5 Mistakes to Avoid When Selling Your Home

1. Spend big money later if needed, Do the things that take effort first

You can always buy new appliances, get new windows or a new roof, but why not wait and see if your one buyer actually requires it, or will negotiate for it.  Don’t go out and buy a new oven for your buyer since they may prefer a different one or something else to be done instead.  Why not ask them to offer more to get the exact things you now know they want.  With that said, don’t ignore putting in the low-cost updates, like a new light fixture and steam cleaning your carpets. These things improve the look of your home drastically. Simply do the work that requires a little elbow grease or is low-cost. I often tell my clients that doing these types of “effort things”, before listing and showing, can make you money. Your property should look as good as it can, but not brand-new.

2. The $99,999 Rule

Your house is not a gas station, so don’t price it like one. Sellers think that they are fooling the buyers by listing their home for, let’s say, $199,900 instead of $200,000, but all they are doing is hurting themselves. I know 199,900 sounds softer than $200,000, but you want the people searching from $200k-$300k to see your home also.

3. Open House Once Listed

A new property generates the most buzz when it is first listed, which is why as soon as you list your property, you should have an open house scheduled.  Open houses put all of your buyers in one place, at one time, and makes buyers see that others are looking at the property which, in turn, creates competition on your listing. It lets buyers know that their offer may not be the only one, as others may be interested.

4. First Impression is Key, Don’t Rush to Market

It is okay to wait a few days, or even an extra week to make your property look the best it can before showing it to buyers. Selling a property can be one of the biggest transactions in your life, so do not feel pressured to put your listing out there as soon as you possibly can. The hot market will not go away when you wait an extra week to show your house. Instead, take advantage of the first wave of people who are seeing your home at its best.

5. An Accepted Offer Right Away is Not Always the Best One

An immediately accepted offer can mean that you undervalued your property and you are leaving money on the table. Unless you are in  an urgent situation, being on the market a little bit longer can get you more for your property. There have been times when my sellers decide not to review offers until their house is on the market for three days or after the first open house. This can result in multiple offers, where you can ask buyers to give their highest and best by your deadline.

 

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