After long years of dead open houses, price reductions and failed attempts to sell homes, several real estate markets are picking up these days. This could somehow be welcome news to people who have been forced to have their kids share a bedroom, suffer from long commutes from home to work, and those who just want to sell their homes. Though the sales activity is up, sellers still must be ready and aware of the things that are needed to be done to get a home sold. Although the market is getting better, these are still not the good old days. A lot of buyers are quite cautious and they don’t want to make a bad decision.
Here are five mistakes that sellers must definitely avoid.
Not Taking the First Buyer Seriously
About 90% of the time, the first buyer is actually the best buyer. Real estate agents all over the country will tell you that they are familiar with this kind of thing. In general, the potential buyer that makes the first offer is highly motivated and ready to do business with you. The first offer might be lower than what you expect, but this is what negotiations are for.
You can hold and not be too serious, hoping for a better offer, but many times properties sit on the market too long just because the seller did not want to settle with the first buyer. And three months later, the seller ends up taking an offer that is 5 percent less than the first offer.
Don’t be that kind of seller.
Offering Buyers Credits for Work You Do not want to Do
Are the back steps in dry rot? Are you aware of the leaky faucet and the few broken windows? Does the HVAC system act up from time to time? Then it’s time to invest money on the parts of the house that need to be repaired. Make your home problem-free as possible before listing it up on the market.
Buyers are quite busy too. They are too lazy to deal with any repair or maintenance after they close. What they will do is call out these faults. They would either lower the offer price or ask for credits after the property inspection. So, instead of offering credits against the purchase price, invest some money and get the work done beforehand. Your home will definitely sell faster.
Making Highly Personal Changes to your Home
Yes, adding some creative personal touches to a home can be quite amusing. However, if you’re planning to sell it, doing so is not recommended. Recently, a seller of a new construction home located in San Francisco would want a shiny sealant to the concrete garage flood. Why? For some reason, he wanted a clean garage floor and assumed the buyer would want that too. However, his real estate agent advised not to do so, and the money would be better spent on other things.
So, it is best to think carefully about home improvements before selling.
This is one of the major faults that homeowners often do, mostly because their home has a sentimental value or any other reason they can think of. But when you price your home too high, you will not be fooling anyone. Informed buyers are aware of the comps in your neighborhood. And if they don’t know that, their agent definitely does. If the asking price is way too high, your home can sit in the market for a long period of time. The longer it stays there, the staler it becomes.