In this article we are going to dive into some of the most common mistakes sellers make when listing their house for sale, you’ll be sure to learn from them!
Not Having a Plan to Sell
One of the first mistakes sellers make is not having a proper plan before they decide they want to sell their house. Here is what having a plan, and an education will help you avoid:
Hiring your friend or family member that is a Realtor
They may hire the first Realtor they meet, or worse, hire someone they know. (it’s hard to fire a friend – don’t believe me? I’ve seen families and friends refuse to talk to one another because things didn’t go the right way, or there were problems). Learn from the mistakes of others.
Understand that there are times when everything goes smoothly and everything works out for the best. Everyone’s happy in this scenario. One of my friends is actually in a lawsuit right now because they hired their friend to do a job and they didn’t do what they said they were going to do. Awkward!
The common objection to this is, “well business is business and we can still be friends after.” Go for it than, hire your family member or your friend!
Selling your home at a price that’s too low or high
Know your local real estate market trends and statistics before you place your home on the MLS. You want to make the most money for your home right? Here is why overpricing your home actually ruins your value. Let your Realtor help you determine the price for your listing because if you try to price it too high you may end up as an expired listing.
If you have a great understanding of your local housing trends, and what homes are selling for than you will be a step ahead of your competition. You’ll also be able to accurately price your home allowing it to sell for the most money and in the fastest time period. The best thing you can do for your house is generate multiple offers in the first day or two. This will allow you to sell your home for the maximum amount.
Here is what having a plan will do for you:
You’ll know how to price your home
You canstage your hometo make it appear it’s best
Improve your hometo sell for more
Market your homein the best light
Be prepared for what comesafter you go under contract
There is a lot more that having a great home selling strategy will do for you, and these are a few of the obvious reasons it makes sense to have a plan. You’re working with hundreds of thousands of dollars, you want to keep as much as possible.
Another mistake sellers make is pricing their home incorrectly.
Pricing your home incorrectly is one of the most common mistakes sellers make. This is the number one reason homes do or don’t sell. If you want to sell your home for the most money possible you’ll want to have a list price that is spot-on where it should be.
If buyer demand is strong enough, like they are for many cities and neighborhoods in Maryland, you can attract multiple offers and sell your home for over list price. What sellers don’t realize is that you will damage your home’s value if you overprice it. Especially, if you overprice it and put it on the MLS.
Knowing the average time on the market for your area is an important part of pricing. Are you familiar withabsorption rates? If not, contact us and we will be happy to help.
Trying to sell a home that is in bad condition
You cannot change the location of your house. Two things you can change are the price, as we talked about already, and the condition.
There are a lot of changes you can make to your home that will improve it’s condition, whether it’s something as small as cleaning or as large as remodeling. If your home is in poorer condition than comparative homes, you need to improve it or you won’t be able to sell for as much or as quickly as others.
While you may be able to do some improvements the condition of your home, they may not be able to save it from being overpriced, or from a less than desirable location. There are a lot of homes that are in great condition and in a nice location that sit on the market because they are overpriced. There are also homes in great condition that sit on the market because they are in a less desirable location. This unfortunate circumstance can only be fixed by price.
Hiring the Wrong Real Estate Agent
Not all Realtors® are created equal, similar to any profession.
You need to put things aside when you’re determining what Realtor you want to work with. Do you want a results oriented Real Estate professional, or do you want the Agent who will sell your home for the lowest price?
If your Realtor doesn’t know what price to list your home at find a new one. If you suggest a list price and the Real Estate Agent feels it is high that is because the market determines the price, the Agent doesn’t. In order to price your home efficiently there are a number of factors that go into it, and if your agent is not using the data to your advantage, then your agent is not serving you the right way.
We understand not everyone wants to pay for a full service package, we care too much about helping people to list a home that is overpriced though. That would be doing far more damage than good for the seller.
Poor Negotiations During the Sale
One of the fastest ways to crush a sale is by trying to take advantage of a buyer.
Bad negotiating is one of the fastest ways to kill a deal. It’s one of the most important roles for an Agent because of the emotions involved between buyers and sellers. Delivering messages and taking the emotions out of it is a big part of what a Real Estate Agent does.
People typically buy a home every 9 to 11 years. For most, it is the largest financial decision they will ever make, or I should say plate-ful of decisions. Buying and selling real estate is a process, not an event, and it is full of multiple decisions, emotions and stresses. And don't forget, it is full of human beings with all of their personalities, quirks, desires and agendas. Real estate professionals help people buy and sell every day, 365-7. Find a Real Estate Agent whom you can use as a trusted advisor and use them. That's what we're here for. If you don't trust the advice you're getting, fire the agent and get someone you do trust. Make them work for your business and earn it.
Final Thoughts on Mistakes Sellers Make
These are five of the typical mistakes sellers make and they are one’s that can easily be avoided with a little time, effort, and knowledge. Be sure you understand how to avoid the mistakes that other sellers have made before you, and you will have a much easier time selling your home.
Selling a home is not as easy as a lot of people think. There are hundreds of thousands of dollars involved and you’ll be competing against other homes for sale. It’s important to make sure you have a great Real Estate Agent to help make sure you receive top dollar for your house. Determining thebest list pricefor your home is one of the best ways to ensure your home sells for the greatest price possible.
Author:Christopher Highland Phone: 301-401-5119 Dated: November 23rd 2016 Views: 826 About Christopher: ...
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I'm a US Air Force veteran. Have a BS degree from University of Maryland in Business Management. I have lived in and serviced the DC Maryland suburban area for approx 30 years. I have worked for over 25 years as an insurance agent of which 12 of those years have been as an insurance agency owner aka Adams Insurance Agency. Have worked as a Nationwide Insurance agent and associate with the Dwight Redman Nationwide Insurance Agency in Hyattsville Md.
I have been a licensed Realtor since 2007. I previously bought and sold homes for Caldwell Bankers and Keller Williams. After sifting through varied Realty companies to represent, Exp Realty turned out to be a good fit for me because of the fact that it takes changing technology into account in dealing with most Real Estate transactions.
I currently service all surrounding territories in Maryland as well as the District of Columbia where I have worked, lived and raised a family.
I invite all who need to purchase a home or know someone who does, to contact me immediately. I especially invite all those who personally know me, whom I have serviced in past years to re-ignite our prior successful business relationship.
Hobbies & Interest: Web Surfing, Sports, Workouts, Biking, Boating, Fishing Music: Jazz, R&B, Soft Rock, Lounge
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"Sold a home in Odenton, MD.
Local knowledge: 5/5
Process expertise: 5/5
Negotiation skills: 5/5
Larry was a great help to me during the short sale of my home in Accokeek. He answered all my questions promptly, allayed my worries with his knowledgeable insight, and was a true advocate in my corner throughout the short sale process. I whole-heatedly recommend to anyone that they choose Larry Adams as their real estate agent."