Are you making a massive pricing mistake as a seller?
As a real estate pro, we see sellers make the same mistake when it comes to selling their property. Hi, I'm Brendan Moran with Five Star Real Estate. Here are a few common mistakes sellers make when it comes to putting their homes on the market.
Overpricing
Number one, overpricing. Yeah, you guessed it, and this is an emotional problem because sellers always think their home is worth more than it is, and that's okay. They love it, they've lived in it. But here's the thing, if you overprice it, you have to chase the market down, which means you have to lower your price. Eventually, you're going to get lower offers. It's going to take more time to sell and missed opportunities.
Ignoring market conditions
Another is ignoring market conditions. Things change when you decide to sell your house. It may have been worth this, but now it's worth this, and that's just the reality. Your real estate agent can't fix that, and you need to be at least amenable to the fact that what it was might not be what it is.
Undermines competition
Another is not considering the competition. Buyers are looking at your house and they're looking at that house, and they're looking at the other house, and if they find a better deal or they think yours is overpriced, guess who they're not going to buy. Yes, it's true. You have to keep tabs on what's going on. Places that come up for sale after yours come up for sale, they matter and not factoring in necessary repairs. If your roof is shot, a buyer's going to come along and then they're going to have to figure out, well, I got to pay 40, $50,000 more after I buy this house to fix the roof. So if they think it's already overpriced, they're probably not going to make you an offer. Just the fact that it's too much money for them. The bottom line is when you're pricing your property, understand the competition, know what's going on today, and avoid costly mistakes.
