If you are considering selling a property (as a home owner or even a Investor) here is a good article to review, to help you steer clear of these common mistakes. In my 26 plus years of being in the real estate market I can tell you these are factors are ones to keep in mind when you are thinking of selling – they can get that property sold quicker.
A recent ActiveRain Real Estate Network article “Biggest Home Seller Mistakes” from January 23, 2014 covers 10 fundamental points for the Home Seller, based on a recent survey done. Original Active Rain article here: http://activerain.com/seller-mistakes
Below is just one of these points, which I have seen all too many times and try and work closely with my clients to avoid any such scenario:
1. Overpriced Home
Nothing shocking here. This was far and away the most common mistake sellers make that prevent them from selling their home.
If you overprice your home there is a pretty good chance no one is going to want to buy it. Real estate agents do not set the real estate market. A great real estate agent will suggest a price at which to list your home based on comparable homes that have already sold in the market. Overpricing a home to ‘see if you can get someone to bite’ is not a strategy employed by someone really serious about selling. Overpricing a home will lead to missed opportunities with buyers that are serious about buying in the range at which your home should be listed.
The first week during which a home is listed will generally be the time that the most eyeballs are on the home and the largest potential pool of buyers will be exposed to the listing. Setting a price that reflects the market is essential to selling! This is exacerbated in a downward trending market. Many a seller has lost thousands, even tens of thousands of dollars chasing a market down after setting a listing price that was outside what the market was willing to bear.
Margaret Goss, a Broker with Baird & Warner on the North Side of Chicago gives you a few reasons that an agent will take your overpriced listing and then shares the repercussions of making the decision to price your home too high.
Selling a house is a lot of work but doesn’t have to be a “nightmare”. For example, if you have too few poor photos (messy spaces) on MLS or you are not available for house showings or to little showing times, the house messy or smelly when showing it, etc. none of these will help to sell the home quickly or for the price you want.
Best, Lynn
Owner/Realtor® – Flipper Chick
Owner is Co-Owner/ Realtor® and Flipper Chick of Sun Pacific Mortgage and Real Estate, family owned and run since 1988 in Northern CA. www.sunpacmortgage.com. BRE license #01464899/NMLS #360993