When it comes time to sell their home, one of the goals of homeowners is to get the most money for their property in the least
- Price
- Condition
- Marketing
Price – One of the biggest seller mistakes homeowners make is not pricing their home properly. Pricing your home is one of the most difficult parts of the selling process and is made much simpler through working with an experienced real estate professional who can make qualified, educated and professional recommendations. A professional will be able to give you an accurate estimate that is based on a local market analysis. A market analysis gives you an idea of what homes that are similar in size, features and build quality are currently selling for in your area. Realtors also have the ability to suggest different price ranges.
If you price your house too low, you stand to miss out on a substantial profit. Conversely, there are consequences to pricing your house too high. Obviously, one of the greatest risks you take in pricing your house too high is your house not selling. The odds are stacked against you when your home is priced too high, and you risk your home sitting on the market while others around you are selling. Selling your home needs to be based on logic, rather than emotion. Price your home based on the facts of the current market rather than what you personally feel your home is worth. Additionally, when you price your home too high, you may scare off some of the best buyers. People who have done their research, not to mention the Realtors they are working with, can easily spot an overpriced home.
Condition – Another one of the three biggest seller mistakes is when sellers place their house on the market before it is in the proper condition. If you don’t have time or the ability to get your home in good condition, it’s strongly recommended that you hire someone to do it for you. Be careful to avoid spending large amounts of money on renovations that don’t return a profitable reward right before you decide to sell, however. While some renovations can seem like a good idea, make sure to focus your renovations and updating in areas that have a higher return to cost ratio. Spending money on renovations that are expensive may help you sell your house faster but may not increase the price for which it sells. Instead, focus on low cost but high impact updates. Some of the most popular things buyers look for are refinishing cabinets, granite countertops, a fresh coat of paint, new fixtures and curb appeal. Curb appeal is the only opportunity for a first impression and can make or break you with potential buyers.
Marketing – The third biggest seller mistake is not marketing their home properly. More often than not, sellers and their agents have to bring their house to potential buyers. Rather than sitting back and hoping that the perfect buyer comes to you, get out there and take charge of letting people know your home is for sale. Too many time sellers make the mistake of being complacent and thinking that purchasers are magically going to find their home for sale. How you market your house plays a huge role in the success of selling it. Effective and dynamic marketing is key. Ensure that your home receives maximum exposure by engaged and qualified buyers by asking your Realtor what outlets for advertising they use. There are tons of advertising opportunities online and in local publications. Make sure your agent has a marketing plan to get your home seen by the widest pool of potential buyers.
In closing, to avoid the biggest seller mistakes, make sure to do your homework and work with a reputable Realtor. Following these simple, yet efficient, suggestions will ensure a smooth and more profitable sale of your home. Want to learn more? Contact me, Myke Leatham, today! I look forward to hearing from you soon.