3 - Home Selling Mistakes and How to Avoid Them

3 - Home Selling Mistakes and How to Avoid Them

There are many common mistakes that sellers make, particularly when they are attempting to sell a property for the first time. Spare yourself delays, added costs, and frustration and avoid these mistakes with the help of your agent.

Confusion About Market Value

Many homeowners assume that an appraisal they receive for refinancing is a reflection of the actual market value for their property. This is not often the case, as lenders will estimate high to encourage the owners to refinance. Realtors have the most current and accurate information about property sales in your area and can provide a much more realistic estimation of market value. 

High Pricing

Sometimes homeowners set an excessively high prices, hoping that after negotiating offers they will end up getting a reasonable amount. This keep your listing out-of-budget (and off the radar) of prospective buyers who could actually afford your home. In addition, it can mislead buyers with a higher budget into having higher expectations for the property, which are ultimately not met. This means homes priced too high will often take a long time to sell, and lingering on the market frequently leads to a lower selling price than is desired.

Not Showcasing

Presentation goes a long way with prospective buyers. Your home should be clean, in good repair, and everything should be functioning and as pleasant-looking as possible. Your agent can provide tips and tricks for getting your home showing-ready, in order to best appeal to buyers.

Selling Too Hard

Choosing a new home is an emotional and challenging decision for prospective buyers. During showings, don’t try to force the sale of the property. Instead be polite and friendly, and allow the prospective buyers to comfortably look around in their own time. You may want to point out any features that are easy to miss, and be open to questions, but don’t try to play ‘tour guide’.

Mistaking ‘Lookers’ for ‘Buyers’

For Sale signs can prompt the interest and questions of prospective buyers without realtors. This can appear promising and exciting to the seller, yet most buyers who do not have a realtor are many months away from being prepared to actually purchase a property. Realtors have experience with all types of buyers and can help you distinguish those with true and immediate interest.

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