June 2022: Learn from Others’ Real Estate Mistakes
Common Seller Mistakes
This list of frequent sellers’ mistakes regarding house listing pricing can help you avoid the pitfalls involved in selling your home. If setting a price was simple and straightforward, you wouldn’t need assistance in pricing your home cor- rectly. Save yourself time and money by avoiding these costly mistakes.
Pricing Mistakes
The first several seller mistakes involve the issue of pricing.
Guessing vs. Researching
Basing your home price on what the neighbor down the street listed his home for isn’t a reliable method. Nothing loses potential buyers faster than an overpriced home. Subsequent price lowering makes it look like you’re getting desperate to sell, which will increase low-ball offers. Contrarily, you don’t want to underprice. A lower listing price may decrease the time to sell a bit; however, you might leave several thousand dollars on the table. Learn how to price your house for sale the right way, based on research.
The Comparative Market Analysis is your best source for setting an asking price. If a home in your area sells for a low price, don’t assume yours is worth the same amount. That home may have had condition issues or a personal issue requiring a very swift sale. Your home might have something to offer that the other one did not. Let the Comparative Market Analysis (CMA) be your guide with the advice of a real estate professional.
Hiring a Realtor from Highest- Price Suggestion
Choosing a real estate agent simply because he or she promises to sell your home for a higher price is not in your best interest.
A good Realtor will know more about the market for your home than you do.
Pick an agent who can provide you with real numbers and solid marketing plans for your home. The person you choose to sell your home with should be knowledgeable in the local area, trustworthy, and quick to answer questions or concerns regarding
the entire selling process. Avoid this mistake by interviewing several agents and selecting the one who offers sales data and a strategic listing price, not just the highest price.
Subjective Pricing
Selling your home is a business transaction between a qualified buyer and yourself. If you’ve enjoyed living in your home for years, but have decided to move on, don’t let emotional attachments to the home affect how you price it. The most objective price will come from the CMA provided by your real estate agent. Memorable moments spent in your home are priceless, but they do not add to the selling price. It’s also unrealistic to add dollars because of the labor you spent making the house into your home. By focusing on the CMA results and maintaining a firm strictly business attitude, you can keep emotions at bay.
Un-rushed High Pricing
Even if you’re not in a hurry to sell, it’s not a wise move to test the market by listing your home at a high price to “see how it goes.” Serious home shoppers may take months to find a new home.
They are continually looking for new listings, not ones that have been sit- ting on the market. Thinking that the market will turn in your favor may not be reliable, either. If prices in your area are dropping, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money.
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