7 Home Selling Blunders To Avoid In Any Market

Buyers continue to have the upper hand, which means you'll have to play it smart. Your first move? Avoiding these common pitfalls.

Amid falling home prices and near record low mortgage rates, prospective buyers have plenty of reasons to dive into the real estate market. But with the teetering economy and financial markets, real estate experts don't expect an aggressive bounce in sales any time soon; at least not until the job market has done some serious stabilizing. Despite some encouraging housing data, buyers will continue to have the upper hand in the home selling process. But that doesn't mean your house won't sell; it just means you'll have to make smarter moves to land your buyer. With the help of several experts, U.S. News and World Report compiled a list of seven home selling moves to avoid if you're serious about selling:

  1. Thinking your house is the exception: It's natural to be emotionally attached to your home, especially if you've lived there a long time. But allowing this affection to obscure the realities of today's real estate market is a serious mistake. If your local market is declining in value, you'll need to price your home at a compelling level. That will require a painful decision: to price the property at or below comparable homes in your area, even if the price point is less than what you think your home is worth. Overpricing a home because of an emotional attachment only makes selling it that much more difficult.
  2. Not scouting the competition: Another reason sellers might price a home too high is that they're simply unaware of the dynamics of their real estate market. To sell your home, it's essential to have a firm grasp on the conditions in your area. Sellers should study the pricing trends and sales data in their local market. But the data tells only half of the story. To fully understand the market, sellers should get a first hand look at the nearby homes that are also up for sale. Visit your community's open houses to see how your home really compares.
  3. Not checking with your agents references: Hiring an effective, experienced real estate agent can be one of the most significant steps you'll take in getting your home sold. Keep in mind that everyone is watching their bottom line these days and it requires a skilled, dedicated professional to get the job done. Contact your agent's previous clients and ask about their experience.
  4. Not prepping the property: Since buyers have many options these days, home sellers need to ensure that their property is in top-top condition for showings. That means making any and all home repairs, ensuring that the indoor and outdoor portions of the property are immaculate, and removing clutter. Your home needs to be the best one out there - you will need to "outdistance" your competition.
  5. Being present during open houses and showings: It's important for the sellers to be away from the home during any viewings, as their presence can be unnerving to would-be buyers. Buyers need time to take a good look at your home - they need to be able to envision themselves and their families living there...that's hard to do with you following them around or using what they may be trying to perceive as their new "space". If the buyers are uncomfortable they'll leave quickly without giving your beautifully prepped home the opportunity to shine that it deserves.
  6. Taking negotiations personally: The negotiation process can be tough on sellers, as buyers may demand concessions such as price reductions or help with closing costs. Although such requests might be irksome, it's important that sellers consider them just another part of a business transaction. It is not meant to be personal; the buyer is looking to buy as carefully as they can and pay as little as they can. It is not about you, it is about them. It's important for sellers to reflect back on their own position when THEY were buying.
  7. Sneering at offers: Even if you aren't crazy about a buyer's offer, don't dismiss it out of hand. You need to be willing to negotiate with anyone and everyone who puts in an offer, even if it is one of those "low-ball" offers. Don't ignore it, because those people might really want the property; they may be merely "testing the waters". Your agent, if she or he is experienced and competent, will work with any offer that is received on your home, working together with you, your potential buyers and their agents to get your home SOLD.
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