Mistakes Sellers make : Rooftop Views

Rooftop Views

Mistakes Sellers make

The market has changed. It is definitely a Buyer's market in almost all parts of the country. Problem is, some Seller's are still thinking the market is the same as it was a year ago. Here are the major mistakes we think most Seller's make - and most of them have to do with pricing.

1. Basing the price on the original price of the home plus improvements or replacement cost. Unfortunately, the market doesn't really care what you paid for the home or the cost of improvements. The market cares about what comparable homes are selling for.

2. Hiring a Realtor based on what they recommend as the listing price rather than their experience. In the trade we call this "buying a listing". It rarely works out well for either party.

3. Failure to make minor repairs and touch ups. With all the competition, the house that looks the nicest will sell the quickest.

4. Offering some sort of carpet or decorating allowance rather than doing the work before listing. The usual excuse is "I don't know what the Buyer will want." Truth is, the Buyer won't want your property at all unless it's clean and shiny. Put in neutral carpeting and paint the red walls. You'll be glad you did.

5. Pricing a home too high and asking Buyers to make an offer. If the home is priced incorrectly, most Buyers will either choose not to see it or choose not to make an offer. Price it correctly to begin with and it will sell quickly rather than sitting on the market.

6. Listening to Uncle Joe about where to price the home. You've hired an experienced Realtor. She has presented you with a detailed market comparison showing what she thinks the house will sell for. If you don't trust the Realtor enough to price your home right, find another Realtor.