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Biggest Mistake a Seller Can Make

Mar - 22 | | No comments. | Blog, Karla Elcock, Pinawa Listings, pinawahomesfor sale, Pinawarealestate, Realtors, Residential, Uncategorized

Most people that are thinking of selling, have already done some market research of their own.

Some people really want the input of their Realtor® on how to price their home and some people already know what they want or need.  The best possible scenario is for the Realtor® and the Seller to come up with a similar sale price that is based on current sales of comparable properties.  The worst thing that a Seller can do is base their decision solely by what is currently on the market.  Sellers also need to know how long these houses have actually been on the market.

The only way to properly set your selling price is by knowing what similar homes have sold for in your neighborhood.

Your Realtor® can provide you with a list of what homes like yours have sold for recently.  Sometimes there is a big gap between what your neighbors house was listed for and what it actually sold for.  This is usually the case of a house being priced too high for too long.  Believe me, you NEVER want this to happen to you when you are trying to sell your property.  It could cause your house to go ‘stale’, people will wonder what’s wrong with it, you might receive a ‘low ball’ offer that will probably be lower than if the house was just priced at market value to begin with.  It happens often.

In a small community, sometimes finding comparable houses that have recently sold is tricky.  However we can usually find some pretty good matches.  Maybe you don’t have a garage, like the house down the street that just sold, but you have a sunroom, or more square footage than the sold house with a garage.  That’s when you base your decision on how long that particular house was on the market (hopefully not too long) and what the SOLD price was.  Remember, the price that you remember your neighbors house being listed at could be a lot different than what it actually sold for.  It’s the SOLD price you need to know.

Sellers should also remember that just because a house sells quickly doesn’t mean it was underpriced.  Had you listed it for a higher price, it may have sat on the market for a lengthy period of time and that is never good.  Remember, Realtors® work on a commission, it is of no benefit to anybody to under price a property.   You hire someone for their expertise, you want me to sell your house, for the highest price, in the least amount of time, with the least amount of hassle….Right?  That’s usually what will happen if a house is properly priced and THAT is the common goal.  Your Realtor® has done her job.

Here’s what can happen if your home is over priced.  Like all new listings, in the first two weeks you will get several showings.  A lot of sellers get really excited with that, and they start thinking about their moving plans.  Some sellers even start looking at houses themselves.  If your home is overpriced, you may get a low ball offer, or no offer at all.  This is a disappointing feeling.  After a lot of showings, your agent may come to you and suggest you lower the price.  This is also a disappointing feeling, and instantly makes you feel like you’re losing money before you’ve even started negotiating an offer.

Eventually your house has sat on the market too long, you start feeling like your neighbors are talking about you.  The showings have dwindled, you are getting frustrated with your Realtor®.

All in all, the best thing to do is be realistic about your price right from the beginning.  Occasionally a particular home that IS priced right takes a little longer to sell.  Maybe the location isn’t prime, or maybe there is a lot of work to do to the house and even though the price is good, you need to find that special buyer, who is looking for a fixer upper.  It’s not ALWAYS price, but when a house doesn’t sell after 10 or 12 showings, there’s a reason and MOST times it’s because the property is what I like to say ‘optimistically’ priced.

Top Reasons a Home Doesn’t Sell

OverpricingLimited Showing Availability – If you turn down showings, it will hurt your sale.

Unpleasant Odors like cigarette smoke, animals or just a damp closed in smell – We go nose blind in our own homes, so if possible get someone you trust to tell you the truth, to check that out for you.

Clutter  When you are selling, kitchens, bathrooms and bedrooms must be tidy and all  clutter and unnecessary items should be removed.

Unfinished Repairs –  If your home looks neglected even in the smallest ways it will be a turn off for buyers.  The goal is to have your house show in the best possible light.

For a FREE Market Evaluation with a breakdown of what properties like yours have SOLD for recently, call me.  I’ll be happy to do it.

 

 

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