There are many reasons why a home may sell within days, or sit on the market for an extended period of time.
Often, important elements of the transaction can be overlooked when homeowners who lack the experience try to navigate the market on their own, or when they hire the wrong agent. Here is our list of the top five mistakes that sellers make.
One of the most common mistakes sellers make is pricing their homes too high or too low.
If your home is priced too high, it may sit on the market for much longer than you would have liked while buyers look at comparable properties that are priced more reasonably. On the flip side, if your home is priced too low, you might sacrifice potential profit.
Selling your home is an art that takes market conditions, demand, home condition and location into account. A good agent will take all of these factors into account when advising you on a pricing strategy.
Failing to Market the Property Effectively
Effective marketing is a critical factor to successfully selling a home. Unfortunately, it is often poorly executed.
Successful marketing starts with taking great photos or video of your home to emphasize important features. An effective agent will realize the importance of making your home look great, then prioritizing the right mix of traditional and online advertising.
Not Getting the Home Ready for Sale
Another common mistake homeowners make is not preparing their home for sale.
When a buyer discovers poor maintenance, it may lead them to wonder about other potential problems. Too much clutter, poor decorating choices, or a sub-par curb appeal can prevent the buyer from falling in love with your home.
Hiring the Wrong Agent
Inexperienced real estate agents increase the risk of poor results; knowledgeable agents increase the likelihood of success.
A good agent should be able to recommend the proper listing price for the current market. They should also be able to negotiate effectively on your behalf and help you navigate through the variety of logistical and legal obstacles.
Not Agreeing on Key Details
Many homeowners make the mistake of failing to agree on important details of a sale before they get an offer.
To prevent this from happening, a good agent will work with you in advance to determine things like your required net proceeds from the sale, your ideal closing date, channels you will agree to and the compromises you need to make in order to close the deal.