The 7 Most Common Mistakes Sellers Make

This was taken from an article written by M. Anthony Carr. I have updated and changed some of the information as it pertains to local real estate.

Mistake #1: Putting your home on the market before it is ready. Most times this happens because the seller gets impatient or procrastinates and has pushed themselves up against a moving deadline without getting the pre-sale work done. So it comes on the market with the horrible carpet (that gets replaced during the marketing of the home); or they are painting it while it goes on the market. Presentation is everything...so get the work done before marketing the property.

Mistake #2: Over improving the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stick out from among its competitors so much that it's an anomoly, instead of a nice addition to the community. Generally the cost of overdoing improvements will NEVER be recovered.

Mistake #3: Pricing the home based on what the seller wants to net. This pricing strategy always ends in failure. Sellers can control the "asking" price, but they don't control the "sales" price. The market does. A home is only worth what buyers are willing to pay for it!

Mistake #4: Hiring an agent based on non-business factors. Make sure you are hiring a professional with a proven track record. It might be nice to hand over your largest asset to your nephew who just got his real estate license, but make sure (at least) that he is being mentored by an experienced agent.

Mistake #5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face when putting their house on the market. Once you decide to sell your house, it's no longer a home, but a commodity, and priced as a commodity. It doesn't matter what you "want", only what the market can bear on pricing. People are going to come in to kick the tires, so to speak, and you can't get emotional about how they may or may not appreciate the nuances of your home of seven years.

Mistake #6: Trying to cover up problems, or not disclosing them. Let potential buyers know upfront what is wrong and you can (hopefully) avoid lengthy lawsuits later.

Mistake #7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties, not listening to the particulars of your local market, etc. If your local market is dictating lower home prices, then lower it early, not later...as it will cost you MUCH more in the long run. If the local market dictates selling your home first, then buying second, do it in that order (or vice versa).

Avoiding these mistakes is not that difficult. I am here to help you sell your home and I will do everything in my power to get your home sold quickly for the most amount of money. It is up to you to do your part!