The market has improved and it’s a great time to sell. Sellers have the opportunity to sell quickly and for maximum value.
Unfortunately, this type of market also leaves sellers prone to certain critical mistakes that may prevent them from doing so. Here are a few mistakes that you should avoid if you are planning to sell a home.
Not staging a home
Making a home presentable is always important. It helps a home sell quicker and for more money. Sellers sometimes presume that when the market is hot, their home will sell regardless. Sure, it may sell, but a buyer’s perception of value will be effected by how the home is presented. It therefore always pays to spend time on
Pricing too high
When you hear about bidding wars and homes selling for over asking price, it’s easy to overinflate your home’s value. Homes selling for higher prices does not mean that you can price your home as high as you want and it will still sell. In any type of market, an overpriced listing will sit for longer periods of time, become stale and go through price reductions. Overpricing is particularly dangerous in a hot market as buyers will assume that something is seriously wrong with a property if it does not sell quickly.
Your best bet as a seller is to price your home according to the market and competition. Do not overprice! Consult with your listing agent on a reasonable asking price that will attract the most buyers. The more interested buyers you have, the more your home will sell for. It’s that simple.
Taking a hard negotiating stance
Sellers have more power in a seller’s market, but it’s important not to abuse that power. Buyers are more flexible because they are motivated to buy and know that inventory is limited right now. However, no buyer wants to feel like they are being taken advantage of.
Treating buyers fairly and courteously will go a long way in getting what you want as a seller. That approach will benefit you much more than treating a buyer like they are easily dropped for the next one in line. The truth is, switching from one buyer to another will waste time and energy… which costs you money. If possible, it’s always best to try and work things out with a current buyer versus starting all over with a new one.
Not listening to the advice of your agent
When buying or selling a home, there are always multiple sources of advice. From family members to friends, everyone has an opinion about everything. It’s important to keep in mind that although your friends and family may have your best interests at heart, they may have bought and sold in different communities, at different times, and under very different circumstances. No two real estate deals are the same. Although they may have had one or two recent real estate transactions, your agent has dealt with hundreds of transactions and works in the real estate market every single day. Additionally, his/her job is to protect your interests, help you obtain maximum value, and ensure that you are a happy customer who will refer future business. It is important to listen to the advice of your agent, and most importantly, listen to the reasoning behind that advice.
In summary, to get top dollar for your Colorado home in this market, take the time to stage and properly present your home for sale, avoid overpricing, don’t take a hard negotiating stance, and listen to the advice of your experienced real estate agent.
Suzanne Plewes is a broker associate at RE/MAX Alliance. Write to 750 W. Eisenhower Blvd., Loveland, CO 80537, call 970.290.0373 or e-mail [email protected].