Top 10 Mistakes Sellers Make
To get the best deal when selling your home, Beaulieu Real Estate recommends avoiding these common mistakes.
- Failing to Hire an Experienced Real Estate Agent.
Without an experienced real estate agent who is familiar with the ins and outs of the sale process, your home may languish on the market.
- Setting the Price Too High.
Sure, you may have bought your house at the market peak, but be aware of the correction that’s since taken place. When figuring out the right price, don’t rely too much on national statistics – instead, focus on your local market. Some areas — but not all — have seen a decline in inventory because of a pick-up in sales. Be sure to price according to your neighborhood. If your listed price is significantly out of sync with the results, you’ll probably have a hard time drawing buyers, he says.
- Waiting for a Market Rebound.
No one knows when home prices will rebound – and don’t expect values to return to 2005-06 levels soon. But that doesn’t mean you should wait until then to sell your home. In fact, waiting could cost you thousands of dollars in home value.
- Skimping on Listing Photos.
The Internet is the first stop for many home shoppers. How you present your home online is just as important as how it looks during the open house. Sellers should include as many pictures as allowed on real estate listing sites and on the local Multiple Listing Service. Highlight the rooms and features home shoppers care about the most: the kitchen, bathrooms and outdoor space.
- False Advertising.
Don’t misrepresent your house – either through your description or by retouching photos to the extent that it’s misleading – and don’t let your agent either. Altering a photo to add shrubbery to the front yard or making the neighbor’s house look farther away than it really is won’t fool anyone.
- Be Careful About Incentives.
In the housing market’s headier days, prospective buyers might have been lured by extra perks like offering to pay for a year’s worth of dues at the local golf club or a $1,000 decorator allowance. Now, though, sellers would do better to reduce the asking price by that incentive amount or offer it as a credit toward closing costs. No one buys a house because there is a $1,000 credit – they buy it because it meets their needs.
- Waiting to Fix Up the Place.
If you know a part of the kitchen’s hardwood floor needs to be replaced, do it before the open house. Deducting the cost of such necessary repairs from the asking price will cost you a lot more than just getting the project done yourself.
- Taking Offense at Lowball Offers.
Home buying is one of last great bastions of haggling in the U.S. And now more than ever, buyers are testing the waters to see how low they can go. Rather than turning your nose at what you think is a low bid, listen to every offer and present a realistic counter offer. That way, you can spark a real negotiation.
- Failing to Make Sure the Buyer Can Afford the House.
Any offer you receive should specify that the buyer has been pre-approved for a mortgage big enough to purchase your home. Transactions often fall through because of financing problems. If [a buyer] offers $100,000 above your asking price and they can’t get a loan or afford it, the offer is meaningless.
- Being Inaccessible.
Agents love to show homes that are easy to get into. So make it easy for buyers to arrange to see your home. If I need to call you numerous times just to get a buyer in your house, it won’t get shown or sold.
Sell your home quickly and at the best price!
Contact one of our real estate agents today. They know the neighborhood.