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Top Mistakes by Sellers

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By : Roby Hicks    99 or more times read
Mistakes only make you tougher and wiser. However, there are certain mistakes that you cannot afford, especially when it concerns business in the real estate. There is no point in committing mistakes especially if you have a lot of resources to use. In real estate, mistakes are common. And although the person involved learns from it, it will take time before he can fully recover from it. Among those who often commits mistakes are the sellers.

As mentioned earlier, some mistakes in the real estate industry can be very expensive. This is why you need to avoid making them. To do that, you have to know what they are:

1. Overpricing the property is among the most common mistakes made by sellers. Many tend to overprice their property because they know that the buyers will offer less than their asking price. This is incorrect as many are driven away by overpriced properties. Remember that the serious buyer will conduct their research. In addition to that, they can easily acquire information about how to measure the value of the estate. Moreover, there is tough competition in the market. Even if your potential buyer does not make his homework, he is unlikely to purchase the property if he sees a lot of similar estates at a much cheaper price.

2. There are other mistakes concerning the right pricing of the property. Often, sellers do not intend to overprice or under price the properties, they are selling. They make a mistake in determining the value of their property because of basing them on a different factor. When pricing the property, some base them on the properties in their neighborhood, which should not be the case. Location plays a huge impact on the determination of the price of the property. However, comparable sales should be used. The seller should look into the sales price of the similar properties sold. There are other factors to be considered as well. Some of them are the age of the property, the size, additional amenities and other improvements of the property.

3. Another mistake of most sellers is that they do not study the current state of the market. They expect too much, thinking that they will be able to get more than what they paid for the property. It has been claimed that you can never go wrong with real estate because their value increases over the years. However, the state of the market today tells us otherwise. The values of the properties are too low. You cannot expect to sell the property for more than the price you bought it for, unless you find someone who will be willing to pay more.

4. Sellers also commit a mistake when they do not respond to a buyer’s offer. Many ignore offers that a little lower than their asking price. This is not right for various reasons. One, the competition is tough. Another is that there are very few buyers who will make a big offer to purchase a house today.

If you want to have your property sold, make sure that you take note of these common mistakes and avoid them.

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