5 Emotional Seller Mistakes to Avoid in Denver

Posted on: August 29th, 2016 by Adam, No Comments

These are some seller mistakes to avoid, regardless of situation or condition of your house.

Seller mistakes to avoid are common in real estate and life in general. We’ve all been there. But it’s best to avoid mistakes than to learn from being apart of them. If you’re selling a Denver, CO house, here are some things to keep you in check in making rational decisions.

The process of selling your home is incredibly emotional. You’ll hear it around real estate circles that when you’re shopping for a new home as an investment, “don’t fall in love with the house too soon.” The same applies when selling. You’re not alone -millions of home sellers have fallen victim to their emotions during this time period. Seller mistakes to avoid is obviously an important topic.

1. Negotiating on Price

Think about this: It’s a hot market and the seller is hearing people at a coffee shop say they got full asking price and sold the house in 2 weeks. The seller decides to list the home for a price a little above retail. Soon, the home has been on the market for days or months, and that overconfidence goes into panic -once this happens it’s a snowball effect into thinking, “what if a lowball offer comes in, what if we can’t move in time, what if we have to cancel all of our plans and this was a mistake?”

Sitting, wishing and hoping are not great strategies to get that Denver, CO house sold!

Reduce the price from the start. Get people coming to the house. Next thing you know you got multiple offers that may lead to the originally price you wanted in the first place. Create competition.

Work with a real estate professional to look at comparable homes in your area and find out the current days on market and adjust the price accordingly.

2. Not Being Able to Move Forward

There’s an immense amount of history with the house. Family events, good times, bad times, the neighbors, schools your kids went to. All the time it took to pay down your mortgage. Of course you’ll have an attachment to the house and it may sound harsh but buyers are thinking about their memories more than the house has for you.

Sellers who are intensely attached to a home are likely to:

Include all debts with sale of house
Not have enough market data
No home staging or cleanliness
Unrealistic about condition
Refuse to listen to buyers feedback

3. Not Understanding What the Buyer Wants

Not every buyer wants the same exact thing. If wallpaper is not popular in your neighborhood or if your house is a 5 bedroom and most houses being sold in the area are 3, all of this has an effect on the sale of your house.

If you’re selling a house with an unfinished basement and a RTD bus station at the end of the block, your target buyer is likely to prioritize such things as efficient room for entertaining. Potential buyers might be drawn in by mentions of built-in closet organizers, an espresso machine included in the sale, and incentives such as homeowners’ association dues paid a few months in advance. Concessions are a great way to convert someone from being a look-y loo to being at the closing table.

Think about if your home is the only one on the street with a finished basement and a tree house in the backyard, now you have horsepower to get things moving quickly because you have more than 4 walls and a roof to offer. Let unique features be known.

4. “Counting your Chickens Before They Hatch”

Seller mistakes to avoid include those who spend money or making strong decisions right after getting an offer is a disadvantage:

Failing to be approved by a mortgage lender ahead of time
What if the buyer changes their mind
Buyers still have an inspection period
What about closing costs, Realtor fees and moving expenses?

Nothing is for certain until transfer of title. Stay ahead of the game with every move you make. Even before deciding to sell your house make sure you’re ready to move and know where to once you get a buyer.

5. Not Knowing the True Value

Seller mistakes to avoid definitely includes numbers and people may convince themselves that it’s perfectly okay to base their asking price based off their next vacations for the year or speculation on how much they’ll get after closing. You must base the price on the home’s true maker value.

There’s only one way to know a homes true value and that’s what a buyer is willing to pay for it today.

This is why it’s absolutely critical to look at comparable homes and what’s going on in the market in your neighborhood. Real estate is street by street not city by city. If you have a house in the middle of nowhere and are comparing it to houses in the city, you’ll never list your house for the right price. Everybody’s situation is different and never let the people at coffee shops persuade you into thinking every seller gets a offer $100,000 over asking and a close in two weeks. It’s pretty amazing what people say in public and you never know the story behind the story.

Whether Adam Buys Houses buys your property or not, don’t hesitate to give us a call at 303-997-2045 to see what your house may be worth if sold to a professional home buyer. The worst that can happen is you say no without dealing with the 5 seller mistakes to avoid listed above.