Avoid these 5 costly seller mistakes
So after a lot of consideration, you finally think you're ready for that next move. You've been checking Bucks County Pa housing values online for a while now and you think you have a pretty good idea of what your home might be worth. You know that house right down the street similar to your sold for x dollars, and so that becomes a pretty good basis for your asking price. Makes sense so far. But there are a number of other factors that will determine when, and for how much you actually sell your home for. That said, below are the all too common mistakes that sellers make during the sale process.
#1 Overpricing your house for sale
This is THE cardinal rule. There are a
number of things that should go into setting your initial asking price. A good real estate agent should be able to
provide recent comparable sales, as well as current listings for sale in your
area as a starting point. They should
also be able to evaluate condition issues, functional obsolescence, and
mortgage issues in an objective manner that may prevent your house from selling in a reasonable
timetable. If your agent is telling you a little too much of what you want to hear, you may want to reconsider. A frank discussion with your trusted agent on your own goals (i.e. when are you moving, do you need to sell quickly
for financial or other reasons, are you closing soon on another property, need
to move for job, or can you afford to wait)
There is no seller out there who does not want every dollar they can get
but the advice of a good agent will get you there a lot faster. Sellers often ask, "What if I underprice it?" If you make this mistake, you will know it
sooner than immediately. You will hear
from 40 or 50 people ranging from investors, brokers, and bargain hunters
waiting to snap it up. This is almost never the case.
#2 Testing the market
This issue goes hand in hand with mistake
#1. The thinking is “We’ll just put it
out there and see what happens, maybe we’ll get lucky.” If your home is in mint, and I mean MINT
condition (which very few are) AND in a desirable location, AND
you have some time to wait AND it doesn’t need to be sold tomorrow. Then by all
means, you should be thinking about pricing near the top of your particular
market. I don’t mean 50k above that just
to “see what happens”. That usually turns into a colossal waste of time. A professional real estate agent will want to
invest dollars to bring your home to it’s most high value market, and when you
overprice or “test the market”, you lose that opportunity, since no matter how
much marketing is done, buyers will just ignore it and move on to a home more
reasonably priced. Sure you can always
lower the price later, (and eventually
you will anyway) but it’s tough being on the market with no calls for
showings as you sit, wait and pray. By pricing your home correctly from the
start, you’ll have more buyers early interest that may result in a much faster
sale at a better price.
#3 Not preparing the house for market
Let’s face it, there are things we all can
live with as we go through daily life.
Dripping faucets, leaky roofs, broken locks, cabinet handles, old things
lying around taking up space, dated paint colors, and the list goes on. Many of
today’s younger buyers are often cash strapped, using every dollar they have
just to get into a home. Most don’t have
10 to 20k extra dollars to fix it up. I’m not
suggesting you “rebuild” your house before you sell it. However you should have a frank discussion
with your agent on the current marketable condition of your home. A good agent
will be able to provide a list of things you can do, as well as some rough cost
estimates versus reward (marketability)
A home that is put together well and updated will sell much faster, and
for a much higher price.
#4 Not understanding and listening to the marketplace
To sell a home for top dollar quickly
takes a great plan. The primary elements being location, price, condition and
general marketability. There are a lot of issues that go into these elements. A great agent
should be initiating these discussions and educating you about the marketplace. Remember, the marketplace is always right so your misconceptions can cost you plenty. Trust an award winning professional with a track record who does this day in and day out. You will save yourself a lot of time and aggravation throughout the course of your sale and get there a lot faster.
#5 Sticking the for sale sign in the ground and praying
Good agents understand how to market a particular property. Great agents also make the financial investment in their listings to actually do it! Today,
the internet has changed a lot of things. Aggressive agents market property
not only on the local MLS but Zillow, Trulia, Realtor.com, Facebook, Homesnap
and a ton of other websites as well as email, postcards, newspaper, etc This takes both time and money. So have those conversations with your agent up front. Ask all the questions you need to ask, then listen and follow the advice you get and you'll be well on your well to getting your home sold quickly and for a great price!
If you are considering selling your home and would like more information including Home values in your area, selling tips, current market conditions, or a FREE CONSULTATION, please click on the links below.
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Mike and Jill Kohler
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