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Avoid These Mistakes to Ensure Top-dollar for Your Next Home Sale!
Welcome back to our continuation of the Six Most Common Mistakes a Seller Makes When Listing Their Home. The remaining three are:
4. Reduction of showing time. This means that when a buyer is ready to look at the property, a seller may be busy or the home may not be ready and they don’t allow the house to be shown. Since we are in a “second home” market, buyers can be last minute – allow yourself flexibility when you have a qualified buyer ready to view your home.
5. Insufficient price reduction. This is when a seller reduces the price of their home, but doesn’t reduce it enough! If a home is seeing a lot of showings but not receiving any offers, the home is about 5% overpriced. If a home isn’t seeing any showings at all, the home is about 10% overpriced. Reducing a home’s price by $10,000 may increase showings, but still won’t generate any more offers. By reducing a home’s price by 5%, more than one offer will be generated and a bidding war could start. This could even raise the price of the property!
6. Poorly timed price reductions. Often times sellers wait too long to reduce the price of their home. Homes sell best within the first 30-90 days on the market; after that, the listing becomes stale and buyers begin to wonder what the issue is with the home. If there has not been multiple offers made on the property after the first 30 days, action should be taken right away. This communicates to buyers that the seller is serious about selling. Offers will made closer to the asking price once the price is reduced.
We strive to protect you from making the six most common mistakes made by sellers in order to get the top market price for your home! Thanks and have a great day.
