Darin and Christina Cunningham | Re/Max Elite
278 Franklin Road Suite 190 | Brentwood, TN 37027
Office: 615.661.4400 | Fax: 615.661.4115
Christina: 615.394.4168 | Darin: 615.456.4086

The 3 Biggest Home Seller Mistakes

There are some common reasons why some properties don’t get bought very quickly. Maybe the price doesn’t match what the buyers are willing to pay. Most buyers nowadays depend on the real estate agent to find them a home. You may fool homeowners, but you can’t fool the agents, especially when it comes to the price of the home.

Below are the common mistakes that home sellers make when trying to list their properties:

Not Keeping the Price Competitive

The biggest mistake a seller can make is to put a price on emotional attachment.  A seller is making things difficult for themselves if they do this because it’s not fair for the buyer. When this happens, the seller ends up with a bloated value for their property and it may be on the market for a long time. When a house stays on the market for a month or a month and a half, the seller may have to slash the asking price to make it more attractive to buyers. Typically, price change occurs at monthly intervals.

There are three elements that will determine the value of the property: a.) if the house is in a prime location; b.) the finishes, curb appeal and renovations; c.) and the price.

If you’ve got the first two covered, then it may be the price. Get the help of a real estate agent to come up with the perfect price for your property and get it off the market sooner rather than later.

Not Improving the Condition of the Property

Sometimes it’s not enough to just clean a home. Many people are looking for a move in ready property and they don’t want to mess with a lot of home repairs.

You might balk at the cost of repairs and refurbishing, but think of it as an investment. The amount you put in should add value to your home. For instance, if you invest $20,000 in your home repairs, it may yield returns of at least $30,000 to $40,000.

Pay closer attention to your kitchen because upgrades here should add at least 15-20% on the value to your home. A master bedroom with a bathroom may also add $10-15% to the value of the home. Other areas in your house with the biggest return on investment are a finished basement or attic, or the bathrooms.

In real estate terms, this is called staging your home. We encourage you to work with a realtor in this regard in order to get the right advice on how to stage your home and get the biggest value for the buck.

Wrong Marketing Strategy

You are competing against other homes that are for sale in your area. This is why you hire a real estate agent to give yourself a fighting chance of getting the most value out of your home. The real estate agent already has proven marketing strategies to sell a home. For instance, taking professional photos will drastically improve the likelihood of unloading your home as quickly as possible. There are other methods as well, such as a virtual tour, creative signs, a direct mail campaign, open houses, and advertising.

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