The 2 Big Seller Mistakes
Here are two biggest mistakes sellers can make:
1. Being unrealistic about value.
Too often what the seller believes their home is worth is not realistic. A reasonable price will be based on recent sales of comparable properties in the immediate area. Many sellers think there is no harm in starting high, but homeowners tend to get a lower price when they overprice a home at the onset and then drop it to get a sale. Plus, the longer a home lingers on a market, the more likely it will receive a deeper discount. For example, a brokerage in Virginia found that homes that stayed on the market four months sold for an average of 12% below the original list amount, while those sold within the first week on the market closed for an average of around 2% above the list price.
2. Not improving home presentation.
Homes where the owner fails to spruce up the interior and exterior often will linger on the market and could attract lower offers. At a minimum, home owners should fix any major aesthetic issues, conduct a thorough cleaning, reduce clutter, make sure the home is well-lit. And new paint and carpet are almost always worth it.