5 Common Mistakes That Sellers Make
The time has come to put your home on the market and move on to greener pastures. Your family may have out-grown your current home. You may have reached that point in life that down-sizing makes sense. Or maybe your success has enabled you to buy a better home in a better neighborhood. Whatever the reason, you’ve decided to sell your home. What you need to avoid is these common home-selling mistakes that many sellers make.
Selling on Your Own
This is a big one, so it is considered the #1 mistake many people make. They think that the commission that realtors charge is too large a price to pay. The real estate market may be hot in their area and they feel that attracting a buyer will be easy. But when it comes to local market knowledge, industry contacts, and assistance with the myriad of paperwork involved, a real estate commission is a small price to pay. Another reason to hire a realtor is selling price. For-sale-by-owner homes (FSBO) on average sell at a lower price. The national average price difference between FSBO homes sold compared to homes sold through the use of a realtor is 26 percent. And only 11 percent of owners are successful at selling FSBO.
Getting the Pricing Wrong
Pricing is another common area that sellers often make a mistake on. Price it too low and you may leave thousands of dollars on the table. Price it too high and serious buyers may skip your viewing your property completely. Getting the price right to begin with will influence the amount of time it takes to sell your home and the amount of money you receive at closing.
De-Personalize and De-Clutter
Take down and pack away all of those personal touches that make your home special to you; family photos, awards, framed certificates, etc. Pack away larger toys, remove worn-out or oversized furniture and piles of paperwork that may be lying around. And don’t forget the garage. Remove storage boxes and neatly organize any outdoor equipment. Park that second vehicle somewhere else during showings. It will make your spaces appear larger when there is less clutter. The idea Is to help the potential buyer to imagine what it would be like living there.
Waiting for a “Better” Time
Although spring and early fall are said to be the prime selling seasons, there is no reason to wait until then. The saying goes, “strike while the iron is hot”. The market may be favorable to sellers during other seasons. There may be a lower inventory of homes on the market, making it a sellers’ market. Interest financing may be lower at the moment, bringing more buyers into the market because they can afford a more expensive property. This is another area where having the advice of a real estate professional can pay off in a big way.
Skimping on Your Marketing Budget
Most real estate agents will include the cost of professional photography, whether photos alone or a video tour, when listing your home for sale. People use the internet to begin their search for a new home. Your home should stand out when viewed online. Professional photography will make this happen. Staging is another consideration when contemplating the marketing of your home. Many agents report that staging done well can increase offers from 1 to 10 percent. On a $200,000 home that could mean an extra $2,000 to $20,000 in your pocket.
Selling Is a Business Deal After All
Selling a home is a business deal. Don’t get too emotional. These are not the only marketing mistakes that sellers can make, but they are some of the more common ones. The last thing you need when selling your home is more headaches and less money in your pocket, so avoid these common mistakes. Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer located in the Parker, Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007