Before I begin with my blog, I am excited to announce that I was recently recruited by one of the top real estate agents in Minnesota. After doing my research and finding more about his business, it was an easy decision to join up with Jim Slater and the Lakeshore Plus, Inc team. As the title explains, we focus on lakeshore properties in Prior Lake, Lakeville, Minnetonka and most other lake communities. The "Plus" side deals with mid to higher end homes including relocation, new construction and residential. Sorry to plug myself and the new team but I am extremely proud to be an integral part of Lakeshore Plus, Inc and what they stand for.
Ok....on to the blog topic: five home selling mistakes. Being a Realtor, I constantly educate my sellers on how to make their home selling endevour easier and quicker while bringing in top dollar. I am not going to lie, selling a home can be quite stressful and may challenge the homeowners' patience. That is why it is so important for homeowners to make wise, educated decisions along with clear guidance from their real estate agent. To the list!
#5: Waiting until spring to put the house on the market.
Sure, spring typically is the busiest time for home sales and any agent can attest to that. On the flip side, homes are being bought and sold ALL year. There may be less competition during "off peak" seasons that may distract buyers from the sellers' property. I recommend to sellers that when they are ready to sell, that is the best time no matter what season.
#4: Sabotage the showing
Please, please, please....sellers should not be home during a showing. There have been too many times where I was out with buyers when the homeowners were sitting on the couch waiting for us. The buyers did not want to even look at the home. The buyers used words like "creepy" and "imposing" to describe their experience with homeowners present during showing. Sellers need to go for a walk, grab a coffee, see a movie, etc. Do anything except be in the house!
#3: Not preparing the house for sale
Just to clarify, prepping a home for sale is not just getting it on the MLS or starting to pack up that cluttered bedroom. It is sooooo much more. Sellers should not put their home for sale if it is not 100% ready including any repairs, thorough cleaning and staging. Dirty, cluttered and needing repairs will bring in lower offers (if any) on the home.
I will take sellers to other homes for sale that are either in their own neighborhood or similar to their property. This provides sellers a better perspective on what they are competing against and what improvements that may be required to be competitive in the local market.
There is a saying that I truly enjoy quoting, "Keep up with the Joneses, don't outdo them." Improving homes to be par with the other homes in the neighborhood is a great idea. Over-improving to be the most expensive home in the neighborhood is a bad idea as the value will not be there. Minnesotans love to landscape but do not overdo it as sellers rarely get that improvement money back. Try to be a little better than par but overdoing it will be money poorly spent and not recouped at closing.
This is number one for a reason. Typically over-pricing is the main reason why a home does not sell or why it took months to a year to finally close. Today's buyers are fairly savvy with home prices and a good Realtor can sniff out an exaggerated price fairly easily. These serious buyers will dismiss the over-priced home and move on to the next property.
Pricing the home competitively in the beginning or even lower than the average home in the neighborhood should increase buyer traffic with hopes of multiple offers. Multiple offers usually lead to a higher selling price and an increased confident closing.
If you are considering selling your own home or have one coming on the market in the immediate future, take these five pitfalls to heart. Discuss your concerns with your real estate agent or contact me if you do not have an agent. The Lakeshore Plus team is here to help you get your house sold while assisting you with every step. Visit here for more information or click here for a free market snapshot sent directly to your email. Keep smilin'!