Oops! I Made a Mistake

When it comes to selling your house, “oops” won’t cut it.  Recently, I read an article on HGTV’s FrontDoor.com about the most common mistakes when trying to sell a home.  I’m not sure what kind of research they did, if any, but I thought the list was worth sharing.

1.  Waiting Until Spring to Sell – For some reason, people have it in their heads that Spring is the best time to put their home on the market.  Here are the numbers for pending homes sales in Lancaster County as compiled from the Keystone MLS over the last six months:  April – 481, May – 469, June – 485, July – 461, August – 483, September – 464.  Not a lot of difference here - is there?  Here is a short, un-scientific list of reasons why people move: getting married, getting divorced, job transfer, new addition to the family, death.  You will notice that none of these happen exclusively in the Spring.

2.  Not Reading the Paperwork - When it comes to the largest amount of money that most people will spend on any one thing in their lives, don’t let anybody tell you that “you don’t have to read it because it’s a standard real estate form.”  Sure there’s a lot of paperwork to read and comprehend but don’t you think the time invested is worth it?  Go over the fine print of the agreement with your real estate agent or attorney before signing anything to make sure you understand your responsibilities

3.  Trying to Go It Alone - Sure I’m a little biased – I’m a REALTOR®!  But there is more to selling your home than sticking a sign in the front yard.  If you’re thinking about going it alone, have you considered the proper disclosures that you’ll need to make; the knowledge and expertise it will require to fill out the paperwork; the time it will take to conduct showings; how to stage your home; or where to advertise to draw the most interest.

4.  Ignoring Lowball Offers – The very first thing you need to pack away when you put your home on the market is your ego.  In my opinion, egos are probably the number one deal killer out there.  If you get an offer (even a lowball offer), keep in mind that the potential buyer could have made an offer on any one of a number of homes but selected yours.  Your special!

5. Sabotaging the Showing – Trust me; it can only hurt if you’re present during showings.  Fido and Fluffy don’t help either.  Sure – you know your house better than anyone else but you’re meeting the Buyer for the first time and have no idea what their hot and cold buttons are.  Don’t try to guess.  Do they see your one acre lot as an outdoor paradise or a weekend maintenance black hole?  Do they view your gourmet kitchen with high-end appliances as a chef’s delight or a lot of wasted space and money because they eat out every night?  Get the point?

6. Housekeeping Issues – Have a smell?  Find the source and get rid of it.  Clothes on the floor?  Pick them up.  Dust accumulating on the end table?  Pull out a dust rag.  While none of these housekeeping items on their own may discourage a Buyer, if you combine all of them together, any Buyer will think twice about wanting to buy your home.

7.  Overimproving Your Home - Keep in mind that not all improvements may add value to your home.  In fact, some may just maintain its value.  Take adding a new roof for example.  If you just installed brand new shingles, don’t expect to recoup one additional nickel of your cost.  This improvement merely maintains the value of your home.  On the other hand, that new granite countertop that you’re thinking about installing in the kitchen MAY add SOME value.  The key question to ask is whether homes in your neighborhood have the same amenity.  If you live in a starter townhome, the answer is “No.”  If you live in a higher-end neighborhood where an item like this is coveted, the answer is “Probably.”

8.  Overpricing - This mistake probably deserves its own blog post because it is the number one reason why houses don’t sell.  Remember that little thing called “ego” that I mentioned a couple of sentences ago?  Park it at the door.  Your home should be priced in-line with homes in the area that are of similar age, style and size.  Don’t compare your house to Cousin Vinny’s -or- a house in New York that you saw on vacation -or- a house across town in another neighborhood.  Your house is only worth what someone is willing to pay for it.  Not what you think it should be.

Need more advice?  Contact me to assess your specific situation.

Related articles of interest:

• 7 Things Every Home Buyer Should Know – Part 1 (zillow.com)
• Why Use a REALTOR When Buying a Home? #Realestate (visionaryrealtynews.com)
• Sites that get your home ready to sell (news.cnet.com)