You need to be savvy and not fall prey to the common mistakes that home sellers often make. Here are four to avoid.
1) Asking Too Much – The single best mistake folks make is setting their asking price too high. In a competitive market homeowners need to price conservatively or they risk turning off potential buyers.
How should you set the price? Gone are the days when you can expect to sell your home for more than your neighbor did last year. So rather than looking at how much homes in your area sold for six to 12 months ago, compare prices for similar properties currently on the market. If you see a listing for a house that’s just sitting unsold for a few months, chances are the owners are asking too much and you’ll want to set your price a bit lower. The average days on market for the Morgantown area is 90 days.
2) Questioning the First Offer – Too many sellers say no to their first offer, even if it’s close to or at full asking price. Holding out for more money is a strategy that rarely works.
The reality is that in any market a home’s first offer is often its best. Educated buyers will pounce on a property they like with a competitive bid as soon as it comes onto the market. And don’t forget that the longer a home sits unsold, the greater chance a seller will have to reduce the price to sell.
3) Not Responding to All Offers – What if you get an offer that’s simply too low?
Many homeowners will reject it outright. But it’s a mistake not to respond to all offers. Here’s why. First, you can’t blame someone for testing the market, after all in today’s market many buyers are confident that they will have the upper hand. Second, just entering into negotiations with one party gives you leverage with other potential buyers. Most importantly, it allows you to tell brokers that your property is in play and sends a message that if someone is interested they had better act quickly and present a competitive bid.
4) Picking the Wrong Buyers
Now more than ever, sellers need to select their buyers carefully. It’s critical to find a buyer who’s not only pre-qualified for the loan, but is willing to negotiate on time frame or other factors that are important to you.
If you have any questions, contact our team of Realtors.
Morgantown Office (304) 269-1533
Bridgeport Office (304) 933-3002