Mistakes When Selling Your House

Sept. 9, 2011 - PRLog -- There are mistakes that sellers make that keep their homes on the market for longer than necessary. By all means use the mistakes of others as information to your advantage. Don’t repeat their errors, but learn by them.

The biggest mistakes made by sellers are in pricing.
Get the opinion of others if you want to price the house so that it will sell. The reason you would tend to ask more for your house than it might be worth on today’s market is because it is your home. It’s difficult to see it in an objective light. You might also ask a bigger price for it because you owe a large portion of your mortgage and perhaps even owe more than the current market value, leaving you upside down in your mortgage.

When you must sell the house and can’t wait for the market to recover, you will have to ask what the house will sell for and nothing more. It might be possible to ask your lender to allow for a short sale, which means you’ll be able to sell it and pay the full amount on the mortgage, even though it is just short of what you owe. Many lenders are allowing these sales under certain circumstances because it’s better for them than going through a lengthy foreclosure and auction process.

Another mistake sellers make is to start out thinking you’ll ask the higher price you want, and then vow to drop the price if it doesn’t sell in a specific period of time. Dropping the price is not necessarily a good idea. When a house is on the market for one asking price, then after a number of months the price drops, buyers may get the idea that there has been something found to be wrong with the property. They believe that another buyer must have discovered a flaw that caused them to back out of the deal and the seller then lowered the price. This may or may not be true, but you will have to consider what buyers may be thinking.

Buyers’ perceptions are important. Don’t give them any reason to doubt the solid buy they will make if they purchase your house instead of someone else’s. The best practice is to find a good price that’s slightly less than the current market value and stick with it until sold.

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