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My Home Just Won't Sell 1. Over Pricing •By far, the worst home selling mistake a seller can make is hanging the wrong price tag on a home. If the home is priced too high, buyers won't look at it. If it's priced too low, sellers worry that they'll give away profits. •Pricing a home to sell is an art. Part of the market value is based on comparable sales, but other factors to consider include market movement, demand, the home's location and its condition. •If the home is overpriced, buyers might submit lowball offers, which tend to result in an immediate offer rejection. These extremely low offers tend to infuriate and insult sellers. •Some agents deliberately overstate the value of a home and push a seller to sign an overpriced listing. There are many reasons why agents do this, but the bottom line is sellers lose a competitive edge when later reducing the price. Sellers who "test the market" get stung. 2. Property is Not Properly Staged •In the real estate industry today, there is a much greater awareness than ever before of the need for home staging. Staging is increasingly viewed by some as a necessary step taken prior to selling a home, and many home sellers use the services of a professional home stager or a real estate agent with staging expertise to assist them to prepare their homes prior to sale. The days of putting a house on the market and getting multiple offers are gone. •If you or your agent lacks the vision or ability to Stage, consider hiring a Professional Home Stager. •Getting your house ready for market goes beyond making the beds and washing dirty dishes. Although I've seen plenty of homes with toys scattered throughout and dishes piled in the sink; buyers can't get out of those homes fast enough. There are at least 10 essential steps to take to preparing the home for sale. •Some homes need updating and quick fixes. Doing repairs before resale can boost chances of quickly selling. If items are broken or buyers see deferred maintenance, they wonder what else is wrong. It's more expensive, actually, not to fix the house. 3. Hiring the Wrong Agent •You can hire a good listing agent or a mediocre agent. They all cost about the same. A mediocre agent will spoil the sale of the your property and cost you time and a successful real estate transaction. •If you want full-service, then hire a full service agent. If you are fairly confident your home will sell without a full-service agent, and then talk to a discount broker. Learn the difference between Realtors and real estate agents. •Carefully read the listing agreement to make sure the agent who brings a buyer is fairly compensated because one surefire way to make sure an agent won't show your home is to offer a silly commission percentage. 4. Marketing Mistakes •Poor photos of the property. It is not unusual to see a listing with only one picture- this is a huge mistake and is prolonging the sale of your home. •Some sellers loudly lament: "Why isn't my home selling?" These are likely sellers who are not employing marketing strategies designed to expose a home to the largest pool of buyers.
By: John D. Mangano
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