Decreased home values makes it a difficult time to sell. It’s a buyer’s market, with home prices extraordinarily low. But sellers are not at a complete loss. Despite challenging times in real estate, homeowners can make some wise decisions along the way that will improve their chances of selling their home more quickly and getting more money for it.
Here are the top 10 mistakes homeowners make when selling their home according to Dana Bauguss, managing broker in ReMax Greater Atlanta:
Lots of homeowners cry when they sell. Sometimes it begins before the sign is stuck in the yard. Why? Sellers have developed relationships with their homes. Homes hold treasured memories so it is no surprise for Sellers to become emotional. However, some Sellers cry for another reason. They sob because they are victims of the top ten selling mistakes and they can’t sell their home.
1. Sellers don’t hire a qualified agent. The biggest mistake sellers can make is they don’t hire a REALTOR to professionally market their home, Bauguss said. All real estate licensees are not the same. Only those who are members of the National Association of REALTORS are properly called REALTORS. No matter whom you hire, as a seller you need to interview the agent for the “job” of selling your home and review marketing plans. Selling (and buying) your home is one of the largest financial investments you’ll make. Considering the small upside cost and the large downside risk, sellers need to hire a professional.
2. Sellers price their home too high. Pricing a home is an art. Of course market value is based on comparable sales but market movement, demand, location and condition are factors also. If the home is overpriced then buyers won’t look at it or they will submit lowball offers.
3. The house isn’t ready for showing. Sellers need to listen to their real estate agent and do everything on the list to prepare the home to sell at least two weeks before the first showing.
4. The home is in bad condition. Sellers need to get their home ready to sell. They need to do more than make the beds and clear the dishes out of the sink. Minor repairs and quick fixes can boost the chance of a quick sale. If buyers see deferred maintenance then they will wonder what else is wrong with the house. So fix sticky doors, dripping faucets and torn screens.
5. Sellers don’t get rid of the clutter. Throw out anything that is not needed and pack away most of your decorative items. Make your closets as big as possible by packing out of season clothes.
6. Sellers don’t deep clean. Make everything extra clean inside and out. Clean fingerprints and appliances. Mop and wax until the house sparkles. Tidy the yard and add flowers for color. Make sure there is great curb appeal and an inviting front door. A great first impression will make the buyers think the house has been maintained.
7. The house smells. The seller needs to get rid of all smells. Sellers are so comfortable with their homes they can’t smell the odors. Clean the carpet and drapes and open the windows.
8. Sellers don’t stage their home. The house needs to be staged and depersonalized so the buyer looks at the house and not the seller’s belongings. View this professional staging PHOTO GALLERY.
9. Sellers don’t leave during showings, inspections or appraisals. When buyers are looking at your home, they want the seller gone! They need to talk about your house, talk to the inspector and be able to think out loud. Sellers don’t need to chit chat with buyers or the selling agent. This is a huge mistake! You will tend to look desperate, needy or controlling. Remember you are paying an agent for representation. If you stay, this will cost you money.
10. Sellers refuse to drop the price. If the home has been on the market for more than 30 days without an offer, the seller must be prepared to lower the prices.
What tips do you have for selling your house more quickly? How long has your house been on the market?
From Atlanta Journal Constitution.
The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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