Basing the asking price on needs or emotions rather than market value. Many times sellers base their pricing on what they think there house is worth. This can be an expensive mistake. If your home is not priced competitively, buyers will Look at other larger homes for the same price or other homes that are priced right. At the same time, the buyers who should be looking at your house will not see it because it is priced over their budget but in real value it fits their budget. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because “nobody wants to buy real estate that nobody else wants”. The result is low priced offers and an unwillingness to negotiate.
Failing to “Showcase” the home. Sellers who fail to make necessary repairs, and fail to keep it clean and neat, chase away buyers as fast as Realtors can bring them. It is an indication that there may be hidden defects that will result in increased cost of ownership. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time.
Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment – fine. But if you are thinking of selling, you should be aware that only certain upgrades to real estate are cost effective. Always consult with your Realtor Before committing to upgrading your home.
Choosing the wrong Realtor or choosing for the wrong reasons. Many homeowners list with the real estate agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.
Using the “Hard Sell” during showings. Buying a home is an emotional and big decision. Buyers like to “try on” a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good Realtor let the buyers discover the home on their own, pointing out only features they are sure are important to them.
Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced Realtors know that more often first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer.
Failure to effectively market the property. Good marketing opens the door that exposes real estate to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The Right Realtor will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.