Three Mistakes Sellers Make and How to Avoid Them

Three Mistakes Home Sellers Make and How to Avoid Them

In Blog, Selling a Home by Erika Wiggins

Selling a home quickly and for the best price isn’t a matter of luck, it’s strategy. Too often, I’ve heard of sellers making three common mistakes. I understand why they crop up so often, but the bottom line is, they cost time and money. A house that lingers on the market grows “stale” and statically averages a lower price.

Three Mistakes That Cost Time and Money

Incorrect Estimate of Value – Often this is too high because seller’s often have a strong attachment to their home, and know all of the work and money they have put into it over the years. However, I have also seen people under-estimate the value, another expensive mistake.

Pricing Too High – Sellers often think they can price high and “consider offers.” It doesn’t work that way. To get offers, people have to see the home first, but a high price will discourage showings and reasonable offers.

Not Preparing – A home prepared for sale is different than one that’s lived in. Neglected maintenance and cleaning devalues a home in the mind of a buyer. It might not be logical that a messy house is worth less than a clean one, but trust me, the proof is in the numbers.

Now that you know the pitfalls, here are a few things you can do to help your home sell quick so that you can get on with life.

Three Tips for Success

Correctly Estimate Your Property’s Value – It will help if you are well informed about the selling prices of other homes in your area, but it is also important to know how those homes compare to yours. A Realtor who specializes in Salt Lake City and surrounding areas can show you data on recent sales of similar homes of similar age, square footage, and upgrades. Also drop into a few open houses to get a comparative glimpse. Visit model homes in the area to get an idea what you’re up against in the new home sector.

If you’ve made upgrades to your home that is great, but depending on what the upgrades were you may or may not make the money back from them. Most upgrades are either for home maintenance purposes or for a homeowner’s own enjoyment. Yet there are some upgrades that help to modernize a house which will often help it to sell faster. For a better idea of how much value your upgrades contribute, see my post, “The Best and Worst Remodelling Projects for Salt Lake City Homes.”

Price it Right – It will be important to not overprice your home if want to sell your home quickly. It’s tempting to price it high in an effort to gain back what you’ve spent on it, but if you list it out of the ballpark, you may risk not even getting into the selling game. You won’t want your house to be the last one on the street to sell because it’s been overpriced.

A reasonable asking price will entice the right buyers to have a look, and may even encourage a bidding war which is the best-case scenario. A good Realtor can help you find that sweet spot where speed and price are both favourable.

Address its Appearance – No one really likes tearing down and packing up, but if you really intend to move, you’ll have to start sorting and packing eventually. Excess items cluttering your home will detract from it, so remove as many items as you can to give it a spacious feel.

Show off your home’s best features. You don’t necessarily need to replace countertops and flooring, but every corner should be neat and clean. Also consider adding accent lights to any dim corners.

Take a note from the mistakes other sellers have made and ensure you don’t do the same. Instead, start off right with these basic guidelines and you should be on your way to having a calm and happy sale.

Would you like to know the “sweet spot” price for your home? Call me now for a free consultation or use this handy contact form.

Three Mistakes Sellers Make and How to Avoid Them