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Top 3 Mistakes Home Sellers Make

By Posted in - MN Real Estate on September 5th, 2010 0 Comments

If you are selling your home in the current housing market, whether it be in Minnesota or another state you need be as prepared as you  possibly can be to find success.   In selling over 1,000 homes in the past 10 years and nearly 100,000,000 in sales the past 24 months we have had the chance to witness what brings success and what does not.  We have carefully observed the sellers that came to us after poor results on their own, or with another firm and realized there were specific patterns we were seeing.   Following is a list of the most common mistakes we see sellers make in this market.

1.  Getting too emotional about their home and the current market.

The fact of the matter is if you need to sell in this market you need to realize its not a bed of roses out there.   Your most likely not going to get anywhere near what you would have 5 years ago which is hard to swallow for many.  Sellers also must realize buyers have the paranoid mind set when shopping for a home in today’s market.   They will be more critical of both the home itself and the price.   They will say things that are less than favorable even if the home is presented well and priced fairly.   As hard as it may seem you have to keep it simple.  Look at is a pure business transaction, selling an asset and nothing more.   Realize the value of that asset is whatever a current market will bear assuming you have someone exposing the home to the broader market.   Also realize that almost everyone selling is dealing with the same issues, fussy and paranoid buyers, as well as evaporating equity.   We are stuck with this market for a while and realizing that as a fact will allow you to see things more clearly.

2. Poor home preparation

Preparing a home for sale in today’s market is highly important.  To generate as much value as possible a home should be at its best.   This means going through the whole property inside and out and cleaning like you have never cleaned before.   You do not have to spend much money to prepare a home.   Even if the carpet is worn and there are some scratches in the hard wood, simply have a super clean home is going to make a big difference.  Paint if the home needs it.   Fresh paint can make a world of difference in the fell of a home.    Spray off the outside of the home and have the lawn maintained as much as possible.   In some markets you may be competing against a 1 year or more supply of inventory.  This means buyers have choices so don’t alienate them by having a dirty home.

3. Unrealistic goals

Have a realistic market time and price in mind.  This means you will have to talk to a professional realtor to get this information.   Markets are neighborhood specific and have changed since the end of the tax credit.   Therefore talking with a full time realtor that has tons of experience will help you navigate your specific market.  If you can’t handle the price and market time, don’t sell.   Putting a home on the market and not being realistic will only hurt you long term.  Having the home over priced will make sure you sit on the market longer than average and almost always get less than you would have had you priced well the first time.   Your realtor should discuss with you the relationship of price, condition, and proper marketing.   They make a big difference.   Understand that you cannot control the market but you can get your home sold at its highest potential price if you plan accordingly and hire the right sales team to help you execute that plan.

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