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Here are the most common mistakes people make when selling their property.
The Home Is Priced Too High
This will certainly turn buyers off, and you may have to make several contingencies or offer incentives in order to get buyers even interested in making an offer. While you may feel your home is special, asking more than the fair market value will usually get you nowhere. If the buyer needs a mortgage, the house may not appraise for the inflated price, therefore the buyer may not be able to get a mortgage and the sale will potentially fall through.
Today’s buyers access the internet to search for property within a broad price range and large geographical area. Many homes included in the search may not be directly comparable, but will however be competition for your home.
Poor price positioning will make a property linger on the market, appear shopworn and reduce the ability of the seller to negotiate. If a house has been on the market for a long period of time, clients will always ask me “What is wrong with it”? It immediately casts doubt into their mind as to the suitability of the house.
Consider also the way people search on the internet. It is often in increments of $25,000 or $50,000. So, let’s say you list your house for $199,500, that would mean that anyone searching in the $150,000 to $200,000 range would find your home. But, what about the people searching in the $200,000 to $250,000 range? They won’t find it, therefore you effectively just reduced your potential buyer base by half.
A good REALTOR® will know the local market and will be able to provide you with all the current market data to help you make an informed decision as to where to position your home for sale relative to all the other properties available for sale in your area.
The Home Is In Bad Condition
While your home in its current condition may work for you and your family, if there are obvious repairs that need to be made, or it is terribly outdated, fixing these problems will not only make it easier to market your home, but will also increase its value. In most cases this increase will be
considerably greater than the money you put into making the changes. Not everyone wants a “handyman special” and the condition may also affect an appraisal.
considerably greater than the money you put into making the changes. Not everyone wants a “handyman special” and the condition may also affect an appraisal.
Your REALTOR® will be able to offer you sound advice as to what needs to be done to showcase your home to the best possible advantage. It may be something as simple as a new coat of paint for your front door, or it could be shampooing the carpets, weeding the flower beds or a new shower curtain and tile grout.
Packing away all your personal items has two effects. Firstly, it allows potential buyers to visualize their personal things in the house without any distraction and secondly it allows you to start the emotional journey of saying goodbye to your home.
The Home Is Being Marketed Incorrectly
When selling your home, there are no guarantees that the ultimate buyer will simply walk through the front door. In most cases you will have to
bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing, and able buyer in the shortest period of time.
bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing, and able buyer in the shortest period of time.
Your REALTOR® should be able to provide you with a good 30 day marketing plan that will bring in qualified buyers, and include at least some of the following:
Market to other active REALTORS® via a multiple listing service.
Conduct an Open House Tour for other brokers.
Conduct at least one Public Open House
Market to other active REALTORS® via regular
e-blasts to ensure front of mind.
e-blasts to ensure front of mind.
Distribute full color fliers.
Send out just listed postcards.
Global marketing on Company website.
Custom website for property.
Video tour of home for website.
Aerial photography/video for website.
By adhering to the advice in these simple tips, you can avoid the biggest mistakes homeowners make when selling their homes, and the
process will be smoother and more profitable in the long run.
process will be smoother and more profitable in the long run.
Valerie McKean,
Owner/Broker
Century 21 Sterling Real Estate
95 Market Sq. Suite 2B
Pinehurst, NC 28374
Tel: 910-430-9494
valerie@pinehursthomes.com
www.pinehursthomes.com
September 2nd 2017
