There are a myriad of reasons why some homes linger on the market for an extended period. Time and time again sellers make the same mistakes when putting their home on the market, most of them easily avoidable. So if you are considering putting a For Sale sign in your front yard try to avoid some of the most common seller mistakes.
Face the facts, home prices do not always go up, as the market can attest to in the past several years. Base your list price on solid comparable sales data with a mix of what the current competition is, to come up with a market based price. That is what the buyers and appraisers are going to do.
The only person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements, and assessing the stock of present inventory, all in an attempt to come up with an educated opinion of value.
Many homeowners however choose to ignore these facts and attempt to list their home with an unrealistic price rather than a price that reflects current real estate market conditions. If a home is priced too high, it’s invariably going to sit until the seller is forced to make price cuts which can signal to buyers that there’s more room for negotiation.
In the past month, 23 percent of homes on Zillow have had their listing price reduced. Locally of the 91 listings currently on the market, 49 have had at least 1 price reduction, that amounts to 54% of the Wallingford homes listed.
Remember buyers are oblivious to:
– What you paid for your home
– What you need to make on the sale of your home
– What you want to make on the sale of your home
Whatever you do, be wary of the agent who suggests the highest listing price for you home. Unless the agent is willing to buy your home for an inflated price, the next thing you will see is a request to lower the price, but they got their foot in the door didn’t they?
Trying to Hide Problems
Any problem with the property will be uncovered during the buyer’s inspection, so there is no use trying to hide it. Either fix the problem ahead of time, or price the property below market value to account for the problem. Realize that if you do not fix the problem in advance, you may turn away a fair number of buyers who want a turnkey home. Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract.
Even minor issues like a broken doorknob raise questions to a potential buyer. They may wonder whether the house has larger, costlier issues that have not been addressed.
Not Preparing Your Home for Sale
Sellers who do not clean and stage their homes are leaving money on the table. You do not need to hire a professional, there are many things you can do on your own. Failing to do these things will not only reduce your sale price, but may also prevent you from getting a sale at all.
Pay attention to your agent’s comments and suggestions on preparing your home for sale. Have a friend over to get a unbiased opinion on areas of your home that need work – because of your familiarity with the home, you may have become immune to its trouble spots. Turn on the TV any night and you can see a number of programs that discuss what and what not to do with your home as you prepare for potential buyers. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls will also help you make a good impression on buyers.
Last but not least – do not ignore pet and smoking odors in your home. I have been with buyers who have immediately walked out of a home due to odors.
Not Accommodating Potential Buyers
It is not convenient to sell your home. If someone wants to view your house, you need to accommodate this person, even if it is inconvenient for you. Forget about requiring 24 notice. Like it or not consumers are demanding and want things now, make them wait and they will move onto something else and not come back. And yes, you have to prepare the house before every single visit. A buyer will not know and will not care if your house was clean last week if it is not clean when he or she views it. It’s a lot of work, but stay focused on the ultimate goal.
Do not try to be too accommodating by being present for showings. One of the worst things a seller can do is to follow around a prospective buyer while they tour the home. You might view this as trying to be helpful, but believe me it only makes the buyer uncomfortable and less likely to take the time to thoroughly tour the home. Give them their time and space to tour and view the home on their own.
Ignoring Visual Appeal
With over 90% of buyers first seeing a home online, it is critical that the images of your home are of high quality. There are many times I see listings in the MLS with no pictures, or pictures so bad they defy description. Review with your agent the photos that will be displayed. I like to walk a buyer through the house beginning with several outside shots, then organize pictures as if they were walking though the home. Include shots of important spaces like the kitchen, living rooms, family room and bedrooms. Emphasize the visual qualities of your home that made it attractive to you. Remember you were a buyer once too. Make sure to declutter; a picture filled with your personal belongings will make it harder for a potential buyer to picture themselves as the next owners of your home.
Wallingford PA Real Estate – Wallingford, PA 19086