After 25 years in real estate time and time again I see the same mistakes made by sellers that either prevent a seller from getting more for their home or killing a deal over a minimal cost.
Below are the 6 biggest mistakes sellers make when selling a home that we can all learn from.
The most difficult part of buying and selling a home is negotiating the Buyer’s Inspection Notice and Seller’s Response (BINSR). Often times I see a seller kill a deal over $500 to $1,000. Meanwhile, their mortgage payment is over $1,000 per month and they deal falls through and the cost of making mortgage payments is far more than the cost of doing a few repairs or giving the seller a credit towards repairs.
Understanding the BINSR process is very important. To learn more about the BINSR click here.
6 BIGGEST HOME SELLER MISTAKES
SHOWING AVAILABILTY
If you are going to list your home in the MLS the ease of being about to show your home is key. Yes having people come to look at your home is an inconvenience but for buyers to not be able to see a home for sale is a bigger inconvenience for a buyer.
If you truly want to get your home sold for fast and for top dollar make it easy for agents to show your home.
OVERPRICED HOME
Sellers often want to list their home way above what the comps support. This is the biggest mistake sellers make actually will end up netting them less on the sale of their home.
Know and understanding the comps and listening to your real estate agent is key when pricing a home.
Pricing a home correctly, in the market we are currently in at the time of this article, can actually get your more for your home than the list price or not having to do as many repairs because the buyer knows there are other buyers inline wanting to buy your home.
To learn how to get the most amount of money for your home click here.
CLUTTERED SPACE
Declutter your home before listing it. A cluttered home does not sell as fast or will bring top dollar.
Although a pain, take the time as a seller and declutter and clean your home prior to listing. It will make a huge difference.
UNWILLING TO NEGOTIATE
From a psychology standpoint, people, in this case, the buyer want to feel like they won in the negotiation process. Often times giving up just a little when it comes to the BINSR is a win for the buyer but a BIGGER win for the sell.
Don’t slip on the banana and key a deal over pennies. Please read and understand this: click here
UNPLEASANT ORDERS
As a seller, you get used to your home environment and may not realize you have an unpleasant order or orders in your home. Things like cat urine or cigarette smoke will turn buyers away by the dozens and prevent you from getting top dollar for your home.
If you are wanting to sell your home don’t be sensitive if someone gives you some advice about getting rid of or reducing unpleasant orders.
WON’T MAKE REPAIRS
This goes back to unwillingness to negotiate during the BINSR process. Killing a deal over the small things like not doing some repairs is not worth it. Make sure you understand the BINSR process and make a few repairs if need be to save the deal.
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