1,000 Real Estate Agents were asked to rate the top 3 mistakes made by home sellers. If you are putting a house on the market soon, or have a house that is not moving, check out this list and see what you can do to sell your home faster!
Here are the top mistakes made by those looking to sell their home, as researched by www.activerain.com.
1. Overpriced Home
"But we want more money for our house"
When you first sit down with potential real estate agents it is easy to be caught up in the excitement of selling your home and having more financial opportunity based on the sale. Unfortunately, many a uninformed seller will choose the listing agent who suggests the highest price, or price based on what they personally believe their home is worth.
If you are serious about selling it is important to fairly price your home. Pricing a home is part art and part science. A good real estate agent will suggest a selling price based off of comparable homes in the area and the differences between them as well as market movements and inventory. If your home is listed for more than it's worth, there is a good chance you will miss out on opportunities!
There is no hard and fast way to price a home as the market dictates the price. For more information on pricing a home, check out this article.
2. Showing Availability
Listing a home for sale will lead to inconveniences to your normal routine.
Buyers need to be able to physically inspect a property before making an offer, and this likely will fall into the times that interrupt your day-to-day life. Motivated sellers must be ready to have flexibility in when the home can be shown if they want to sell the home in a timely manner.
When buyers are house hunting they may be viewing anywhere from 10 to 15 or 20 homes with their agent. If your home doesn't make the list because you are only available on Sundays from 12:00-4:00pm, you are going to miss out on potential buyers.
3. Cluttered Space
Depersonalizing and decluttering the home will help you sell faster and get the best offers.
Sellers are sometimes unwilling to clean, declutter or depersonalize their home while it is on the market, and the negative impact shows. Having your home clean and clutter free helps potential buyers visualize themselves in the space. When you live in your home you are comfortable with your own "stuff", however to prospective buyers that same "stuff" can make the space feel smaller or make the buyer distracted or uncomfortable.
Many agents recommend de-cluttering and cleaning at the very least, while others say that staging your home is the best way to go. The goal is to set a room to feel neutral, where they can visualize their own things there. These recommendations are not aimed to be personal, but so that your house is able to put its best foot forward.
Check out these DIY expert home staging tips!
4. Unpleasant Odors
"Your house stinks!"
Pet urine and cigarette smoke are the two most common unpleasant odors that buyers encounter when house hunting. While most agents will not be blunt enough to say "this place stinks!" they may offer up more tactical advice such as smoking outside or removing pet odors while the house is on the market.
Many buyers are concerned by unpleasant odors because it is likely that the odor will carry on when they move in. At one of the top 5 mistakes home sellers can make, it is clear that unpleasant odors will hinder a home sale. Check out these Tricks to Banish Bad Smells From Your Home.
5. Unwilling to Make Repairs
Why spend money making repairs to a home you are about to sell?
While it may seem senseless to spend money on repairs, it is important to recognize that very few buyers want to move into a home that will need to have work done upon moving in or potentially even delay their move in (unless the home is a total fixer-upper).
If you are unwilling to make repairs you are automatically shrinking your pool of buyers. Keep in mind also that if there are repairs to be done that add up, the buyer is likely to request concessions at closing.
6. Unwilling to Negotiate
"...and not a penny less"
As mentioned in the top seller mistake, setting an asking price for your home is not an exact science. When an agent suggests an asking price it is typically offered as a range, and ultimately the offers you receive reflect the market and what buyers are willing to pay. It is rare that both the buyer and seller get exactly what they want!
Along with price, buyers and sellers can negotiate on closing dates, fixtures that stay with the home, repairs and a handful of other things. Negotiation points can also arise after inspections; when unforeseen issues come up flexibility and understanding (in moderation) is key. When sellers dig in their heels, they are much less likely to find a willing buyer.