Five mistakes that can cost you money when selling your home.
Mistake 1: Pricing Your Home Too High
Even when the real estate market is hot there is still a threshold for how much a buyer is willing to pay for your home. Home buyers are smart and have access to many tools that help them understand what homes are worth. Ask yourself this question, “Is my home listed considerably higher than others in similar locations, does it have the same amenities and upgrades?”
By listing too high and sitting on the market for months you leave yourself being the home that all the buyers ask ”What’s wrong with it? Why hasn’t it sold?” .
Mistake 2: Not Getting the Property Show Ready
You don’t need to do a massive remodel. However, you do need to clean & declutter your home. Most buyers have trouble seeing beyond clutter and will not schedule a showing if they do not like the photos. A fresh coat of paint, removing large bulky furniture & deep cleaning your home can go a long way to getting a great offer.
If buyers can envision themselves living in the home and they think the price is fair, you are more likely to get an offer.
Mistake 3: Limiting Showings
It’s a hassle having people walk through your home. Unfortunately, that’s all part of the process. If you have unusual or too many restrictive showing days/hours your home may take longer than usual to sell.
Typical showing hours are from 9 a.m. to 8 p.m.
The first few days and weekends after you list are normally full of showings. Try not to limit showings the first full week your home is on the market.
Be as flexible as possible. If you work from home, be upfront with your agent and have them block out those hours so you are not interrupted. Have a plan of where you will go during showings. If you have pets don’t forget to bring them with you.
Mistake 4: Not Reducing Your Price Quick Enough
This goes back to Mistake #1, but it is also a separate issue. Sometimes even after being strategic about pricing a home for sale they just don’t sell in as expected. If your home has no showings during the first two weeks your home may be priced too high, need more decluttering, better pictures etc.. It is best to talk to your realtor about what can be done to increase showings.
The consequence of waiting too long to lower the price is the house becomes “stale”, meaning buyers will overlook the home simply because they can’t figure out why the house is still on the market.
Mistake 5: Not Trusting Your Real Estate Agent’s Advice
You and your real estate agent have the same goal… to get your home SOLD!!
When they offer advice, it’s because of their experience and expertise. It is not because they do not like your choice of paint color or your family photos.
You want an agent who is willing to be open, honest and tell you what needs to be done. Be open and honest with your realtor about what you can and are willing to do. Remember the goal is to sell you home quickly and with profit.