What are the biggest mistakes home sellers make when selling their homes? There are three, in particular, that you need to avoid.
The first is overpricing your home. If your home’s price doesn’t compare with the rest of the homes that are available in your neighborhood, people won’t even look at it, even though it might look identical to those other homes. Once in a while, you might get a lowball offer, but serious buyers typically don’t throw out lowball offers because, with all the information that’s available online, they’ll know what your home should be priced at.
In any case, you don’t want to wait for a lowball offer, because that buyer will be in the driver’s seat during negotiations. If you agree to their offer, they’ll know you have nobody else looking at the home, so they’ll start making more and more demands. What’s more, you’ll be so exhausted by the whole situation at that point that you’ll end up selling for much less than what you could’ve gotten.
To avoid overpricing your home, look at it through the eyes of a buyer. Look at all the comparable properties in your neighborhood and be objective. Remember, your home is only worth what a buyer will pay for it.
The second mistake is not countering an initial offer. Some buyers get emotional over an offer that they think is too low and then decide not to counter it. As I tell my clients, you should always make a counteroffer. Remember that your first offer will likely be your highest offer, and it’s not where you start—it’s where you end. Your agent will know what your home’s worth, so they’ll be able to advise you on what type of counteroffer to make.
Just because you want a certain price doesn’t mean you’re going to get it. If you’re dead-set on a specific number, it’s important to consider what that little bit of extra money is worth to you compared to the comfort of being done with your home sale.
The third mistake is restricting showing access to the public. If, for instance, you require a 24-hour notice to show your home, that makes your agent’s job a lot more difficult because buyers move quickly in our market. I recommend not putting any restrictions on your showings. If you get a showing request, you can always just decline it, and hopefully your agent will be able to reschedule with the prospective buyer.
As always, if you have any questions about this topic or you have any other real estate needs I can help you with, feel free to give me a call or shoot me an email. I’d love to speak with you.