Avoid these Top 4 Home Seller Mistakes to Sell and Get More
What you don't know can cost you plenty, especially when it
involves the sale of houses in Gwinnett County, GA. Many of us go follow an established routine
when shopping at the supermarket, so there’s a process and routine in place
based on our family or personal preferences, history, and product availability
among the local stores. For many,
however, the sale of real estate occurs only once or twice over several years
and that creates an opportunity for mistakes to occur, even among the savviest and most successful of business professionals.
It is one of the reasons why this list describes four of the top
home seller mistakes that some have made over the years that have kept them from
getting more on the sale of their homes.
It’s a short read, but it is based on real-life experiences among
several Metro Atlanta Home Sellers that ultimately became clients or parties to
a buyer client’s transaction. Either
way, it should offer insights into ways to manage the sales process so that
Metro Atlanta Home Sellers and others can, indeed, sell fast and get more.
Pricing higher to allow for price improvements
Overpricing one’s home often costs homeowners more than
pricing it right to begin with in the long run because doing so usually leads
to lengthy times on the market, frequent price reductions, and missed opportunities.
Real estate listings typically get the greatest exposure within the first 30
days of market entry, appearing at the top of popular results pages, and on the
"new listings" page of websites and other platforms. Today's homebuyers, many of them fairly price
savvy, can often identify an over-priced property, pass on seeing it and some
even give unflattering feedback. This came
to light on social media recently when a Buford, GA homeowner attempting to
sell her property by owner promoted it at a price that group members believed
was far above other similar properties that had recently sold nearby. The comments, most of them negative and
otherwise rather rude, reached 45 before the post was eventually removed. Whether selling by owner or through GA MLS,
homes priced right from the start will attract more of the right buyers,
quickly lead to a sale and allow the sellers to move on to their next chapter.
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Making more through a for sale by owner
The appeal of selling one’s home without the assistance of a
real estate broker is understandable, particularly in a seller's market. But aside from the fact that FSBO homes
usually sell for around 26% less on average than those sold by agents, the
recent increase in interest rates has raised the bar higher for those still
looking to own a home and temporarily placed home ownership out of reach for
many others. Do you really want to invest
the amount of time, risk, and ultimately, the frustration that is sure to come
into attracting the right buyers, showing the property to unqualified lookers,
finding an attorney, completing the paperwork, managing security, and everything
else that is involved in a one-time event that will surely lead to a financial
loss on what may be your single-largest asset?
Hire a professional real estate agent to manage this process at a rate
that is much less than 26% of your hard-earned property value and ensure that
the sale is final, that all is buttoned up, and that post-sale issues are averted.
Selling as-is to avoid fixing anything
The strongest home buyers, now with more leverage, have
again begun looking for move-in ready homes and are willing to subtract
exorbitant amounts from their offers to address the expected costs of potential
repairs. Some of them do so because the
little repairs left unchecked raise concerns and uneasiness about the
likelihood of higher-priced work and latent defects left undisclosed. Here's how to save time, frustration, and
money in the area of property condition:
- Make the needed repairs yourself
- Fully disclose any known existing property issues
- Consider property conditions when pricing the property.
Getting a 100% return on the investment in improvements
Though not necessarily monetary, some would argue that
owners get the expected return on their investments in property improvements
through the enjoyment of use by having made them. Regretfully, the additional woodwork, choice
of flooring, "different" wall color, or any number of changes may not
align with the tastes of an otherwise interested buyer. And an over-improved
property in a competitive market like Metro Atlanta may not bear up to the
recently sold comparable homes nearby, leaving owners upside-down on those
investments. Consistent with the
previous point about repairs, either bring the property in line with potential
buyer expectations (yes, re-paint, remove the dancing pole and make other changes)
or commit to flexibility on price.
Granted, this list is not exhaustive as Metro Atlanta Home
Sellers and others make a wide range of mistakes when selling their
properties. Home sellers can get my $3
E-Book on Amazon, "Home Inspection Tips for D-I-Yers" to conduct
their own topline home inspections based on a review of several other
inspection reports captured over the years.
But I also welcome the opportunity to meet with those who are
considering a sale of residential real estate in Gwinnett County and Metro
Atlanta. At our meeting, we will discuss
the suggested list price based on the property’s condition and the recent sales
of other similar ones nearby so that owners can make informed, fact-based
decisions, all without any assumptions that I'll be trusted with listing the
property for sale. If this is of
interest, please call me today.
