The 4 Biggest Mistakes Home Sellers Make

The 4 Biggest Mistakes Home Sellers Make

When it comes time to sell, all homeowners want to think a buyer will love their house enough to pay top dollar.  In this hot market, a great price is possible.  Still, some sellers will make some big mistakes. 

Mistake #1: Choosing an agent who accepts your price.  Think about it…unless the agent is actually buying your house, the cold hard numbers showing comparable sales are a clearer indication of the best list price. 

Many sellers may not realize unscrupulous agents will often accept the price you ask for various reasons.  Their decision to ignore evidence may range from hoping you will lower your price after it is listed – to – outright lying about the value because they know listings lead to active buyers.  If the Comparative Market Analysis (CMA) indicates a lower price, listen to the numbers.  Find an agent who will tell the truth.

Mistake #2: Lack of market preparation.  When there is a steady stream of buyers watching their email to find the perfect home, you want to be 100% ready for the market before it hits the internet.

Everything happens faster in the internet age.  You must have all your “ducks in a row”.  Some of the important tasks involve staging your home and getting exceptional pictures.  Other tasks are about your readiness as a seller.  Get pre-approved for your next home.  Spend time developing a list of qualities in the perfect buyer so you can compare any offers against the “ideal” list.

Mistake #3:  Failing to recognize common buyer demands.  According to a National Association of Realtors study about generational housing trends, the biggest segment of home buyers are Generation X (born 1965-1979) and Generation Y (born 1980-2000).  If you, as the seller, do not share the same age group you can easily lose lots of dollars by ignoring what this young generation demands.

Not all of them want a turnkey home that needs little or no work.  Some of the buyers want to invest sweat equity.  When they are willing to put hard work into making their home personalized, the buyer will want a bargain to begin.  Still both groups have expectations you need to consider.

• Accurate and attractive online photos and home descriptions.  Remember your buyers have already seen your home online before visiting the first time.  Stage and photograph your best features.
• Kitchen and bathrooms require more money to update than other rooms.  Because most buyer have limited budgets for this heavy work, an outdated kitchen/bathroom can put the home low on the priority list.
• Energy efficiency is important to buyers who have watched energy costs rise during their entire lives.  They also cringe at the idea of wasting precious resources.

Mistake #4:  Hiring the wrong listing agent.  The agent who lists your home should not be a friend or relative…unless they are the best agent you can find.  Marketing your house and representing you in the transaction is very serious business.  It is not easy and all agents are not created equal.

Consider the listing appointment as an interview for a potential marketing manager position.  Ask questions about what they will offer you.  Study the material they bring to show you.  Make the selection very carefully.