Triangle Property Lines: Six Biggest Home Seller Mistakes

SIX BIGGEST HOME SELLER MISTAKES

Are you thinking of selling your home? Ready to upsize, downsize, rightsize? According to a recent survey of practicing Realtors, here are the SIX BIGGEST HOME SELLER MISTAKES.

1. Overpricing. Here’s what sellers tell me: we want to price it higher than recent comparables to leave room for negotiation. In today’s low inventory environment, there is not much negotiating going on.

FACT: In 2013, homes in our local Triangle market that were priced right sold at 98 percent to over 100 percent of asking. And, they sold in only 61 days. Homes priced incorrectly (higher than comps) sold for an average of only 90 percent of original asking price and languished on the market for 161 days or more.

Question to ask yourself: how much did those 161 plus days cost me in terms of inconvenience (keeping the home immaculate every day for showings) and cost (mortgage, utility, and other payments)?

2. Showing Availability. Yes, it is truly painful to have to keep your home neat and then leave for every showing. We agents understand and do our best to give as much advance notice as possible. However, keep in mind that no showing = no selling. If you deny a buyer an opportunity to view your home while we are out viewing other homes or make tight restrictions around times your home is available, we are moving on without even looking at or considering your home.
FACT: Annual showings here in our local Triangle market increased 15 percent in 2013. And sales increased 22 percent – see the correlation?

Question to ask yourself: Am I ready to put in all the effort that it will take to make it as easy as possible for buyers? Show that house anyway, even if it is not perfect that particular day.

3. Cluttered Space. This is one of my biggest challenges when working with sellers. You watch the TV shows – how many homes do you see for sale that are full of you’re the sellers’ tchokes, family photos, religious or other collections? That’s right – none! When you list with me, I will take you around so you can see first-hand what your competition is and then put in touch with staging and other experts who will help you show all the things you loved about your home when you bought it to other buyers and get you a quick sale.

FACT: 32 percent of Realtors state that this is the biggest hindrance to the sale of your home.

Question to ask yourself: Are you ready to do what you need to do to get to your goal quicker and with more money? Bring in those experts and then do what they say. They are well worth the very nominal fee they charge.

4. Unpleasant odors. We become immune to our home’s smells, but I guarantee you that buyers are not. Has Fluffy been using a corner of the dining room as a loo? Does the Marlboro man/woman live there? Take care of it – buyers notice!

FACT: 100 percent of my buyers will not even consider a home that has pet, cigarette, or other lingering odors. And, don’t believe those commercials where one or two spritzes of an air freshener will rid your home of these odors.

Question to ask yourself? Am I ready to hear the whole truth about the condition of my home and do what’s needed to get it sold?

5. Unwilling to negotiate. Many factors go into finding the right buyer for your home – not just someone saying they are willing to pay full asking price. Buyer mortgage qualification and contingencies factor in the first round. Then come the lender appraisal and items that may be required from the inspection. Negotiations are ongoing all the way up to the end of due diligence period, so be prepared.

FACT: The deal isn’t over until it’s over, so don’t pop that cork yet! The lender may not agree with your price and come in with a lower price. Repairs may be needed.

Question to Ask Yourself: Am I willing to be reasonable throughout the entire due diligence period to accomplish my goal of getting my home sold?

6. Won’t make repairs. So, you’ve agreed upon a near-asking price and items are uncovered about your home during the inspection that need to be done. These items are reasonable requests based upon an expert finding that the items do not function as intended.

FACT: Saying you are selling the home “as is” doesn’t cut it anymore. You have an agreement to deliver a home that works as a home should work. Make the repairs. Better yet, pre-inspect your home so you won’t have any last-minute surprises.

Question to ask yourself: Am I ready to handle any and all reasonable repair requests?

Selling your home is a big decision. You need the knowledge, expertise and attention to detail that a great Realtor provides. It’s not just about putting up a sign and putting it on the internet – you need your own adviser to help you through the process

Would you like to know more about what’s happening in your neighborhood? Visit my website The Smart Real Estate Agent for my FREE Market Insider Report with all the info on price, sales, demographics, schools and lots of other helpful info.

Elizabeth Scott, Realtor®, Broker