SEATTLE – April 13, 2011 – 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. Help sellers avoid the following common traps.
1. Overpricing the home. Home values dropped considerably since peaking in 2006, but sellers still want 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.
2. Relying too much on comps. Size up the competition currently on the market, not just the homes that have already sold. Evaluate homes with a listing price similar to the seller’s to see how well it stacks up against the competition – and how it can be differentiated.
3. Failing to take into account the home’s web appeal. A home that can’t sell itself on the web could have trouble selling itself in the real world, and photos are key. Include lots of high-resolution photos of the interior, including areas that home that buyers care about most, such as kitchens, living spaces and bathrooms.
4. Hovering during showings. Sellers shouldn’t be home for showings, but as a seller’s agent, neither 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)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
1. Overpricing the home. Home values dropped considerably since peaking in 2006, but sellers still want 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.
2. Relying too much on comps. Size up the competition currently on the market, not just the homes that have already sold. Evaluate homes with a listing price similar to the seller’s to see how well it stacks up against the competition – and how it can be differentiated.
3. Failing to take into account the home’s web appeal. A home that can’t sell itself on the web could have trouble selling itself in the real world, and photos are key. Include lots of high-resolution photos of the interior, including areas that home that buyers care about most, such as kitchens, living spaces and bathrooms.
4. Hovering during showings. Sellers shouldn’t be home for showings, but as a seller’s agent, neither 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)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
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