Active Rain, an online real estate information community, recently polled 1000 agents nationwide trying to discover the biggest home selling mistakes. Now, there are a variety of issues that can cause a home not to sell but when it really comes down to it, there are just a few major home selling mistakes to avoid.
How to Avoid These 6 Home Selling Mistakes
1. Showing Availability
As a seller, you need to make your home as available as possible when your home is active on the market. Restricting access to your home for any reason could limit potential buyers from even seeing your property. Be prepared to make your home available from 8 a.m. to 8 p.m. Be prepared to show your home on a weekend or even a holiday. The more available you make your home, the better the likelihood you’ll find a buyer early on, and then the showings will stop.
2. Overpriced Home
Sellers often try to overprice their home, just to see it linger on the market for months and months when in reality, if they had priced it near market value, they would see more buyers, receive more offers, and potentially create a bidding war. You don’t want to overprice your home and hope for nibbles. In this market, there are buyers and demand is high – we’re seeing sale/list ratios in the 98-99% range, meaning – if priced reasonably, you won’t need to budge much. Take the advice from your real estate professional and understand their valuation to make the best decision when pricing.
3. Cluttered Space
One of the first things you should do when considering marketing your property is declutter. Rent an affordable storage unit (you’ll have to pack it all up and move it anyways) to keep clutter safe and out of the home. An un-cluttered home shows how spacious and accommodating your home is to potential buyers. Take your decluttering a step further and enlist the services of a professional stager to help arrange and remove furniture to help with flow and space considerations.
4. Unwilling to Negotiate
Unless your home is priced to sell “as is”, you need to be prepared to negotiate. Your best defense in defending your pricing position is a quality comparative market analysis prepared by your Realtor. Obviously, you will not have to negotiate with low-ball offers, however, when a reasonable offer comes in, it does pay to negotiate. Unwillingness to negotiate will keep your home on the market much longer than necessary. Once homes are on the market beyond the average days on market, buyers may grow concerned that there is something physically wrong with the home and begin avoiding it.
5. Unpleasant Odors
Stink happens. Whether you’re a smoker, have pets, do a lot of cooking, or just have some smelly kids – you’re likely to have some unpleasant odors. Many times, odor lives in the plush fabrics of carpet and furniture. If you receive feedback of an unpleasant odor, take action. Get the carpet shampooed or the furniture freshened. In many cases, a fresh coat of paint throughout the home will help eliminate odors. If all else fails, there are odor eliminating air purifiers on the market that can ionize odors and help reduce the smell. It might make sense to clean your air vents, some odors live in the dust and debris stuck in the vents. By all means, never overdo the air fresheners, candles and sprays – they can often do more harm than good, leaving buyers to suspect, “what are they trying to cover up?”
6. Won’t Make Repairs
This also falls along the lines of unwillingness to negotiate. Every home has some minor repairs that may need to be done prior to closing to help the buyer feel at ease that the home they are taking over is in reasonable condition. In any home there is between $200 and $1000 in repairs that could generally be done at any time – whether it’s fixing appliances, tackling roof issues, or just general maintenance, don’t let small repairs get in the way of an eventual sale. Keep in mind, these repairs are negotiable – there is no need to bend over backwards for every objection.
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Data provided by ActiveRain.com.