Home sellers always figure they know best, even when they don’t. They approach a transaction with overconfidence – they feel they know their home and that is all there is to know, which is enough to put them in control.
However, that’s an incorrect assumption.
Here are some glaring mistakes committed by sellers, which have the potential to wreck a deal.
Clean Up Before Selling
Most sellers put their home on sale without decking it up. When home buyers come across untidy curtains or stained floors or any other general mess, they get put off and lose interest in the home. Sellers must learn to package their home well before putting it up for sale.
Don’t Overdo it
Some sellers overdo their homes. The idea is to do up the home in such a way that it blends in with other homes in the community. However, some sellers go overboard and conjure up a home that looks out of place. This too puts off buyers.
Expecting The Moon
Many sellers expect the moon and therefore price their home higher than what the market commands. The market is the king and no home buyer or seller can ever beat the street. The lesson for every seller is to research the market and then price his home based on market reality.
Dealing With Relatives
Sellers want to work with an agent maybe because he’s their friend or relation. That’s a costly mistake. Sellers must hire an experienced and reputed real estate agent to help them sell their home.
After they decide to sell their home, sellers must not get emotionally involved with it. They feel it’s worth much more and it hurts them when a buyer criticizes something they love. They get carried away by their emotions and price the home at above-market rates. The lesson here is that sellers must treat their home like a commodity and get done with the deal based on market rates.
The real estate market is passing through a rough patch and some sellers are afraid that they may not be able to sell their homes. Such sellers lie about their homes and do not disclose problems. This is a mistake because non-disclosure of material facts can lead to costly lawsuits.
No Rush Sales
Many home sellers decide to sell their homes at the first sign of trouble. They do not take into account current mortgage terms, their finances, market conditions, etc. Such sellers repent after the sale. Therefore, it is wise to prepare and plan before selling your home.
These are the common “sins” committed by most home sellers. You should steer clear of these.
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Diane A. Metzler is a blogger and real estate agent from Minneapolis, MN.