Mistakes To Avoid When Selling Your Home
OVERPRICING
One of the most important steps to selling a home is determining the right price. The risk of pricing your home too high has its downfalls. Your agent should do a market analysis to help determine the selling price.
If your home is too high, it will deter qualified buyers in your price range. Some buyers won’t look above their price point in hopes of a negotiation.
Overpricing can make your home sit on the market longer. Remember, the longer your home’s on the market, the less buyers feel like they need to put in an offer quickly. They wonder why it’s been on the market for so long.
If you end up having to reduce the price, buyers will feel like they have extra negotiating power.
If your listing goes stale, you might sell for less than you would have if you had priced it appropriately from the beginning.
To overcome overpricing again, get a CMA upfront. If a CMA is not available for the type of home you have, you may need to hire an appraiser
EMOTIONS
Do your best to stay cool during the entire selling process, especially during important negotiations. Be realistic and assume there will be at least a few issues uncovered during the home inspection. No home is perfect. Don’t let the buyer’s request for minor repairs derail the whole deal. Inspectors are hired to find anything wrong with the home. Try to put yourself in the buyer’s shoes and ask yourself if you would request the same items if you were buying.
Multiple showings are just part of the home-selling process, even if they’re inconvenient. Most buyers are not willing to purchase sight unseen! Never decline showings. Always give an alternative date or time and reason for your nonavailability.
Make sure to vacate the home, bringing kids and pets (when possible) during showing times. Having the seller present can be uncomfortable for buyers. You want buyers to be able to visualize themselves living in the home, and that’s hard to do with you looking over their shoulders.
Make the home accessible during inspections. The buyer has the right to do any and all inspections as they pay for them. You can not be present unless otherwise instructed.