Most Home Sellers will say a successful home sale maximizes their proceeds. On that we can all agree; however, even in a market that favors Home Sellers, that doesn’t mean you can shortcut some of the most important steps on the way to maximizing profits.
When selling your Home, Avoid These Common Home Seller Mistakes
PRICING TOO HIGH
Low inventory and high demand have contributed to the rise in home prices. We’re coming out of a fast paced market where anything would sell. This past-market euphoria might give Home Sellers a false sense of security about overpricing their home.
Common Home Seller Mistakes is pricing too high. Initially it can limit activity, attract the wrong buyers, and ultimately cause the home to sell at a lower price than optimum. When a new property hits the market, there is an interesting dynamic that takes place in a low inventory environment. Reluctant Buyers, who have been in the market but not purchased yet, will rush out to see the home. They’re very familiar with the inventory, and what homes are selling for.
These savvy buyers expect certain amenities based on the price of the home. They can tell if a home is priced right or not.
FAILURE TO DO MARKET PREPARATION
To command the highest price, your house needs to be squeaky clean with all systems and components in good working order.
Decluttering is simple and one of the most important things you can do. Remove distractions, let the best of your house shine. Clear out cabinets, closets and the garage so a Home Buyer can see there’s plenty of room for their things. Depersonalize as much as possible to appeal to the broadest group of Home Buyers.
It’s important to assess whether you need to paint, refresh the landscape, replace carpet, appliances and/or light fixtures. Your Trusted Real Estate Professional will help you understand where your best pre-market dollars should be spent for the highest return on your investment.
There are some Home Buyers who will buy a home with deferred maintenance; but that Buyer isn’t willing to pay top dollar for it. Today’s discriminating Home Buyer understands the investment needed, and will adjust their offer accordingly, that’s if they’re willing to take on the project.
BEING PRESENT DURING SHOWINGS
Having your home on the market is disruptive no matter how hard we try to smooth out the bumps along the way, it’s not convenient to have your home show ready at all times. One of the Most Common Home Seller Mistakes, is being present during showings. Buyers need to feel comfortable, they want to look at the home freely, ask questions or point out things to their agent. They can’t do that with the Home Owner is present. They button up, walk through quickly and leave. and you’ve just missed your best opportunity for your potential Home Buyer to Connect with your home. Let your agent handle all showings, drive around the block, run errands, anything. Sticking around for showings makes everyone feel awkward.
GETTING INSULTED BY A LOW OFFER
It feels personal because it is personal, but a buyer’s offer is not a reflection of their opinion of your home. In the end, the sale of your home is a business transaction. Achieving your goal for the highest price, on the best terms possible isn’t easy, and getting there can be rife with emotion. Don’t be insulted, it’s business, all of us want the most for the least possible. Clear goals and a strategic negotiation can bring what might be a less than perfect offer, into the right offer. Don’t take it personally.
LIMITING ACCESS FOR SHOWINGS
Getting your home ready for a last-minute showings and finding a place to go while your house is being shown is a major pain. But if you limit showings to weekends or specific times during the week, you’ll miss out on potential buyers. Be flexible—even when you get that last minute showing request. Showing your house is just a temporary inconvenience.
THINKING THE AGENT DOESN’T MATTER
Homes really do not sell themselves and it’s a mistake to put your biggest asset in the hands of an amateur. You need a seasoned pro with extensive experience, and an expert in your local market. An experienced agent is worth their weight in gold, from the guidance they provide in home prep, to marketing and skilled negotiation for your highest price, they easily cover commissions paid.
NOT ALLOWING YOUR TRUSTED REAL ESTATE PROFESSIONAL TO NEGOTIATE FOR YOU
The role the agent plays as third-party negotiator is one of the most important things an agent does for a seller. It begins long before buyers even make an offer. The protocol is for the buyer’s agent to go to the listing agent with the question and if necessary, they can ask you and get back to the buyer’s agent.
Buyers and sellers have inherently different objectives. Sellers want the highest price and buyers want to pay the least. Sellers want the terms of the contract in their favor and the buyers want them to favor them. Buyers want lots of contingencies to let them out of the contract and sellers want the fewest possible contingencies. Sellers want the most earnest money and buyers want to put up the least possible.
Agents are skilled at negotiation not only because of in-depth training but also experience. A Home Sellers’ experience is limited to just a few, separated by years between. Agents see multiple transactions in their daily business and can guide people through difficult areas.
NOT REPSONDING TO AN OFFER IN A TIMELY MANNER
Prior to acceptance, an offer can be withdrawn at any time. The expression, a bird in the hand ……. reminds us that the offer you have is real. The one that may be in the bush, may never come. Work with your Agent to negotiate any offer you have in hand to its full extent.
A common situation occurs when there’s a lot of showing activity and an offer comes in quickly. Instead of negotiating on that offer, a home seller may think they should wait to see if a better offer comes in. By waiting, the seller runs the risk of the buyer changing their mind and moving on or agitating that Buyer enough to dig their heels in.
Your agent is a valuable part of selling a home who can offer advice, bring perspective to the transaction, and suggest different ways to help you achieve your goals. Once you have the right agent, everything else will start to fall into place.
Contact us today for more information about selling your home for top dollar.
