Buyers aren’t the only ones who make mistakes when searching for a home. Sellers can also make errors in their home selling journey. Whether you are ready to sell your home in Lake of the Woods or Wilderness Shores or are just thinking about it, here are some common mistakes sellers make that you will want to avoid.
Mistakes Sellers Make #1: Inaccurate Pricing
One of the biggest mistakes seller make when putting their home on the market is inaccurate pricing. I’ve been to many meetings with potential buyers who are shocked at the price I recommend for their homes. Sometimes, it is a good thing because the value of the home is more than what the seller was expecting. Other times, it is not so great because the seller wants to sell the home for more than what my research demonstrates it is worth. Accurate pricing is key to selling a home at value and within the average days on the market. As a Locus Grove Realtor®, I do a lot of research to determine a market value of your home. When sellers overprice their homes, sometimes they think people will look at it anyway and perhaps make an offer that the sellers can negotiate. This doesn’t happen. Potential buyers see an overpriced home online, might scroll through the pictures, and then keep searching for something in their price range.
Mistakes Sellers Make #2: Not Staging Your Home
Selling your home and living in your home are two different things. The way your home is set up might be great for your everyday routine, but it might not be great for selling it. Simplifying furniture and decluttering go a long way in upping the appeal factor of your home. (Get lots of staging tips and tricks here.) Before we go on the market, I always talk with sellers about what they can do to stage the home. While it might take some time to deep clean and declutter, the payoff of getting the home sold is definitely worth the time and effort.
Mistakes Sellers Make #3: Ignoring the To Do List
Everyone has a list of things they want to do to make their home better. Don’t stop working on these projects just because you are planning on moving. Any home repairs on the list should still be completed. If you are noticing them, then buyers will too. Also, during a home inspection, an inspector will identify issues in the home like a leaking faucet. Working on those known repairs now will save you time later.
Mistakes Sellers Make #4: Saying No to Showings
It is important to be open and flexible when it comes to showing requests. Repeatedly denying showing requests is one of the biggest mistakes sellers make. Why? Because the more people who see your home, the more opportunities you will have for offers. Having your home showing ready lets you say yes to requests. Of course, I understand that sometimes you have to say no. Remember to communicate with your Realtor® about any times that aren’t available and I can block those times off of the calendar. I can also then call the other agent, explain why the home isn’t available, and reschedule.
Mistakes Sellers Make #5: Being Present at Showings and Open Houses
Sellers should not be present at showings or open houses. For buyers, it can create an uncomfortable situation where they don’t feel comfortable looking around and won ‘t stay as long as they normally would. It’s hard to picture yourself living in the home if the current owner is there too.
Mistakes Sellers Make #6: Hesitant to Negotiate
Last year we were in a seller’s market. This meant that sellers had multiple offers from buyers who were willing to accept a home as is. This is no longer the market. As a seller, negotiation doesn’t just mean price. Repairing items on a home inspection request list and offering seller concessions like buyer closing costs are all ways that buyers and sellers can work together to make a deal.
Mistakes Sellers Make #7: Rejecting a Great Offer
If you have priced your home to sell and have staged it well, then you should expect offers to arrive. Don’t say no to the first offer if it happens immediately because you think there could be better ones out there. Chances are that the home wasn’t underpriced. You priced it properly and a buyer knows it. If you reject the offer because it was “too soon”, then you also risk it being a while before another come along. You also don’t know if that offer will be as good as the initial one.
Mistakes Sellers Make #8: Hiring the wrong Realtor®
Selling your home is a big deal; you should interview agents to find one who is right for you. (Here’s a list of questions to ask) Investigate a Realtor®’s website and social media to learn more about them and how they market homes. If your ready to start the interviews, I would love to be on your list.
Mistakes Sellers Make #9: Forgetting to Plan for After
Sellers can get so invested in getting their homes sold that they forget to have a plan in place for what comes after. Whether you are buying a new home in the area or are moving out of it, your Realtor® can help coordinate those moves too.
