Market Conditions and Five Mistakes Home Sellers Make Impacting Sale of Property

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If you’ve paid attention to the real estate market at all in the past few years, you know home values have been appreciating at 6% to 8% and good houses sell quickly.

And by “good houses,” I’m not just talking about million dollar homes in gated communities with all of the latest upgrades. I am referring to properties that present well for their price and location.

Then there are houses that appear to be very nice and well cared for, but for one reason or another, they sit on the market month after month and they just don’t sell.

Here are five mistakes that many home sellers make that keep their properties from being sold.

1. Overpricing the Home.  Home owners and real estate agents have gotten used to being in a seller’s market and chasing the market after higher prices, but the wisdom to that approach is quickly fading.

Rising interest rates are reducing affordability for many buyers. Going forward, get used to homes in our market appreciating at 3% to 4% annually as we transition away from a seller’s market to a more balanced market.

However, no matter the market conditions, homes will still sell when they are priced correctly based on their location, features, and condition.

2. Bad Odors.  Smell is one of our strongest senses and one that is tied to emotion.

As a Realtor®, there is nothing worse than walking into a beautiful house with an excited buyer and being knocked over by an overpowering smell and knowing that the client is scratching this house from their list.

Household odors can come from food, pets, or dampness in the house. Often, the sellers are used to their household smells and don’t even notice them.

Burn a scented candle in the kitchen, spray Febreeze throughout the house, and put Renuzits in every bathroom so you don’t offend your potential buyer’s olfactory sensibilities.

3. Reluctance to Negotiate.  When it comes to selling a house, everything is negotiable, including sales price, closing date, and repairs. Everyone wants to buy low and sell high.

As the seller, put yourself in the consumer’s shoes and think about what you would be willing to pay or what you’d want done if you were buying the house you are selling. Be open to negotiating from the minute you put a sign in the yard.

4. Too much clutter & refusal to reorganize.  I use a staging consultant for the majority of my listings. As a real estate professional who tours hundreds of homes every year, I know when a home is too cluttered and doesn’t show well, but my strength is not in telling where everything needs to go.

I  hired Lisa Glass with Details Home Staging & Redesign when I sold my house last year. I knew the house would show better once we followed her recommendations, and it did.

Don’t try to sell a cluttered house. Hire Lisa and do what she says!

5. Showing availability.  As a seller, showings are not always convenient. Buyers often want to see houses on a whim. They may have a showing scheduled at another home in your neighborhood and decide they want to see yours when they drive past it.

As much as possible, resist turning down requests to show your home. Rather, set parameters for availability up front and be willing to be flexible with last minute showing requests, especially on the weekends.  Yes, even during Panthers games.

Top Five Items courtesy of Universal Promote. Explanations courtesy of the author.

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