When it comes time to sell your home, you may have many emotions. You may be sad to leave, have many memories, or wish you could have fixed something; the list goes on and on. Unfortunately, these feelings have no place in a real estate transaction, and strong emotional ties can actually hurt your chances of selling your home at a fair price. Here are 4 common mistakes that seller’s make:
- Setting your asking price too high. While you may have put your time and love into making your property a very special place to live, those efforts may not translate as well to prospective buyers. They are comparing your house to others. Your real estate agent can help you stay objective about your home by helping you to set the right price.
- Telling your agent that you want to test the market with a higher price. Your agent knows what the market will bear and should clearly explain that to you in a CMA (Comparative Market Analysis). Showings generally follow the old 80/20 rule. 80% of people interested will see the property within a month of it being listed. If your is too high at that time, you literally miss the market. Testing the market often leads to following the market down.
- Retaining too much personal décor inside the home. While family pictures and personal belongings may make your home seem more cozy and comfortable, it can actually prevent a prospective buyer from imagining themselves living there. You actually stand a better chance of selling your home if you start packing early and put most of your possessions in storage during the selling period. Get rid of anything that anyone might think is clutter! Your agent should be aggressive about telling you to pack it up.
- Let your emotional bond get in the way at the bargaining table. Let your agent do the negotiations for you. If you seem too unreasonable or emotional in the eyes of prospective buyers, they may simply walk away from the deal thinking that you are too much trouble. Your agent knows how to represent your best interests and get the most amount of money for your home.
Remember…the way to sell your home is to make a buyer think it belongs to them.
I have 2 great videos to help perspective home owners. “Preparing Your Home To Sell” and “Pricing Your Home to Sell” that very concisely define what you need to know. Along with an extensive CMA, I provide a FREE home assessment that prioritizes the steps you need to take to get ready to sell.