Deerwood Realty and Friends Podcast
I saw this article on home seller mistakes and I want to go into a little more detail
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Thoughts:
1. Accepting the first offer rather than waiting for more….I don’t know about that one…usually the first offer is the best…but if you have multiple offers, that’s really not an issue. Things have changed…I don’t know when they will go back to before but even then the first offer was usually the best offer.
2. Not budgeting enough for repairs…could also be explained as not having ANY money for repairs. I once had a situation where the seller was so broke that I had to loan her money to make repairs on her house so it could pass occupancy.
3. Not having a home purchase lined up. This is unforgivable in today’s market. How could an agent advise not having a place to buy first? I have no idea.
4. Listing a home at the with a real estate agent that gave you the highest asking price and that was the only reason you hired them. We call that buying the listing in the industry, and it’s often an effective strategy. It goes like this, say you interview three agents to list your home. One person comes in at a great price, but another comes in at a listing price for 20,000 over that. You have to go with that person right? Not necessarily. We naturally feel like we have the best house because we bought it. And we’re not naturally just going to give it away. When this agent comes in with the highest price, they are just more confident than anyone else right? No. They are buying the listing.
5. Thinking the buyer is somehow on the same ethical field as you. Sellers tend to think that buyers are “just like them” After all, they are buying your house, you probably think the same way, right? That would be a hard no. The buyer that ultimately buys your house may have a VERY different set of ethics than you and it may show the minute they get the house under contract. Watch for things like lowball offers, asking for a list of repairs that are ridiculous, etc. The buyer and their agent aren’t operating on your ethics, they are operating on their own.
6. Not checking for moving company lead times in advance. During peak times, moving companies get super booked. When you decide to list your home, you are required to transfer ownership as of a certain date…what do you do if the movers can’t be there in time? Find a mover that can…but that might not be the best mover. Before you list, ask your preferred mover what sort of timelines they are seeing and then adjust your listing to that time.
7. Not realizing it can take weeks to list a home. Some people think that they can call their agent, sign the paperwork and have the house listed in days. In some cases, of course you can. In others, that’s not likely to happen. If the house needs repairs, if the house needs some staging, that can take time. Also, sometimes professional photographers and video are booked weeks in advance. This additional time can be the difference between listing your home right at the best time in the market and missing it. The best thing to do is get in touch with a real estate agent early in the process and then check in from time to time as you get your house ready to sell.
Source: Partially this article https://www.fool.com/the-ascent/mortgages/articles/3-mistakes-i-made-when-selling-a-home/
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