According to MSNBC.com sellers have little room for error when putting their home on the market, or they risk having their property linger. When it comes to selling houses fast there are some common mistakes that should be avoided and the right agent can help.
1. Overpricing the home. Home values have dropped significantly since peaking in 2006, but many sellers still want to list a home based on what they paid for it. Eventually they realize their error and have to reduce their price, sometimes several times. In the past month, 23 percent of homes listed for sale on Zillow have reduced their price. Ironically, if more agents and sellers understood financing options they’d be able to maintain pricing in exchange for terms.
2. Relying too heavily on comparable sales. Effective market evaluation looks both backward and forward. Sizing up the competition currently on the market, not just the homes that have already sold for a dose of market reality. Evaluating other homes with a listing price similar to the seller’s to see how well it stacks up against the competition – and how it can be differentiated. The total market inventory contains REOs (Real Estate Owned by banks that were taken back in foreclosure) as well as short sales. In some markets these represent 80% of the sales.
3. Failing to consider the home’s web appeal. A home that can’t sell itself on the web may have trouble selling itself in the real world, and photos and even videos are key elements of online presentation. Include lots of high-resolution photos of the interior, including areas that home buyers care about most, such as kitchens, living spaces and bathrooms. Don’t forget exterior spaces that add value suck as gardens, views, or outdoor recreation areas.
4. Hovering during showings. Sellers shouldn’t be home for showings, but as a seller’s agent, neither should you. Lurking sellers or seller agents may make buyers nervous. Other real estate agents often want privacy with their buyers so they can gather true feedback about the house.
What advice do you have for selling quickly in this market?
Source: “Six Common Mistakes That Home Sellers Make,” MSNBC.com (April 11, 2011)
These are great tips that I will use because we getting prepared to sell. Need any advantage we can get.
I personally think point 3 is the biggest stumbling block for most private sellers. I couldn’t begin to count the number of great homes I see let down totally by poor photography. The majority of research is done online, so there is no excuse for dark or poorly thought out photo’s.
Great advice. I think sellers are in such a rush to sell and move they forget the basics. Also make sure that your agent is pushing your property how you want it promoted and giving it their full attention, so make sure they have great photos and all the facts that will sell your property and make it appealing to potential buyers.
Overpricing of values is so poignant right now. Sellers are failing to get realistic with their asking prices which means an artifical level in property values, which means that very little property moves on the market.
Thanks and looking forward to reading more.
I’ve found more often than not, people are too attached to their perception of a houses worth.. all the senitment and effort they have put into making it their home, makes more often than not, them think.. “my house is worth More”.
Couple this with short term memories.. by which i mean, they recall how much their home was worth in the housing boom.. and not what the market will take.. it all adds up..
be real .. research and be realistic
Great suggestions. I like it ,”be real..research and be realistic? Proper real estate valuations are critical to closing transactions especially in the current lending environment.
To your success…
Augie
In the local Vancouver Washington real estate market the correct price of the home has been real tough for sellers to digest. The overall trend has still been downward and all the great marketing we do only highlights the fact of an over-priced property!
Hi John:
The best way I know to sell an over-priced house it to have the seller offer terms. You’d be amazed (within reason of course) but with banks restricting their lending activities there are plenty of people willing to pay a premium just to be able to buy and decent house. Terms can make all the difference!
To your success…
Augie
These are good tips. Another common mistake is relying too much on one advertising channel for the property. It is well worth the time to give traditional channels a chance together with the Internet and mobile thereby increasing your exposure to more potential buyers.
Thanks for your comment and happy investing!
Augie