In a buyer’s market, sellers have little room for error when putting their home on the market or they risk having their property linger. Sellers should take caution to avoid the following common traps, according to a recent article at MSNBC.com.
- Overpricing the home. Home values have dropped considerably since its peak in 2006, but sellers still are often tempted to list a home based on what they paid for it. Eventually they realize their error and have to reduce their price, sometimes several times. In the past month, 23 percent of homes listed for sale on Zillow have reduced their price.
- Relying too much on just comps. Size up your competition currently on the market, not just the homes that have already sold. Evaluate homes with a listing price similar to yours to see how well yours stacks up against the competitions and how you can differentiate.
- Failing to take into account the home’s web appeal. Photos are key when marketing a home online. Be sure to include lots of high-resolution photos of the interior, including of the areas in a home that buyers most care about, such as kitchen, living spaces, and bathrooms, experts say.
- Hovering during showings. Sellers certainly shouldn’t be home for showings, but as a seller’s agent, either should you. Lurking sellers or seller agents may make buyers nervous. Other real estate agents often want privacy with their buyers so they can gather true feedback about the house.
Source: “Six Common Mistakes That Home Sellers Make,” MSNBC.com (April 11, 2011)