Top Home Seller Mistakes
Common Mistakes Made By Home Sellers
Not talking with their mortgage lender before listing the home.
Most mortgages will have early pay out penalties so make sure you talk with your mortgage lender beforehand. The penalties can be significant (tens of thousands of dollars in some cases). Talking with your mortgage lender early is not only courteous, but your lender may actually help you identify some low cost exit options for you.
Overpricing the home and expecting buyers will still be interested in it.
This is the most common mistake made by far. Very few sellers fully appreciate that their home is competing with 5-10 homes for the same buyer. Pricing your home so it actually sells for the best price possible is a balancing act. If you overprice, enjoy the peace and quiet, as buyers will by-pass you for the next best alternative.
Not knowing what to repair or renovate before listing the home for sale.
A lot of great questions are asked about what to fix/renovate before selling. Many sellers spend more than they’ll ever get back when making repairs or renovations – as realtors we see it all the time. Talk to a realtor (it doesn’t cost you anything) before you spend a bunch of money on potentially unnecessary renovations.
Not fixing what should be fixed before selling.
This ties into the previous point. There are some easy, no brainer things that every seller should fix that can enhance the price you get for your home.
Not appreciating the importance of preparing and staging their home.
Cleaning, decluttering and staging your home will help you get 5-10% more than if you did nothing. And you don’t need to spend gobs of money. Personal time and effort will go a long way – check out "Home Staging Tips" to keep it simple and cost effective.
Not turning off the security alarm prior to a scheduled viewing.
Security alarms should be turned off during viewings. They are a distraction and a royal pain to deal with for buyers and realtors. Make it easy for buyers to view and like your home when you are trying to sell it.
Leaving pets at home during a viewing.
Pets are another distraction for would be buyers. In fact, it can be real turn off. Best advice is to not have the pets at home during any viewing if possible.
Thinking they can sell the home themselves.
The reality is most people need help selling their homes because they don’t have the market knowledge, expertise or the know-how to get top dollar for their properties. The majority of people who try selling on their own end up using a realtor because they very quickly get in over their head – that’s just the reality.
Talking on social media about selling their home.
Anything you say on social media is public information. My advice is don’t say anything about selling your home or anything that can be used against you in negotiations, especially on social media platforms. There are realtors that use social media to get a negotiating advantage on sellers.
Not starting preparations for the sale of their home early enough.
A significant portion of the work with selling your home is in the preparation before it’s even listed on the market. Completing up front preparation will go a long ways to getting you the best price possible while minimizing your stress. Check out “Preparing to Sell Your Home” for all the key pointers.
Not hiring me.
You ought to have known this was coming. I’m half joking (shamelessly) and half serious. I work harder and smarter than most realtors to get you the most money for your home. If you are thinking of selling, don’t be afraid to ask for a free consultation with me first. I guarantee it’ll be worth your while.