All sellers want to get top dollar and close on their terms. Depending on what kind of market you are in, this can be much easier said than done. If you are in a buyers’ market you need to adjust your mindset and be willing to make some concessions. Even if you are in a sellers’ market it doesn’t mean you can shoot for the moon and wait for offers to come pouring in. Without generating initial buzz in the first ten days of the listing you may be in for a very difficult transaction. The longer a home sits on the market, the less attractive the property becomes. Instead of getting to that point you need to take actions to ensure your property gets the initial buzz you desire. Here are four things you need to avoid when listing your home.
Poor Presentation.First impressions are everything with a new listing. If you commit to listing your home, you need to take some time to consider the presentation. If the property is outdated, cluttered and sloppy you will quickly feel the impact. Buyers, and realtors, may view the property but there won’t be the volume of offers you anticipated. This doesn’t mean you need to gut the property and give it a complete facelift, but you need to consider the presentation. Sometimes, something as simple as emptying out a room gives it a completely different look and feel. Changing the wall plates or throwing a fresh coat of paint in the living room and hall is probably something you can do for less than a few hundred dollars. Your house doesn’t need top of the line fixtures and updates to attract buyers, but it can’t be a sloppy mess either.
Unrealistic Price.If you have a good number of showings, without any offers you can be confident there is something wrong with the presentation. If you have little, to no, showings it is an indicator that you may be overpriced. As we stated, most sellers have an inflated view of their property. They may have seen one comparable sale a few months ago and think their home is superior and base their opinion accordingly. Instead of listening to their real estate agent, they want to test the market and list at an outrageous number. What ultimately happens is that buyers, and realtors, won’t give the property the time of day. Instead of generating interest and creating a bidding war the property collects dust on the market. Eventually you will be forced to lower your price, but by that time many buyers will have moved on and you will have to start the process from scratch.
In Between Stages.To maximize sales price, you need to look at the property through a buyer’s eyes. Simply put, why would someone buy your home? Today’s buyers typically fall in two categories: they either want the house to be completely remodeled or are looking for a fixer upper. Having a property somewhere in between is a recipe for disaster. If your property needs work, you must consider doing it prior to listing. You don’t have to go crazy, but some updates are necessary. Without these updates you can expect buyers to come in with lowball offers. You will often make more money by spending money on the updates and recouping it on the sales price than by listing and hoping for the best.
Stubbornness. It is very rare in real estate negotiation to get everything you want. You can control negotiations, but even then, you will have to make some concessions. It is essential to listen to your real estate agent and heed their advice. If you must give a small credit or agree to a showing after hours, it is often for your benefit. If an offer comes with a slightly shorter, or longer, closing that you desire you need to keep an open mind. You can still win the negotiation without getting everything you want. Don’t let your stubbornness kill a profitable deal for you.
You only have a brief window to make an impact when your home hits the market. Make sure you avoid these four critical areas with your next property listing.