Five Costly Home Seller Mistakes
Once you have decided to sell your home, there are still some key decisions to make. Home sellers who make the wrong choices can find it quite costly to their bottom line.
Remember: It pays to do things right.
As an astute home seller you can learn from other’s mistakes. There is substantial strategy involved in selling your home, so partner with the right agent and avoid the time-tested pitfalls that stand out among home seller mistakes. Following the right strategies will capture the highest sales price in the shortest amount of time and the best of what the market has to offer.
Overpricing your home is the worst mistake you can make. Utilize strategic pricing on where the market is going and price ahead of the curve. A highly competitive price in current market conditions will attract more traffic, buyers, and offers and can create a multiple-offer situation to ultimately push up the price. A property attracts the most interest when it is first listed, and According to the National Association of Realtors, far more buyers purchase property within 10 percent of asking price (78 percent) than at even 10 percent above it (1 percent). 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.
The condition of your home is a factor you control. Most owners do not want to invest in a home that they plan to sell, but the condition impacts both appeal and price and is one of only two factors (along with price) you control. Make needed repairs, and don’t invite the opportunity for buyers to negotiate on your asking price. 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.
Your home has one chance to make a first impression. Simply put, don’t underestimate the impact of curb appeal, home staging and professional marketing as powerful sales tools. The goal is to create an emotional connection with buyers the first time they view your home. Keep in mind that 90 percent of buyers start their search online. If you miss badly in any of these areas, you will have to wait for a second round of buyers and likely delay the sale.
Don’t remain attached to the home you are selling. It can be extremely difficult to sell a home and remove emotion from the equation. However, doing just that will only benefit you as a home seller. Once you decide to sell, your home becomes an asset involved in a real estate transaction. Attached homeowners overprice their homes, ignore market data, disregard agent advice and often are irrational in negotiations. Don’t do these things.
Let your agent be the negotiator. The negotiations on the sale of your home aren’t personal, and there is little room for ego in the equation. It doesn’t pay to get offended that your home isn’t perfect. Too many homeowners leave money on the table – or lose a deal altogether – because of minor issues. Remember this is a business transaction, and let your agent help you find the win-win deal.
Thinking about selling your home? Get a free neighborhood market analysis of the recent transactions in your area and a home evaluation of your potential list price.