For sellers, the process of putting a home on the market can sometimes feel complicated and tedious, even with the professional assistance of an agent. For every smooth-selling success story, there’s a haunting, harrowing tale to match.
Millions of Americans sell their homes every year, so there’s plenty of advice available, but the plethora of tips can be overwhelming and even contradictory at times. We know how that can feel, so we’ve compiled a few common selling mistakes that are easy to make, but just as easy to avoid.
1. Overpricing the Home
You heard it from us—the absolute biggest mistake you can make as a seller is to overprice your home. In fact, if your asking price is significantly over the home’s value, it will likely sit on the market for much, much longer than if you’d priced it more reasonably. And as the home’s days on market (DOM) increases, potential buyers will wonder why the home hasn’t sold, and will likely offer even less as a result.
Of course, to hit the sweet spot, you’ll need to know the market and demand in your area (and your agent will help). Many sellers intend to set their price high, expecting that buyers will make offers and they’ll ultimately settle somewhere in between. But know that this can backfire—in the end, it’s better to price too low than too high.
2. Listing Mistakes
The better your listing, the faster your home will sell. But many sellers make their biggest mistakes in this area.
To begin with, it’s important to understand that a listing likely represents your most important marketing opportunity. First, make sure that all of the information in your listing is accurate and thorough—don’t leave out important details, even if they might detract from the home’s value (the buyer will find out anyway, and would prefer to learn ahead of time).
Take quality photos that showcase your home and yard, uncluttered and with good natural lighting; as they say, a picture tells a thousands words, and this is especially true when it comes to selling a home. Mention the property’s most compelling details in your listing, but avoid gushing or writing in a stylized manner (trust us when we say that readers won’t find it as cute as you do).
3. Don’t Forget Condition and Curb Appeal
When it comes to home selling, the meaning of “condition” can be relative. For example, some homes are sold as-is, and you’ll need to consider the relative condition of other homes being sold in your area. With that in mind, ignoring your home’s condition can be a fatal mistake. Optimizing the condition may simply mean cleaning and cutting down on clutter, but could also involve having significant work done if the home needs it.
Finally, always consider curb appeal. A fresh, evenly mowed lawn and tip-top landscaping are essential—also, avoid having vehicles or objects in the driveway if at all possible.
For answers to your home selling questions and more, contact Phil Ganz at Fairway Mortgage Corporation today!