Top 5 Mistakes Many Homeowners Make When Selling Their Homes

Armen Hareyan's picture
Home selling mistakes

Yesterday I asked a fellow real estate agent Buzz Mackintosh of Mackintosh, Inc. REALTORS about mistakes that homeowners make when selling their homes. He shared 5 of those and the third one in the list is very surprising and most unexpected. Take a look at them and do not make these mistakes when selling your house and this should further streamline your home selling process.

Overpricing the house

Putting a negotiating buffer or fluff into the asking price is the number one mistake a majority of homeowners make. Today's Buyers are very educated and do their home work before asking to see a home.

Not making recommended repairs

New carpet and fresh paint create the aroma therapy that makes a property sell. An allowance for repairs rarely work and this will cause the seller to take a beating on their asking price.

No for sale sign in the yard

Many potential Buyers drive around looking for properties for sale. A yard sign may spur someone to call that had no intention of moving. 60% percent of Buyer inquires come from for sale signs.

Showing availability

Do not make the property difficult for Buyers and REALTOR'S to make an appointment to show. Some Buyers may only have a limited amount of time to view properties. When the sign goes up make sure it is ready to show.

Being present for showings

If the Seller is home for showings the Buyers will feel like they are intruding and may feel uncomfortable, therefore may not look at the property thoroughly.

Also see.

If you are a real estate agent reading this story, what mistakes have you seen homeowners making when selling their homes?

Comments

Submitted by Liz Bobeck (not verified) on
Great article! I would add that even if #1 is true, look at traffic in the first couple of weeks. If no activity, drop the price. Most people are in love with a price of their house, they research, they talk with others, they have an idea of what its worth, and even though a Professional Realtor will sell it, they want to start at X price, even if the market is operating at Y price. They often need to see that the market will not rise up to X price and subsequently will fall to Y price. #2, I would recommend a home inspection to be done by the sellers. Get one, it will make the surprises less suprising later when the buyer's inspector finds them. The seller can decide now, if they want to fix or concede later with the buyer. - Liz

Submitted by Buzz Mackintosh (not verified) on
The Achilles heel of overpricing during the "window of opportunity" ,the first 3 weeks , you miss the hottest Buyers in the market place. Then you build up the "DOM's", days on market. The longer the property sits the the more Buyers ask "whats wrong here" and in most cases the property will sell below fair market value. If the property is priced correctly from the start, it usually sells at asking price and may even garner multiple offers.

Submitted by Susan Phelps (not verified) on
I couldn't agree more with Buzz. A house on my own street started out way too high, at $799, and sold second listing for $580K. The seller lost time he could have been using on his dream because he was dreaming to begin with about the value of his house.

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