Christian Real Estate Blog

Top Mistakes of Home Sellers in 2005

BrokerAgentNews.com:

"Over-priced home.
Thinking back to bragging sellers at the water cooler or at the neighborhood cocktail party as little as a year ago, home sellers in 2005 over-priced properties in record numbers. After chewing up market time, the realization set in that it wasn't the same market as '02.'03 or 2004. Realistic pricing based on sold comparable's in the last six months illustrates to buyers that you understand today's market.

No Internet property marketing.
According to The National Association of Realtors® over 70% of all home buyers start their search on the Internet before contacting a real estate agent. Require any agent you list your home with to post a virtual (360 digital) tour and a minimum of eight indoor and outdoor photos on the Internet. CD's of your home are a great take-away for open houses.

Stop showings too early after contract.
With a shift towards buyers for the first time in years, buyers remorse was on the upside in 2005. Many sellers lost valuable market time when taking their home off market too early after signing a purchase contract. Continue to show your home until you feel very comfortable that your buyers intend to go to the closing table with you.

Refused to pay buyers closing costs.
For the first time in many years, buyers based on their strength in the market, asked for and received give-backs from sellers. Closing costs and points on mortgages were the most popular. Decide before offers come in, what your strategy is for dealing with give-back requests. In 2006 expect owner-financing to be the next buyer perk.

Knowing your market and competition.
Buyers in 2005 were very savvy with market times and available inventory. Home sellers who were out-of-touch failed to spend the time to visit competing properties at public open houses, study the competitions marketing and "listening" to the market. No or few showings, no second showings or purchase offers and unfavorable feedback indicate market issues with your home. Don't be the obstacle to selling your home."

posted by Justin Smith @ 1/12/2006 12:55:00 PM