How to Avoid the Ten Most Common Mistakes Made by Home Sellers
By Brett Knowles
Selling a home can often be a tedious task, sometimes frustrating. Perhaps it is because one mistake could not only jeopardize a sale but could mean the loss of hundreds or thousands of dollars. Many homeowners make the same mistakes, no matter how many times they have been through the process. What most people do not understand is there is an easy way to avoid the most common mistakes in selling their home. By understanding these mistakes, home sellers can protect themselves from disaster and earn a greater chance in producing a profit.
According to Wilmington Real Estate Specialist, Brett Knowles, of Coldwell Banker Sea Coast Advantage, these are the top ten mistakes committed by home sellers:
1. Doing It Yourself- Many homeowners who try to sell their homes themselves do so to try to save money. They feel as if they can avoid paying a real estate commission, they will earn more money from the sale of their home. Selling a home involves a tremendous amount of time. Most homeowners find the real cost is the effort and time they spend in selling their homes themselves. Even worse, they end up spending more money repairing a costly mistake that could have been aided with the right guidance. As a homeowner, make sure you know all the pros and cons of selling your home yourself.
2. Selecting the Wrong Realtor- Many people often pick a friend or relative to serve as their agent. They should be choosing an agent with a proven track record. An agent that has experience with different situations will know what to do and what not to do. Great real estate agents have many contacts and will know how to market in your area.
3. Telling Your Agent How to Do His or Her Job- If you have chosen the right real estate agent, then they know how to do their job. Instead of listening to the advice of the professional, many home sellers try to tell their agent why their home isn’t selling. Successful real estate are successful because they help and protect the best interests of the people they serve. When selecting real estate agent, chose someone you know and trust. It will help make your home sale as profitable as possible.
4. Bad Pricing Strategies- Sometimes homes will stay on the market for an extended amount of time because the home is priced too high. On the other side, homes may sell quickly but the sellers may have been cheated out of their full profit because the home was priced too low. Sellers need to understand what is happening in the local real estate market and evaluate the value of their home based on facts, not instinct or hearsay. Your agent has to do his/her job and tell you something that’s in your best interest, and you will have to be willing to learn.
5. “My Home is the Nicest in the Neighborhood” Syndrome- Devotion is wonderful, but blindness to your home’s flaws and cosmetic problems can make you overvalue your home, hurting its chances on the market.
6. Panic Selling- Be aware that there are right techniques in selling your home quickly, without looking desperate and making your home a target for low-ball bidding. By working with the right real estate agent, they will know all the ins and outs of selling before you put your home on the market. This prevents you from settling for the first offer that comes along and makes sure you don’t wind up backed against the wall.
7. Letting Emotions Rule- Look at the big picture. Don’t get caught up and ruin a sale over a couple thousand dollars that won’t mean anything to you in a couple years.
8. Failure to Disclose Property Flaws- Today, sellers are required to comply with property disclosure laws. Often it’s not just what you know about what’s wrong with your home, but what you don’t know that can hurt you. You should understand what the laws are for your area and where to find qualified inspectors you need to help you meet those requirements. If you risk covering up flaws or ignoring disclosure laws, you not only risk the sale of your home, you risk finding yourself in court.
9. Unwillingness to Make Cosmetic Improvements- First impressions last a lifetime. Spending $1500 to lay down new carpet or repaint a bedroom could make you $5000 at closing. Ask your real estate agent for a list of things that would make your home more desirable and explain are the most important things buyers look for in a home.
10. Limiting The Home’s Accessibility- Buyers want to view a home when they want to view it. If your house is not available, there is always one that is. Be available and be flexible.
These mistakes are the cancer and heart disease of the home selling business, killing many thousands of sales every year. What’s more, they are easy to make, and sometimes you don’t know you’ve made them until it’s too late. That’s why you shouldn’t even think about selling until you’ve read and understand How to Avoid the Ten Most Common Mistakes Made by Home Sellers. 
Serving the Real Estate needs of Coastal Southeastern NC since 1995