1. THINKING YOUR HOME IS THE EXCEPTION: It's natural to be emotionally attached to your home, especially if you have lived there for a long time. But allowing this affection to obscure the realities of today's current market conditions is a serious mistake. If your local market is declining in value, you will need to price your home at a competling level. This will require a painful decision: to price the property at or below comparable homes in the area, even if the price point is less than what you think your home is worth. "There are still sellers out there who think that their house is the exception to the current market conditions. "They think that the other houses that are on the market are really overpriced, yet when you get to their house, they think it should have a higher price because it is better." Not pricing your home at a competitive level makes it more difficult to sell.
2. NOT PREPARING THE PROPERTY FOR A SALE: Since buyers have many options today, home sellers need to ensure that their property is in tip-top condition for showings. This means removing clutter from countertops, making necessary home repairs, sprucing up the indoor and outdoor portions of the property and painting if necessary. Today's buyers are very picky right now, and they are ready to seize on any little thing they see. You want your home to look cared for and well maintained.
3. TAKING NEGOTIATIONS PERSONALLY: The negotiation process can be tough on sellers consider them as another part of the business transaction. "It is not meant to be personal, the buyer is looking to buy carefully as they can and pay as little as they can, "It's not about you it's about them."
4. SNEERING AT OFFERS: Even if you are not crazy about a buyer's offer, don't dismiss it out of hand. "You need to be willing to negotiate with anyone and everyone that places an offer on your home, even if the offers are one of those "Low-Ball Offers". Don't ignore it, because those buyer's might really want the property. Remember each journey wether it's a marathon or a negotiation begins with the first step.
5. BEING PRESENT DURING SHOWINGS OR OPEN HOUSES: It's important for the sellers to be away from the home during showings or open houses, as their presence can be unnerving to the potential buyers. Some sellers have the mistaken idea that they are the best people to sell their house, and that is absolutely not the case. If a seller remains at the home during a showing or open house "buyers will have an uneasy feeling, and that is the feeling that they will take away from the house".
6. NOT CHECKING OUT THE COMPETITION: Another reason sellers might price a home too high is that they are simply unaware of the dynamics of their real-estate market. To sell your home, it's essential to have a firm grasp on the conditions in your area. Sellers need to study the pricing trends and sales data in their local market. But this data will tell only half of the story. To fully understand the market, sellers should get a first hand look at the nearby homes that are for sale and they are competing with. I would recommend seeing the competition if it means having your Realtor show you the competing properties in your immediate area or having your Realtor prepare a comparative market analysis showing properties that are currently on the market and homes that have recently sold in your immediate market area.
7. NOT UTILIZING THE EXPERIENCE OF A REALTOR PROFESSIONAL: Most people want to take on this difficult task of selling their own home. In doing so they usually over or under price their property. Using a Realtor will ensure that the home is priced competitively in current market conditions. Most homeowners are not versed on making sure that the buyers are qualified and negotiating with the buyer to secure the best price and terms for themselves.
Above I have mentioned the (7) pitfalls or mistakes that sellers make on a regular basis. The information that I have provided is meant to help a seller in a very sluggish real estate market. These are the most common and prevelant mistakes that most home sellers make. If I can be of any service concerning the above do not hesitate to contact April Solomon/Realtor/GRI with I Net Realty Group, Inc. at (727) 809-0475 or via email at Solomon423@live.com serving the West Pasco area of Pasco County Florida.
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