Costly Mistakes That Sellers Make

A very costly mistake that I have seen many sellers make is refusing to accept their first offer especially when it is close to their asking price.

I vividly remember this costly seller mistake. A waterfront property in Massapequa. The house was priced at $499,000.00 and received a full price offer after the first Open House. The Open House was very well attended and the comps supported the asking price making the buyers comfortable with their offer and their terms were excellent.

The sellers on the other hand interpreted the full price offer as an indication that we had under-priced their home.  They rejected the offer by taking their home off the market and raising the price to $550,000.00. Eleven months later they accepted a $450,000.00 offer on their home.

Here's another one... This goes back at least 25 years... we had a Bayfront on the market in Harbor Green in Massapequa for $1,000,000.00.   At that time nothing had sold for that price in the area. But the market was good and the comps supported  something in the mid to high 900's... the buyer makes an offer of $950,000.00 the seller counters with full price. The buyer comes back with $980,000.00. The sellers responds by telling us that  if the buyer could afford that he could afford a million and a million is what I want, take it or leave it.  So.... The buyer buys another house on the Bay for $980,000.00. The seller waits for his next offer adamant about not dropping his price and all the agents knew that it was a million or nothing. The market starts to decline, interest rates rise... the seller sells his house almost two years after it hit the market for $800,000.00 and the horrible part of this tale was he had a heart attack and passed away before the closing.

So how do you avoid not making these mistakes?

Get your ego out of the way. What you sell your house for has nothing to do with what you want! It has to do with what a buyer is willing to pay and there is tons of information available to buyers today that will support your asking price or not support it. What Mr."C" did was comparable to putting $980,000.00 down on the craps table to make another $20,000.00. Tell me that makes any sense and yet sellers do it all the time!!!

Any thing brand new to the market draws the biggest crowd and the best price. No one likes a stale piece of bread... fresh bread will always get more money than stale bread. This is a fact my friends the first offer is almost always the best offer... Don't run from it, evaluate it and remember that agents are paid a percentage of your sales-price so for sure they want to sell your house for top dollar.

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• HOME STAGING IS NOT A SUBSTITUTE FOR PROPER PRICING
• IT'S A PRICE WAR AND A BEAUTY CONTEST
• THE WORST HOME SELLING MISTAKES
• HOME BUYING MADE EASIER

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