Mistakes To Avoid When Selling Your Home.

The US real estate market peaked in 2006. Since 2007 prices have declined, yet many sellers are still in denial about the market value of their homes. Some sellers still struggle to accept the reality of today's real estate market, whether they bought at the peak or bought decades ago. Other homeowners will admitt that home prices have dropped over the last five years but emotionally can't accept that their home has lost any value. It can be hard for homeowners to distance themselves emotionally from their home when it comes to pricing it to sell. Yet this is exactly what sellers need to do so that they can make rational decisions about a list price that will actually result in the sale of their home.

The list price of a home should reflect similar listings that have sold in the same area that could be considered comparable. If a seller is emotionally wrapped up in their home, as many are, this exercise can be very frustrating to say the least. Many believe homes that have sold aren't as good as theirs yet in reality most are.

Now put yourself in the shoe's of todays home buyers. They know the reality of the market and their looking to make sure they're getting a good deal. A home in todays market needs to be listed at a price that will entice buyers because it represents a good value. Most buyers know that prices have declined and are trying to purchase a home before the market recovers. Sellers need to be wary of Realtors who tell you that your home will sell for a higher price just to get the listing yet then intoduce the truth over time to get you to reduce the price to market value. It is human nature to try for a higher price than the comparable sales indicate yet ignoring them will only lead to frustration and your home becoming stale on the market. Truth is if you really want to sell, you won't be happy if your home is on the market for months with little or no activity. Under that type of senerio, statistically speaking, you will end up selling your home for less much later.

Another mistake I run into frequently are sellers who want to list their home based on what they want or need to net from the sale. Understand this does nothing to motivate a buyers to pay more than the home is worth. Buyers pay market value and simply won't overpay in today's market.

The best approach to selling your home is to find out what buyers are looking for in your area and see how your home matches up to their expectations. Today's buyers are looking for a home that is well-located, in good condition and is priced right for current market conditions. If the home needs work done to compare with the competition, do it before selling or discount the price accordingly.

For results a seller needs to be realistic about the current market value of their home and what preparation it needs in order to sell successfully. A professional Realtor can help evaluate the current market value and suggest cost effective improvements to help you maximize your selling price while getting your home sold.

All The Best,

Herb Johnson

859-372-8019 Direct Line

Herb@HerbJohnson.com  Email

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