Here are the five biggest mistakes you can make when putting your home on the market:
1. Overpricing the home. It’s not a good idea to price your home out of the market because then it will become a comparable home, and all of your neighbors will end up selling their homes before you sell yours.
2. Not properly preparing the home for sale. Putting your home on the market is sort of like participating in a beauty contest—you need to make sure your home is showing like a model. Make sure you go through every room in the house and tidy up every nook and cranny. Doing everything necessary to make your home shine is very important because when a buyer walks in and sees that everything’s untidy or that there are things that need to be fixed up, they’ll either reduce the price in their offer or simply move on to the next home.
3. Not being flexible for showings. Buyers look at homes during different times of the day, so if you’re restricting the days and times your home can be shown, you’re absolutely eliminating some great potential buyers. Even if your home isn’t show-ready, you need to at least make it available for potential buyers to see it. I’ve seen many instances where last-minute showing requests inconvenienced a seller but they made their home available anyway and that was the buyer who ended up purchasing their home.
4. Nor properly reducing the home’s price when necessary. Statistics from the National Association of Realtors show that if your home’s spent 10 days on the market without a showing or you’ve shown it 10 times without getting any offers, that’s a huge indication that it’s time to reduce its price. It’s our job to monitor the market and make sure we advise you correctly on when you need to make a price reduction, so don’t let your home sit on the market too long in this situation.
5. Not being open to negotiations once you have an offer. At the end of the day, the most important things to be sure of are that you calculate your risk and you calculate what your net proceeds will be. Remember when entering the negotiation process that the first offer you get will likely be one of your best offers. Oftentimes, buyers can ask for closing cost assistance, and that’s not a big deal as long as you stay within the price range you prefer to net. As we enter a shifting market, it’s more and more important that you’re open to negotiation and are aware of how to get the best deal while not scaring your buyer away.
If you’re considering selling your home, we’d love to sit down with you, give you a complimentary market analysis, and answer any questions you may have. If you’re interested in doing this or you have any other real estate questions, don’t hesitate to reach out to us. We look forward to hearing from you.