Late Spring through Late Summer is the peak season for buying and selling real estate in any market. The timing is right for most folks to make a move during this time of the year. As a result, Ive had numerous opportunities over the past few months to speak with homeowners about the process of selling their home. Most of the time its an education process for everyone involved, especially if the owners have not bought or sold a house in the recent past.
I'm going to write a five part Blog about Five of the Biggest Mistakes and I encounter when working with owners who are interested in selling their home and how to avoid them.
Mistake #1: Let's Test the Market
Plain and simple, 2009 is no longer 2006 or 2007. The pool of ready, able and qualified buyers actively buying has dwindled. Though there has been a steady influx of first time buyers taking advantage of the $8000 Home Buyer Tax Credit recently, the sales activity in all price ranges is not nearly what it was a couple of years ago.
For sellers this means a number of things but most importantly it means that if the house isn't priced to sell, the owners are in for a long and bumpy ride. If a house is not priced appropriately for the current market, its simply a listing - a house that will sit on the market for months destined for numerous price reductions. That is if the house is to sell at all. The current market is full of "Listings." There are the large number of houses that are for sale but are not priced To Sell. Most often the owners are playing the game of "Test the Market." Ironically, an overpriced listing will usually end up selling for less than it could have sold for initially had it been priced at market value in the first place.
On the flip side, those who are committed to the process of doing whatever it takes to sell a home are more aptly "Sellers." Sellers listen to the advice and recommendations that they are given. Sellers are willing to take an active role in helping to sell their house. Sellers are willing to make the sacrifice to make sure the house is staged & presented in its best light. Sellers are willing to step outside for a 20 minute walk when someone calls to see the house on short notice.
I tell people all the time that there is always a market for houses that are well taken care of, in good areas, and that have sellers who are committed to do what it takes. Selling a home takes a lot of things, most notably the ability to set ego aside
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