Top 3 Mistakes Sellers Making When Selling In A Seller’s Market
Even when you’re selling a home in a seller’s market, that doesn’t mean that your home is as good as sold.
A seller’s market is a fabulous place to sell. But, that’s only if you’re going to be realistic about the process. Overpricing, making demands, keeping your home like a pigsty, could all hurt your ability to sell your home for the price that you want.
Unfortunately, there are many sellers who hear seller’s market and instantly assume the process will go exactly as planned.
In this post, we’ll go through the top mistakes that seller’s make in a seller’s market.
Assuming A Home Is As Good As Sold
Your home isn’t sold until it’s sold. This may seem like basic logic but it is the truth. Even in a seller’s market there are still the homes that sit on the market. So, don’t consider yours sold until it’s actually sold.
If you’ve got another home to sell before you buy, you can’t really do anything until your home is sold. While it can be good to acclimate yourself with the market, don’t go falling in love with anything until you’re actually able to write an offer.
In addition, just because you’re selling in a seller’s market, that doesn’t give you the permission to be crazy. While the odds are generally in your favor, that’s still not enough to make outrageous demands or think that you’ll get everything you want. You’ll still need to sell your home in order to move onto the next thing.
Taking A Chance & Overpricing
Homes in a seller’s market often sell at or above list price. So, if you price your home competitively, you’ll probably get the price you’re asking for, if not more.
Oftentimes when sellers hear that, they assume that this is good reason to overprice their home to see what happens. Well, that’s often not the case. Buyers are savvy enough to know when a home is overpriced.
Contrary to what you may believe, homes that are overpriced will not sell quickly. Buyers may not even want to mess with seeing your home when your home is overpriced.
Overpriced homes tend to sit on the market and require multiple price drops before they actually sell. In the end, you will likely lose more time and money than if you had priced your home right from the start.
Failing To Get Your Home Ready To Sell
Finally, homes that sell quickly sell for good reason. Those that sell quickly have been kept in good condition. So, just be sure that when you list your home it’s in tip top condition.
Be sure to do a good assessment of your home before you decide to sell. Is everything in working order? Do you need to do a deep clean? Do you need to touch up some paint or clean up your flower beds? If so, consider taking care of these items before you list your home.
So What Should You Do?
While the environment of selling your home in a seller’s market is different, it doesn’t really change anything about selling your home. The only real difference is that your home will sell faster.
You should still price your home competitively. You should still hire a realtor. You should still do everything else you would normally do.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].
