If you are preparing to sell your home or have already started the process, it’s important to understand you can learn from other’s mistakes. And there are three time-honored mistakes that stand out above the rest that many sellers make.
There can be a lot of work involved in selling your home. But avoiding these pitfalls – the biggest mistakes a seller can make – will help you get top dollar for your home as quickly as possible.
Pricing. If there is one rule to remember, it’s this: Your home is only worth what the market is willing to pay you for it. Overpricing is the biggest single mistake a seller can make, and many are tempted to list their homes for sale based on what they paid, or outdated prices, instead of the current market conditions. Your agent should know the market, inventory and current prices as well as the current and past comparables in a market analysis. If you set the price too high, it will sit, and a long stay on the market will bring about questions from wary buyers, and inevitably a reduction in your asking price. Don’t invite the opportunity for buyers to negotiate. There is a number that will get your home sold, and sold quickly.
Condition. The appearance and condition of your home are the first, and most important, impressions on a buyer. Most owners do not want to invest in a home that they plan to sell, but the condition impacts both appeal and price. Ask yourself this: Do you want to sell your home quickly at the highest possible price? Good, then confer with your agent for suggestions. Don’t neglect to fix simple things that are broken, because it’s a red flag to buyers about what they can’t see. Walk through your home like you’re a buyer, and remember small things matter.
Marketing. Simply put, don’t skimp on marketing because you think it’s not important. The best way to guarantee you will sell your house is to exhaust every marketing opportunity available to you, ensuring it reaches the most people buyers possible. It’s a numbers game: The more buyers (and agents) who see your house, the better your chances are of selling it. Give your agent time for a proper marketing plan, which should include professional photos. Cast a wide net, and understand the impact of social media and online marketing – 90 percent of buyers use the Internet to search for a home, according to the National Association of Realtors.