10 mistakes home sellers makeWhen selling your home, you can significantly increase your chances of a quick sale by avoiding common seller mistakes. Here is a list of common mistakes many homeowners make when trying to sell their home.
10 Seller Mistakes
Here is a list of common mistakes some homeowners make when trying to sell their home. You can significantly increase your chances for a quick sale by avoiding these mistakes.
Everyone wants the highest possible price for their home, but be very careful not to price your home too high. Pricing the home too high could put it out of the range of potential buyers. If the home is not shown you will have to reduce the price. Plus, you’ve just lost time and may have missed out on an offer. It’s ok to set a high price, just realize that you may have to lower the price to sell your home.
Placing your home on the market before it’s ready to show.
Make sure the rooms are very clean and not cluttered, countertops are clean and dishes put away. To the extent that you can, make your home look like a model home. Potential buyers want and expect to see a beautiful home.
Failing to take current market conditions/trends into account.
This is probably the most over looked aspect. People hear stories that happened a few years ago about someone else’s home/property selling for 10-20k over asking price. After looking at recent market values or appraisals you may find that prices have dropped. (Interest rates can affect the value of homes too.) If rates rise, this has a tendency to lower prices somewhat. If you are in a “buyer’s market” (more sellers than buyers) you might not get full price. If you’re in a “seller’s market” (more buyers than sellers) you will probably get full price and perhaps even more. Do you know the current market for your area? If not, please call to find out.
Restricting showing times.
Requiring that your home be “shown by appointment only” could and probably will send potential buyers to other properties.
Being present when potential buyers preview the property.
If you’ve ever seen a home and had the sellers follow you from room to room, you already know the feeling. It’s an uneasy feeling, almost like you shouldn’t be in the home. It makes the potential buyers feel uncomfortable about opening closet doors, pantries, kitchen cabinets, etc.
Signing a listing contract that you can’t cancel if you are not happy with the service.
This is a must if you are selling your home! Make this very clear with any real estate agent that you speak with about listing your home. They are providing a service and if you are not happy or have a personality conflict, you should be able to cancel the contract and choose another agent without cost.
Hiding or failing to completely disclose problems about the property.
Don’t make this mistake. Sellers have been sued over this one. Hiding a large brown spot on the carpet with throw rug, covering a burn spot on a counter top or even hiding the fact that you’ve been told by a contractor that it will cost thousands to fix plumbing, electrical or sewage lines is a serious mistake. How can you get caught? If that contractor just happens to be driving through the neighborhood, stops by and asks if the new owners want to have the problem fixed. Chances are you will find yourself in court over the matter.
Not anticipating the cost of repairs required to sell your home.
You might not have to worry about the small items, but something like a leaking roof or furnace might keep people away. If you don’t want to spend the money upfront consider leaving the money in an escrow account for the buyers.
Rejecting offers rather than making a counteroffer.
You might get disgusted if an offer is presented that is well below your asking price. Don’t be offended. The buyer(s) are testing to see how low you will go. If you want full price you can always counter with a full price offer.