subject: The Most Common Errors Sellers Make When Trying To Sell Their Homes [print this page] Home owners trying to sell their property, especially in For Sale by Owner transactions, frequently make mistakes that negatively impact the final sale. While you might make a plethora of small errors that might hurt your sale, there are a few major offenses that can spell the difference between a home languishing on the market for extended periods of time and getting a great offer early on in the process.
A common problem noticed by realtors is that in these transactions, owners often price their property incorrectly. When selling your home, it is crucial to do a competitive market analysis of property recently sold and listed for sale houses within a one-mile radius. (NOTE: recent sales carry more weight with both lenders and appraisers, so pay attention to those numbers.) Some lenders will allow a wider radius for comp sales, but that is primarily for more rural properties. Pour over recent sales data to determine the main selling features and compare them to yours to see if you can justify a higher price. Conversely, avoid under-pricing relative to other property on the market - this practice signals a desperate seller or a home with potentially unseen defects.
Selling "as-is" or failing to replace old dirty paint and worn carpets is major error number 2. A new coat of paint is relatively inexpensive, and makes the interior look fresh; it is also important if you have used very bold colors throughout your rooms. While you may love your child's fire engine red room, a prospective buyer may not be able to see past the color. Be sure to make minor repairs and do-it-yourself fixes so that prospective buyers are not distracted or tempted to make a lower offer.
You've heard it before - curb appeal is critical to get a potential buyer out of the car and inside the house. An exterior in disrepair means more work for the new owner, but also signals neglect to potential buyers. Cleaning up the exterior could include gardening, painting the front door, or power washing the driveway. Even these small improvements could coax someone into your open house.
It may seem odd, but having numerous over-improvements -- for the area or market - can be just as troublesome as failing to fix up a property altogether. The less expensive homes on the block allows new owners to dream bit, and think of the space as a work in progress.
It's always a good idea to visit other properties for sale nearby. This might be one time when keeping up with your neighbors is a good idea. You should also de-clutter and live minimally while your home is for sale. New buyers want to envision themselves in your home, not feel like visitors. This means that having a clean, tidy and simple space is best during an open house or an inspection.
Finally, make the space available for buyers to visit. Be generous with incentives to close the deal - this is a tough economy and you have more competition for your sale than ever before. While saving that sales commission is always desired, if you are not available to show the property at any given time of day during any day of the week, perhaps a professional realtor is your best bet after all.
