3 Biggest Seller Mistakes
Are you getting ready to put a home on the market? If so, you might be feeling a bit nervous about the process. After all, it is no secret that it is a buyer’s market. As such, you might be afraid that your house will not sell at a reasonable price or that it will sit on the market for months without ever getting a hit. Still, by avoiding these 3 common seller mistakes, you will get the best results possible regardless of the condition of the market.
Seller Mistake #1: Setting the Price Too High
Perhaps the biggest mistake made by sellers is the tendency to set the price too high. Everyone wants to make a substantial profit when selling a home, but the reality is that this may not be realistic. Setting your price too high is a surefire way to drive away potential buyers. After all, if the price is set too high, it will be out of the price range of those who might actually be interested in buying your home. Furthermore, if the price of your home is more than the going price within your neighborhood, potential buyers will steer clear of your home and will consider the other homes instead.
In addition to scaring away potential buyers, setting a price that is too high will also reduce your chances of ever getting your home sold. Research has shown that it is more difficult to sell a home after it has been on the market for too long. In the industry, this is referred to as going “stale.” As a result, you will have to take your home off the market for a while before putting it back on at a reduced price. In short, asking too much for your home will result in taking much longer to get your home sold.
Whether you’re selling Warner Robins GA or Austin TX real estate, it’s a wise idea to be realistic with what prices can be expected in your market. Instead of focusing on who did the best (and expecting to replicate their unique scenario), focus on what similar properties are averaging.
Seller Mistake #2: Ignoring the Condition
Chipped paint here, a creaky door there – these are all things that we grow accustomed to in our homes and hardly even notice. When a potential buyer visits your home, however, these imperfections will stick out like a sore thumb. As such, it is important that you be realistic about the condition of your home. If your home does have some problems – and every home does – invest the time and money it takes to improve its condition. You don’t have to do an entire remodel of your home. Rather, making a few repairs or upgrades will go a long way toward helping you get a higher price for your home.
Seller Mistake #3: Improper Marketing
Poor marketing techniques will also stand between you and getting your home sold within a reasonable amount of time and at a good price. To ensure a solid marketing plan is implemented in the sale of your home, it is a best to hire a real estate agent who has experience in your area. With the knowledge the agent has about your particular neighborhood, he or she will be able to develop an aggressive marketing campaign that will target those who are most likely to be interested in purchasing your home.
Since the marketing strategy plays such a significant role in getting your home sold, be sure to discuss marketing strategies before hiring a real estate agent. Your agent should have a clear plan that involves taking photos that will properly showcase the home while also reaching the largest number of potential buyers. Given today’s wealth of available technology, your real estate agent should also offer a plan that includes using the Internet and various forms of social media.
About The Author – Eric Bramlett is broker and co-owner of One Source Realty and specializes in Steiner Ranch & Lake Austin homes.