Selling a home isn’t a game for the faint of heart. It may be challenging at times and it may try your patience. If you are aware of common problems that occur, however, you can avoid them and make the entire process a lot easier.
Let’s take a look at three of the most critical mistakes that we often see home sellers make and how to avoid making them.
Overpricing the Home
When a buyer’s agent is searching for suitable homes to show his client, he’ll enter the buyer’s criteria into the Multiple Listing Service database. The first thing most agents do is narrow down the home search by price.
What happens then when you overprice your two-bedroom, one bathroom home is that it will come up in searches by agents that are looking in a price range that includes three bedroom, three bath-homes or homes that are nicer, newer, larger and that have more amenities. Your house will stick out like the proverbial sore thumb and the chances are good that you will have few people wanting to see it.
When a home sits on the market it becomes stigmatized – people think there is something wrong with it.
The market value of a home is determined by how much a buyer is willing to pay for it, not how much a seller wants to get for it. Pricing the home appropriately when it first hits the market is critical to a successful sale.
.Not Preparing the Home
Most people understand the importance of making a good first impression. It’s vital to the successful sale of your home that it makes an impact on buyers that visit.
Preparation starts with cleaning the home until it sparkles. Paint any walls that need it, make minor but noticeable repairs such as replacing sagging screens and fixing dripping faucets.
Staging the home isn’t a must but it has proven to bring more money at the close of the sale.
Finally, beef up the curb appeal. What a homebuyer sees when she drives up to the curb must be compelling enough to make her want to see what’s on the inside.
Not Being Flexible with Showings
In a slow-moving real estate market it’s important to be as flexible as possible with potential buyers’ viewings of the home.
We see homeowners frequently put so many restrictions on when the home can be shown that they get few buyers coming through.
If you require a 24-hour notice or will only allow the home to be shown during certain hours, you restrict the pool of buyers that may be interested in purchasing the home, thus lengthening the time the home is on the market.
Price the home according to its market value, spruce it up and be flexible with buyers and you’ll be avoiding the three biggest mistakes sellers make.