What are common mistakes Sellers make?

Asked by Annmarie O'Donnell, 01821 Thu May 8, 2008

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15
Christopher…, Agent, Woburn, MA
Thu Jun 5, 2008
As a Realtor and a Staging guru, my 2 favorite quotes come into play!

1. If you can smell it ,you cant sell it! "Musty oders or pet oders can reak havoc on a showing think ahead and get the pets out a day ahead, open windows, spray febreeze, use the oven, water, brown shugar and an apple smell nice!
2. If you cant see it, you cant sell it. "Landscape is important but remember to prune things so they are not toughing the house or they are not blocking a view, overgrown bushes have a tendency to push under siding!
1 vote
Territory.c…, Agent, MA,
Thu May 8, 2008
Staging ... Changing the paints, trims and furniture if out dated or too personal of taste (for instance some people decorate with their own tastes but those tastes aren't neutral enough to speak to new home owners). And most importantly pricing. Sellers usually want a certain price but that isn't necessarily what the declining market values the property at. Sometimes it isn't the sellers fault but that of a real estate agent who in their effort to get a sellers business told them what they wanted to hear. So, sellers need to be realistic and they also need to make sure their sellers/listing agent backs up all price claims with hard data.
1 vote
LuAnn Gilmore, Agent, Atlanta, GA
Thu Jun 5, 2008
The biggest mistake that sellers are making in this market is not having their home completely show ready when listing. You cannot: 1) price high to "test the market" 2) Offer a "whatever allowance" to the Buyer - get the work done before putting your house on the market. We must go beyond competitive in this market in order to sell, we must be compelling. Any home will sell if properly staged and priced.
0 votes
Judi Rutland, Agent, Destin, FL
Thu Jun 5, 2008
Thinking their home is worth more than it is and then pricing their home higher than what the market can bear and second telling their agent how to conduct their business. A real estate professional will know the market and can advise the Seller on pricing and staging the home.
0 votes
Debt Free Da…, , 85260
Thu May 29, 2008
Over pricing and not staging the home are the two biggest culprit of no results.
Web Reference:  http://getprequalified.com
0 votes
Melissa Manc…, Agent, Plainville, MA
Thu May 29, 2008
Some of the biggest mistakes sellers in my market make are 1.) Pricing their home too high 2.) Not staging properly to appeal to a wider range of buyers 3.) Offering reduced commissions to buyer agents. 4.) Having contingencies for finding suitable housing.
0 votes
Martha Grivas…, Agent, Boynton Beach, FL
Sat May 24, 2008
The biggest mistake sellers make is not being realistic about their asking price.
M.Molos
Century 21 Tenace Realty
0 votes
Cory Escott, Agent, Vancouver, WA
Thu May 8, 2008
Not preparing the home for showing and also as important the inspection. Not making the home easy to be viewed. Hiring a realtor without knowing their knowledge, advertising, and experience. Pricing a home to high and not listening to realtor about other items in the process. Not knowing what similar homes are selling for within the most recent period of time. Making the wrong improvements.
Web Reference:  http://www.aaahomefinder.com
0 votes
Mick Shaw, Agent, Norfolk, VA
Thu May 8, 2008
Unrealistic expectations! Put on your buyer hat and think what you would expect of a home newly listed on the market. If you were looking to buy, would you be most attracted to homes that are well maintained and reasonably priced? There are no short cuts and very little chance you will find that dream buyer that is willling to pay top dollar and then put your home in proper condition. Be honest with yourself or listen to a professional who is objective about your home's price and condition. If you disagree, get a second or third opinion. If you still disagree, change your opinion to the prevailing one! It's easier to correct yourself than to have the market punish you for being wrong. Consider ALL the costs of trying to sell your home at the wrong price and without doing the necessary improvements.
Web Reference:  http://www.MickShaw.com
0 votes
Billy Perlst…, Agent, Orinda, CA
Thu May 8, 2008
1. Pricing a home too high so it stays out there too long and ends up selling for less than what it would have sold at originally.
2 Hiring the wrong Realtor who may not know the market as well or doesn't offer as much service.
3 Trying to sell in November-December
4 Not preparing the house to sell in advance ie cleaning, de-cluttering, staging, repairs etc.
5 Not making it easy for the house to be shown when it is on the market
0 votes
Anna Shoaf, Agent, Tampa, FL
Thu May 8, 2008
The most common mistake that Sellers make is overpricing. It is important for the Seller to listen to the agent that they hired, when coming up with their sales price. You home needs to be in the best condition that it can be, and it also should be easy to show.
Web Reference:  http://www.AnnaShoaf.com
0 votes
Ron Darling, , Lakewood, CO
Thu May 8, 2008
Not listening to their Realtor about uncluttering their home, performing simple and inexpensive tasks to make it show fresher, lighter, and brighter. Not being realistic about asking price as it relates to current market conditions.
Web Reference:  http://rondarling.com
0 votes
Tina Grossman, Agent, Huntington Beach, CA
Thu May 8, 2008
The Biggest mistake Sellers can make is not knowing who their competion & inventory in thier neighborhood and listing their home at a competitive Listed price. Also not preparing their homes to show well before exposing to potentaial buyers. I believe the goal is to get a quick sale!
0 votes
Cory Escott, Agent, Vancouver, WA
Thu May 8, 2008
Getting pre-aaproved with a lender prior to looking at homes. Close second is not havinfg an inspection once they find the right home.
Web Reference:  http://www.aaahomefinder.com
0 votes
Annmarie O'D…, , 01821
Thu May 8, 2008
Common Mistakes Sellers Make
Basing the asking price on needs or emotion rather than market value. Many times sellers base their pricing on how much they paid for or invested in their home. This can be an expensive mistake. If your home is not priced competitively, buyers will reject it in favor of other larger homes for the same price. At the same time, the buyers who should be looking at your house will not see it because it is priced over their heads. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because "nobody wants to buy real estate that nobody else wants". The result is low priced offers and an unwillingness to negotiate. Every seller wants to realize as much money as possible from the sale, but a listing priced too high often eventually sells for less than market value. An accurate market evaluation is the first step in determining a competitive listing price.


Failing to "Showcase" the home. A property that is not clean or well maintained is a red flag for the buyer. It is an indication that there may be hidden defects that will result in increased cost of ownership. Sellers who fail to make necessary repairs, who don't “spruce up” the house inside and out, and fail to keep it clean and neat, chase away buyers as fast as REALTORS® can bring them. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time.


Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment - fine. But if you are thinking of selling, you should be aware that only certain upgrades to real estate are cost effective. Always consult with your REALTOR® BEFORE committing to upgrading your home.


Choosing the wrong REALTOR® or choosing for the wrong reasons. Many homeowners list with the real estate agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. In the real estate business, an agent with many successfully closed transactions usually costs the same as someone who is inexperienced. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.


Using the "Hard Sell" during showings. Buying a home is an emotional decision. Buyers like to "try on" a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good REALTORS® let the buyers discover the home on their own, pointing out only features they are sure are important to them. Overselling loses many sales. If buyers think they are paying for features that are not particularly important to them personally, they will reject the home in favor of a less expensive home without the features.


Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced REALTORS® know that more often than not the first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer.


Not knowing your rights and obligations. The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced REALTOR® who knows the "ins and outs" fully explain the contract you are about to sign.


Failure to effectively market the property. Good marketing opens the door that exposes real estate to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The right REALTOR® will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.
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