NEW YORK – Aug. 16, 2018 – It's stressful to sell a home, and many owners try less-than-successful tactics to maximize their profit, including:
Pricing it too high: This is one of the worst errors, say real estate agents. Listing agents provide a comparative market analysis report that shows what listings in the area sold for in recent months and what is currently on the market. It's unlikely that an individual home's selling price will go far outside that range.
Not hiring a Realtor: Another common mistake is thinking that selling a home by yourself is easy. Without the help of an agent or brokerage service that can put a property on the Multiple Listing Service, owners have to market it themselves, and mistakes may make it sit on the market for a long time.
Hiring the wrong agent: Sellers should get referrals from family and friends, and be wary of an agent who agrees to list at the price you want if the market does not support it.
Disclosures: Disclose all major issues and consider hiring a home inspector to spot any red flags. "These facts are always uncovered at some point in the process or, sometimes, after closing," warns Jill Hussar, broker/owner of Hussar Real Estate in Lakewood Ranch, Fla.
Listing a home too soon: The home should be good-to-go before the first potential buyer takes a tour.
Not updating: Part of "listing the home too soon" is not taking time to make the house look as good as possible. Some low-cost updates include repainting with neutral colors, cleaning the carpet and adding landscaping.
Jumping at an offer. If you receive more than one bid, take time to carefully consider all offers and don't automatically pick the highest one. Also consider the strength of the buyer's financials and requested closing timeline.