Home Selling: Avoiding Common Seller Mistakes
With so many options available and so much conflicting advice, it may be helpful for those considering selling their home to consider some of the most common mistakes of made by homeowners and even inexperienced real estate agents:
1) Selecting an Asking Price That is Too High or Too Low
Properties priced within the right range generate more showings and offers. If your home is priced too high, it is uncompetitive and will take longer to sell. Lowering your price over time can make buyers wary as to why it hasn’t sold. For more information, click on the following link: Choosing a List Price
2) Inadequate Marketing
Good marketing is not just about advertising, it is about differentiation. It is important to know what marketing works and what does not. For example, recent studies have shown that open houses and newspaper/magazine ads account for less than 10% of home sales.
3) Holding Open Houses
Statistically less than 1% of homes are sold as a result of an open house. Most realtors hold open houses to attract new client prospects, not sell your house and open houses usually draw curious lookers, not qualified buyers. Your time is better spent staging and improving the home for scheduled showings with pre-qualified buyers.
4) Home Does Not Show Well
A home that looks “lived in” is not necessarily a home that shows well.. For more information click the following link: Preparing the Home for Sale
5) Making the “Wrong” Updates
Sellers can spend thousands of dollars making upgrades they cannot recoup at sale. A good realtor will know which improvements are cost effective and result in a positive return on investment.
6) Wasting Time With Unqualified Buyers
There is a difference between “selling” the home and “closing” on the transaction. Most closings fall apart because the buyer wasn’t truly qualified for financing. A good realtor will know the difference between pre-qualification and pre-approval.
7) Using the “Hard Sell” During Showings
Buying a home is an emotional decision as much as a financial one. Sales can be lost if the buyers are uncomfortable by over-selling owners. Good realtors let buyers explore the home, only pointing out features they know are important to the buyers, and do not push the buyers into a decision.
8) Not Knowing Your Rights & Obligations
A real estate contract is a complex and legally binding document. Not knowing your rights and obligations under the contract can result in the buyer legally voiding the contract, or you unnecessarily losing thousands of dollars. Have a realtor explain the contract or have an attorney review it before acceptance.
