Common Seller Mistakes
We've outlined some common mistakes that sellers make that lead to settle with a lower selling price or endure the loss of valuable marketing time.
- They don't make the home easily accessible and available to agents and potential buyers. Some buyers have unusual work schedules or come long distances to see homes. They will often pass over a home they want to see if the sellers are not accomodating. Make it as easy as possible for other agents to gain access to show the home.
- They select a broker that cannot be easily found on the internet. Almost 85% of buyers begin their search for a home online. If you cannot readily find your home advertised online, 85% of the potential buyers of your home might not ever know that you are selling it.
- They select a broker with no or limited access to area MLS systems. The Hudson Valley has several overlapping MLS systems. Many brokers enter their listings in only one MLS. Sellers who do not list with a broker with access to all MLS systems are limiting their exposure and pool of potential buyers.
- They select the agent that tells them they can sell their home for the highest price. Every seller takes pride in their home and has a certain emotional attachment to it. Unfortunately, this leads some sellers to listen to only what they want to hear instead of facing reality. The price your home sells for depends largely on concrete data about what similar homes have sold for. It also depends on your motivation, your urgency, the desirabilty of the home and outside economic factors. Believing that a home will sell for a higher price without substantiated data is unwise.
- They set a high initial asking price. A home that is priced too high initially will remain longer on the market. Buyers who know that a particular home has been on the market for an extended period of time sometimes automatically generalize that other potential buyers have seen the home and have declined it based on the price or a defect.
- They are too emotionally attached to their home. There is no doubt that most owners take great pride in their home. However, sellers should not take offense when a potential buyer or agent points out defects or limitations of the home. Buyers need to be able to imagine how the home matches their tastes and their specific needs. Sometimes, buyer's and seller's goals do not allign. Some good constructive criticism can help sellers take corrective actions to make the home more marketable to other buyers.
- They do not consider some of the factors that detract from the desirability of the home. Many factors can influence the desirability of a home such as proximity to the road, loud noise and traffic to name a few. Click here to read about these negative factors.
- They think that they will get a direct increase in the value of their home after making improvements. Investment of money and time into home improvements and repairs will not necessarily result in a dollar-for-dollar increase in the value of the home. In other words, if you put in a particular amount of money into renovating your home, do not expect that the value of the home will increase by the same amount.
- They do not eliminate strong odors. Strong odors like cigarette smoke, pet odors and mildew can cause buyers to immediately head for the door without even touring the home.
- They do not do the small things to improve the appearance and presentation of their home. Doing some relatively small and inexpensive things can enhance the appearance and presentation of your home. A home filled with clutter is sure to get a less favorable reaction from a buyer. Click here to learn about some tips to Stage Your Home.
- They do not verify the buyer's ability to follow through with the transaction. Sellers should consider the strength of the buyer's pre-approval letter if the transaction requires financing and verify that the buyer has sufficient funds if purchasing the home with cash.
- They do not remove or contain pets while a buyer or agent is at their home. Some buyers are intimidated by or allergic to pets. Buyers tend to be more at ease if pets are removed from the house.