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based on what they paid, or outdated prices, instead of the current market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.