5 Fatal Mistakes When Selling A Home

#1 Setting the asking price based on emotion or needs

Many people have an inflated idea of what their home is worth. They may know of nearby properties that have sold and almost always think theirs is better and therefore worth more. Or, they work out how much they need to get from the sale and base their price on that. If either of these methods ends up overpricing the house, it will be almost impossible to sell. What usually happens is that the agent will agree to “test the market” at a higher price than they believe it is worth and will reduce it after 30 days. This wastes all the buyers would initially look at the property and usually needs the property to be sold at less then it is worth just to get a buyer. To avoid this you should work with a professional real estate agent and take their advice on pricing, taking into account your timescale.

#2 Hiring the wrong agent

Nothing is going to influence the sale more than the agent who advises you on current market trends, market prices and the best way to market your home. It is important to take your time selecting the best agent for your sale. This means looking at their track record of sales in your neighborhood and discussing their marketing plan for your home. DO NOT pick an agent because she is a friend or relative, or because she works for a large company. Look at houses that have sold in the area and see if one or two agents are responsible for most of the sales-then talk to them about your property.

#3 Failing to show the house to its best advantage

With supply of houses outstripping demand it is essential that your home is shown at its best. This might only mean fixing minor problems and tidying up, or it could need professional staging-creating vignettes throughout the home so that people can imagine themselves living in it. One of the biggest problems when selling a home is just that-it is a home. It has photographs, children’s drawing and the clutter of daily life that we no longer see. But to a potential buyer it feels too personal. Staging gets rid of the clutter and de-personalizes the house and then sets it up so that the visitor can imagine living in it.

#4 Being too restrictive on viewings

If you want to sell your house you have to be prepared to show it at the drop of a hat. Ideally, you won’t even be there-a lock box is the best way to arrange viewings, so that agents can take their clients through the property at any time. The more accessible your home is, the more likely it is to sell quickly.

#5 Not being prepared to compromise or offer buyer incentives

As well as the physical property needing to be attractive to a buyer, the conditions of sale must be as well. You want to make it as easy as possible for the potential purchaser to pick your home against all of the others on the market. This means being as accommodating as possible on viewings and inspections and being prepared to negotiate if problems arise. It is also common today to offer help towards the buyer’s closing costs, or to pay for home protection insurance, or to buy-down the buyer’s mortgage rate. Some sellers have even offered weekend breaks or left expensive lawn equipment or a vehicle as an inducement.