The 6 biggest mistakes homeowners make when trying to sell their home 1024 683 Matthew Cooney

The 6 biggest mistakes homeowners make when trying to sell their home

Mistake # 1:   One of the biggest mistakes homeowners make is pricing a home too high and then failing to reduce the price in a timely manner.  In residential real estate there is a “60 Day Rule” which says that if you don’t have a firm offer in 60 days of listing the home, then you have listed it too high.  In today’s market it is more like a “30 Day Rule”.

Mistake # 2:   Pricing your house more than competing homes.  It is important to have a real estate agent with a strong knowledge of the local inventory in your market.  If someone is deciding between buying your house versus another and both are similar but your house is priced 15% higher … guess who is going to lose?

Mistake # 3:  Not putting your house in the best possible condition.  There are many things you can do to put your house in the best possible condition for sale.  For a full list of things to do, visit my blog on “Getting a house ready for sale.”

Mistake # 4:  Making it difficult to show.   Buyers today are impulsive.  If a buyer wants to see a house within 24 hours and the seller doesn’t make it available for a couple of days, there is a chance that the buyer will lose interest or buy another house.  This is one of several reasons that over 90% of “For Sale by Owners” end up listing with a licensed agent.

Mistake # 5:  Refusing reasonable offers early on.  There have been more than a few regretful homeowners who wished they had taken that reasonable offer early on.  The cycle of home sales is such that a newly listed home on the market will attract the most and best offers early on.

Mistake # 6:  Not understanding that your “home” is a buyer’s house until they move in.  Homeowners often ascribe false value to their home based on the memories that they have enjoyed.  Buyers do not have the same emotional attachment to a house that the seller does.  If this sale doesn’t work out for them, there is another one which will.

For more information, contact:

Matthew Cooney
Sales Associate
Coldwell Banker Residential Brokerage
211 South Street
Morristown, NJ 07960

(C) 973-832-5932
(O) 973-267-8990 x153
(F) 862-345-3273