- 4 Common Mistakes Sellers Should Avoid with the 2013 Housing Boom
The market
seems to be starting to turn around this year.
With this turn of the market comes an overconfidence and a false sense
of security. An improving market can
create a trip up with home sellers.
So what mistakes
should those selling a home this year watch out for?
1. Pricing
Pricing is
one of the most common ways homeowners sabotage their efforts in selling a
home. Do not underestimate this. Pricing
too high can prevent a home listing from even getting in front of the right
buyers at all. On the other hand while some have begun trying to bait buyers
into bidding wars with low teaser pricing, this can cause legal issues too.
2. Not
Maximizing the Value
For those
who aren’t in a rush to sell it’s always worth looking at what can be done to
maximize the value of a home to obtain the highest possible price and net
proceeds. This can range from simply sprucing up the curb appeal to staging to
the way it is marketed.
3. Over
Improving
In the
reverse of the above, doing too much to a home or spending on the wrong items
can often result in not just losing the money put in but in the worst cases,
actually decreasing the value of a property. This is especially true for those
already in a bind. Don’t put more money into a dead weight property you want to
get rid of. Perhaps the best thing to do is sell for cash fast.
4. Waiting
too Long to Sell
The U.S.
housing market as a whole has been improving very well over the last year.
However, that doesn’t necessarily mean homeowners have more to gain by dragging
their feet in selling a home. Some pockets of the country are still battling
foreclosures which could cause some temporary dips in appraised values in a few
select locations. Plus, holding costs, maintenance and risk of liability or
damage while holding onto a home longer could seriously outweigh any short term
net gains in home value.
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