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Wednesday, May 2, 2012
Five Mistakes Sellers Make That Cost Them the Sale of Their House
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Who does not want to get top dollar for their home? The truth is that with the countless homes that have been on the market during the past several months – in many areas, just getting an offer is great news. But regardless of your location, it is important to avoid making mistakes that could cost you the sale of your home. Here are five things that sellers do wrong (and what you can do right) that end up in an unsold house.
You want as much money as you can but that ends up backfiring when homeowners overprice. The price should be set at middle or low end of the range for your home to be able to sell. It’s important to review area comparable sales to gauge what other homes in the same neighborhood have recently sold for. Overpricing helps other homes in the neighborhood sell and it also slows down your offers.
Staging and Photographs
Staging has become more popular – arranging furniture and removing personal items from the house. It allows buyers to look at the home with a blank slate and be able to envision their own lifestyle in the home. Another benefit of this is that the home’s features will be in plain view for buyers rather than being buried beneath mountains of the seller’s stuff. High quality photographs are another part of effectively selling a home. Almost all buyers begin their property search on the Internet and photos are pivotal to the process.
Access to Property
Restricted access to the property will hinder successful sales because buyers will not be able to get in and see the home on their own schedule. If you have a busy schedule that may seem difficult to work around, meet and discuss alternatives with your Realtor such as installing a lock box on the front door or setting up specific blocks of time each week that allow for some level of predictability without sacrificing accessibility to your home.
Attendance of Seller at Showing
One of the cardinal rules of real estate transactions during showings is that the seller must not be present while the buyer is reviewing the property. If you happen to be present when a buyer shows up, leave quickly and do not interact with the buyer or their agent. If that is not possible for some reason, make yourself as scarce as possible by either going to an area of the home that they have already looked at or go outside for a little while.
Rejecting First Offer
The first offer you get on your property is usually the best offer you will get on your property. It is important to look at that first offer as your best one and keep in mind that the longer the home remains on the market, the lower the offers are going to get. Offers come in between 15 to 20 percent lower than the asking price but the home usually sells within about 5 to 10 percent of the asking price.
If you would like us to review your home and provide suggestions on how you can improve your chances for a successful sale, contact us today!