Selling a home can be an emotional process, and when it is hard to sell that process can become even more stressful. There are ways to minimize that stress by avoiding some of the more common mistakes home sellers make.
Overpricing the home is the most common mistakes that sellers make and it can devastate their chances of selling the home at all. If it is priced too high no one will come to see the house, so you will never have a chance. Properly pricing a home requires just the right balance of comparable market value, sales in the area, location, and condition of the home. These things can help you get a realistic understanding of the home’s current value. This may be far lower than you think, and less than you hoped, invested, or paid for the home to begin with. Removing the emotion from the family home in order to price it to sell can be difficult, but deferring to the advice of a qualified real estate agent can help get your home sold.
Finding the right real estate agent is crucial. Real estate agents are not all created equal, so interview potential listing agents, and find the one that is right for you. Marketing the home properly will be the responsibility of the listing agent that you hire, so be sure that you choose one that understands your expectations and has a proven track record of success in your area. Be sure to also consider the agent that brings the buyers to you. The listing agreement must include compensation for buyer’s agent to motivate agents to show your home to their clients.
With so many inventories for buyers to choose from, the condition of the home is more important than ever. A big mistake that homeowners make when selling their home is not paying attention to the details that may turn potential buyers off. Making sure that the home is clean and uncluttered inside and out will go a long way toward attracting a buyer. You may also need to invest in repairs or improvements in order to sell your home. Sellers already facing financial losses due to decreased home values may find this a bitter pill to swallow, but neglecting the home’s condition is a sure way to be passed over for better properties.
Little things matter, especially in a buyer’s market. That drawer that sticks in the kitchen or the molding that is loose in the hallway seems minor, but little cosmetic repairs can cost you a buyer. It is well worth the small investment of money and sweat equity to make sure that everything will be functioning properly when a buyer walks through. By making everything look nice and work smoothly, you can avoid the poor first impressions that turn buyers off.
Selling in a buyer’s market is challenging enough for the best properties. If you can avoid these common home selling mistakes, you can increase your chances of selling your home quickly in any real estate market.
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About Geoff Thompson — Geoff Thompson is an Owner and Founding Partner of Colibri Real Estate, LLC. which operates online education providers Colibri Real Estate, Insurance License Express and License Tutor. Follow him on Twitter.