Are you trying to sell a home, but no one is buying? Maybe one of these 4 dumb mistakes is costing you time and money. The real estate landscape is complex and there are many factors at play. Interest rates, housing demand, and local economies all play a role. Those things are completely out of your control. But some things are within your control – so let’s do what we can no to avoid 4 huge real estate mistakes that could cause your home not to sell. After all, real estate mistakes can be very costly. Don’t let one of these dumb mistakes cost you.
Avoid These 4 Real Estate Mistakes When you Sell a Home
1. Setting a List Price Based on Feelings Rather Than Data
“Oftentimes people who’ve lived in their house for a long time believe the property is worth more than what the market is dictating – and insist on listing it at above fair market value,” says Carmen Bauman of Green Grass Real Estate. “When sellers are too emotionally attached to the home, it inhibits their ability to sell it.”
Everyone has been tempted to make this real estate mistake. We overestimate the value of the things we own, but the market will speak (or remain silent, which speaks volumes). If your home has received less attention than you expected, few showings or attendees to your open house, chances are it is priced too high.
That’s bad news, but this is even worse news: the longer it lingers on the market, the less desirable it becomes. Many buyers assume that a home that has been on the market longer than others in the area must have some problem. Otherwise someone would have bought it by now, right?
How do you know if you have over-priced your house? Here are three big hints:
- You’ve gotten few or no showings
- No one comes to the open houses
- An experienced Realtor recommended a lower list price based on recent comps, but you insisted on starting at a higher list price
What’s the solution? Remove your ego, feelings, sentiment, and wishful thinking from the equation. Do you want to sell a home or just have a home for sale? Research what comparable homes have sold for in recent months. Craft a pricing strategy that reflects the local market demand for your type of home. If you need help with this, enlist the service of an experienced Realtor or hire a professional home appraiser to give you an accurate assessment of the real market value of your home.
2. Keeping All Your Stuff in the House
Everyone talks about decluttering, but let’s just call it “packing up to move”. After all, that is the goal, isn’t it? Don’t empty the house yet, but start by removing everything that is personal, political, religious, or otherwise expresses a strong opinion or might isolate your buyer. Leave empty space in rooms and on walls and countertops, it’s OK. You want to leave enough furniture in the home to spark your buyer’s imagination, but not so much that they lose focus on the features of the house.
3. Using Lackluster Photos
The vast majority of buyers start their home search online, looking at pictures of houses. If your photography isn’t eye-catching, maybe buyers never bothered to stop to check out how great your home for sale really is. When you sell a home, you should create a great first impression.
“With the advent of the Internet, a purchaser’s first impression of the home is gathered from their computer screen,” says Bauman, quoted earlier. Believe me, home buyers and their real estate agents are scrolling through picture after picture. How do you avoid this real estate mistake and make your home stand out from the crowd? Use a professional real estate photographer. They have the skills and equipment to present your home at its best.
If your home is on the market with anything less than professional photography… As Roh Habibi of “Million Dollar Listing San Francisco” says: “Always use a professional real estate photographer, because that is the big draw to lure in the buyers to come and physically view the home. I cannot tell you how many times we’ve seen cellphone photos on marketing materials – a huge disservice to any seller!”
4. Assuming That Everything Listed Will Sell
You might think that it is easy to sell a home for top dollar in a quick time frame. It’s not as simple as that. It’s no secret that Middle Tennessee is one of the hottest real estate markets in the nation. The housing market in Nashville, Murfreesboro, Franklin, and surrounding areas is very favorable to sellers. However, it takes more to sell any home than just putting up a listing on the MLS and planting a sign in the yard, waiting for buyers to flock in.
To get the best price you need to find the right buyer in the best circumstances. To do that within your time frame means finding that buyer as quickly as possible. That’s where using the services of a Realtor really brings value – because reaching buyers through marketing campaigns, word of mouth, fliers, signs, and online promotion is key to you getting sold at the best price and within your time frame.
Don’t work against your own best interests. If you really want to sell your home, don’t let these real estate mistakes prevent that from happening or needlessly prolong the process. If your home isn’t getting the attention that you expected, it’s not too late to adjust course. If you haven’t listed yet, take the advice in this article to heart while preparing to sell your home. When all is said and done, you’ll be glad you did.
Adapted from “7 Dumb Reasons People Can’t Sell a Home” realtor.com.
If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your neighborhood and your price range.
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Aaron Lovett is a full-service Realtor in Smyrna, TN. His service area includes Smyrna, Murfreesboro, Nolensville, Christiana, all of Rutherford county and surrounding areas, including Franklin and Williamson county, as well as Nashville and Davidson county. He cares for the needs of sellers, buyers, and investors. Aaron is a long-time resident of the area. He takes pride in helping home buyers and sellers reach their real estate goals.