CHAPTER 10 Common Seller Mistakes
This chapter compiles mistakes that sellers frequently make in selling their home, whether working with a real estate agent or not. Many of these mistakes turn buyers off. Note the items here carefully, and learn from those who have gone before, so you don’t make these errors yourself. Save yourself time and money by avoiding these pitfalls.
GUESSING INSTEAD OF RESEARCHING YOUR PRICE
Nothing turns away prospective buyers faster than an overpriced home. Conversely, underpricing can result in you leaving thousands of dollars on the table, while signaling buyers that there must be something “wrong” with your home. Basing your home price on what the neighbors down the street listed their home for is not a reliable method of pricing your home for sale. Nor is taking price advice from well-meaning, but unskilled, friends and family members. The Comparative Market Analysis (CMA) is your best source for setting an asking price. If a home in your area sells for a lower price, don’t automatically assume yours is worth the same. Your home might have something to offer that the other one didn’t, or the other may have been inadequately or incorrectly marketed. Get a detailed CMA which compares your home to at least three or four recent sales. Study what the report says about features and differences between your home and the others. Use that information as a guide to ask questions when you get the advice of a real estate professional.
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