a used carpet, some old door handles, and so on. The outside of the house is also important – improve curb appeal to convey a welcoming, friendly and warm image.
4. Not Marketing the Home Correctly
Make sure that your real estate agent is marketing your house properly, and do your part too. Marketing of real estate should be done by using all available means: print media, internet advertising showing more than 6-10 pictures of your house, flyers, social media, word of mouth and public open house events. The more people who hear about your house, the more chance you have to sell it.
5. Not Making Concessions
It’s often a good idea to add a little something to the deal to sweeten it – some furniture or décor that the buyer likes, a carpet that goes well with the walls, and so on. It’s easy to get attached to things, but unless we’re talking about something unique, you’ll probably find something just as nice to replace it – while you might have trouble finding another home buyer who is willing to pay your price. An idea is to simply remove anything you are not willing to part with and replace it with other items. That way the buyer won’t feel that you’re not willing to make a concession, and you get to keep the items you really care about.
Selling your house is a time consuming and often stressful endeavor, so we hope that this article will help you avoid some of the classical mistakes sellers make, and thus have a more pleasant selling experience.