THE 3 DEADLY SINS SELLERS MAKE WHEN SELLING
THEIR HOMES IN A PEAKING (or Declining) PRICE MARKET. . .
1. OVERPRICING: List Pricing - The Most Important Decision
When sellers do not listen to their agent who gives them sound pricing strategy advice position themselves for failure. Overpricing results in longer listing time and the home becoming “stale”… Buyers become Leary and wonder if there is something wrong with the home. Think the perception of what you would pay for “day old bread”. When you utilize the pricing pyramid, pricing too high results in exposure to only a small percentage of buyers at the top of the pyramid. The goal here is to get maximum exposure to the most amount of qualified buyers. The ideal pricing strategy in a market where prices are peaking or declining is to price just above the last comparable sale but BELOW the competition and then have your Agent create the “auction” environment to get multiple “highest and best” offers. You’ll sell the home faster and at a higher net price.
2. SELLING IT LIKE IT’S STILL YOUR HOME:
At this point you should let go of all those bucket list fix up dream projects that you always wanted to do but never really had the time for. The most impactful changes you try and make before selling your home are easy and affordable changes that will position the home favorably for the broadest amount of buyer potentials not your own original fix up dreams that might be expensive, time consuming and may only appeal to a narrow range of buyer tastes. Use your Agent and a professional stager to come up with the priority cosmetic touches that can be done quickly. And don’t over invest by painting, landscaping, roofing, etc., or making personal investments which do not affect the resale value of the home. Most of these changes are minimal with regards to receiving an offer, and most buyers want to customize anyway. Save your money for your next home or to spend after your downsizing.
3. YOUR EMOTIONS GET IN THE WAY:
It’s a fact of life: Homes come with far more emotional weight than any other investment we make. When you as homeowner and seller can’t set your emotions aside you become blinded to the cold facts about the market and realities of ownership and you fail to see where the leverage is when it comes to positioning and staging of the home, pricing and marketing and how to best leverage the benefits and features in a negotiation with multiple offers in order to create the auction environment. Just remember, the market drives the sale, not your emotions!