RISMedia recently reported a few of the top mistakes that home and condo sellers make when trying to sell their property. Here are a few mentioned in the article:
Overpricing is the number one mistake home sellers said they made when listing their homes, according to a new national e-mail survey conducted by HouseHunt, Inc. The margin was nearly three-to-one over the second choice.
Survey respondents said their next biggest mistake was “dealing with the same real estate agent who represented the buyer,” thereby setting up a possible conflict of interest and possibly a perception that the buyer was getting a better deal.
Third biggest mistake was “failure to disclose known defects or problems.” Virtually tied for fourth place were: “under pricing their properties” and “not utilizing Internet technology to market their properties.”
Seller expectations have exceeded market realities since the real estate market slowed down late last year. When the market slows, prices tend to become more negotiable in the buyer's favor, as there are typically less offers to choose from. Pricing your home right for the current market will help it to achieve more offers and more activity. Now is a great time to buy, but it is a tough time to sell.
Staging your home or condo to sell will also help it get more activity, so make sure it has the best curb appeal possible and be sure to paint the baseboards and do any necessary touch ups before listing it. These will go a long way when showing your home to potential buyers.
Selling is different now than in recent years, so be sure to use the new formula for a new market when selling your home or condo. If you want to avoid mistakes selling your home or condo, contact a good agent who can help you.
Article comments
1 - Mr. Real Estate
Looking for tips on selling your home or condo? Share with us some of your experiences and get answers right here, from Blogcritics' very own resident housing expert, yours truly.
-John Mudd
"Mr. Real Estate"
2 - Elvira Black
Hey John:
I read your post avidly, since I am getting ready to sell my downtown Manhattan coop (I think you know this already from one of my posts--lol). I plan to have the place professionally cleaned, painted, floors redone if possible, as little furniture as possible left when it's time to show, etc.
What really puzzles me is when I look in the NY Times real estate section and see ads for coops with, maybe, 3 photos of the property if you're lucky. And then there's the property owners who provide photos of their (usually ugly) fully furnished places. I guess sometimes you have no choice, but all I can say is that if I were buying, I would much rather see the place as empty as possible. I realize it's not always feasible, but if you're getting ready to sell, can't you get rid of some of the crap so the place doesn't look so claustrophobic?
Now that I have my trusty digital camera, I plan to take multiple pix and provide them to the agent so they can include them all on their website, if they'll let me.
I'm going with an agent who'll handle the selling and buying, which I think is ok in this case. They live in the complex, know it inside and out, and can also handle the closing since the main guy is an attorney. Maybe I'm wrong about this, but I think it will be the quickest and most painless way to go. I think they also deal in open listings, which if I understand means other agents have a crack at it...not really sure. What do you say?
3 - Mr. Real Estate
Hi Elvira,
It sounds like you're moving in the right direction. Staging is always a good thing, as is removing all the clutter.
See if Curbed will post your photos - send them a link to your Blogcritics post about you selling, too. They might give you a nice write up. Any write up is good.
I would never do an open listing agreement. In an open listing you pay the person who procures the buyer, from my experience, and that means that the listing broker may not be able to represent you, because if another broker finds the listing in MLS and brings the buyer, you get to do all the work yourself without representation, and the other broker's buyer may have an advantage over you because their broker represents them. I always advise using the exclusive right of sale listing agreement with a reputable brokerage firm. If you go with someone who lives in your community, that's fine, but be sure to get representation from that broker. From my experience, only exclusive right of sale agreements offer that to sellers, however, I am not a real estate attorney, so if you have questions about what form of listing agreement best benefits you, please contact a local New York real estate attorney. Selling a home with representation is hard. Selling one without it and without a broker marketing it for you is even harder, especially in a slower market.
Take care and best of luck to you selling your coop!
-John Mudd
"Mr. Real Estate"
4 - Elvira Black
Hey John, thanks for the tips! I will double check with the broker, because I'm pretty sure he will be able to handle everything directly, start to finish, but it certainly pays to ask questions and be certain of what will transpire upfront.
5 - Mr. Real Estate
All brokers can handle everything, unless they're a limited service broker, it's just a matter of what terms you and the broker agree to in your agreement with him. Glad I could help! Take care and best of luck to you in selling your coop!
For free advice, post your question or concern about selling your home or condo below. I am happy to help if I can.
-John Mudd
"Mr. Real Estate"
6 - Jim Patterson
Thanks for the tips!
7 - Mr. Real Estate
Glad I could help!
-John Mudd
"Mr. Real Estate"