Three Common Mistakes Made by Sellers
Even though reports say the Real Estate Market is up, it is still important to do everything possible to sell your home quickly and at the best price. Leaving your house listed on the market for months and months is never a good sign to prospective buyers. It leads them to assume something is wrong with your property.
What are some of the common mistakes sellers make?
Not taking the first buyer seriously.
Ninety percent of the time, your first buyer is your best buyer. Often times a seller thinks that when an offer is made shortly after listing the house, they can wait for more and better offers to follow. While this may occur on occasion, it isn't the norm. Be willing to reasonably negotiate if the first offer seems too low.
Offering buyer credits for work you don't want to do.
Not only will necessary maintenance work deter potential buyers, but you could end up receiving less for your home. After a home inspection, buyers typically ask for credits against your selling price to offset any required repairs. If you're aware of any potential problems beforehand, it can save you money to have these fixed yourself. For instance, it may cost you $500 to hire a plumber, but that is less than a buyer asking for $1000 less than their original offer to compensate them for the perceived cost.
Overpricing your house.
An informed buyer will know and understand the comps and current market values. You're not fooling anyone by starting out too high. Overpricing your home doesn't give you leverage to negotiate a higher price for your house. It often results in your house sitting on the market longer. You may also be forced to do multiple price reductions.
Listen to your Realtor’s advice. If you price it right in the beginning, the odds are you will get a higher final sale price than if you overpriced your house and reduced it a few times. Plus, you will avoid carrying cost that include extra mortgage payments. For those who have their new house being purchased contingent on the sale of their current home, it's even more imperative to price your house correctly.
If you're serious about selling, be wary not to make these costly mistakes. Do your research and choose a realtor you feel you can trust.