Nearly 40 percent of homes for sale in the market around the world sold for a loss. It means that sellers are having a tough time selling their homes during real estate downturn. It is not strange that some real estate agents spend plenty of time in the market, and many areas are still working with their foreclosure inventory backlog, which also helps lower home prices. This condition can get even worse if the sellers aren’t careful.
Home seller doesn’t have control over the real estate market, but their actions can contribute to how long and much their home will be sold. It is important for the sellers who are planning on putting their home in the market to understand the time-honored mistakes usually sellers make, and ways on how to avoid them.
- Think broadly by exploring your area. Make sure to look for the listing prices of homes for sale that are currently on the market and not just solely focus on local area home sales.
- Based on your competition, you can now think, what great possible deal you can offer a potential buyer to choose your home over your competitors. It is better to have a conversation with your agent about the current market situation.
- Ask him/her, what the current home buyers are looking for a home and ask yourself what things you should do to beat your competitors. Ignoring online marketing which appeal home buyers a lot and mostly they start their searching on the internet before they decide to visit. That’s why providing as many photos as possible is essential when marketing your home online.
- Quantity and quality matter in online home marketing. Focus on the part of the house where buyers mostly care about, such as living spaces, kitchen and bathrooms. Posting high-resolution photos can give you advantage over the others, and remember that almost 23 million homes are viewed every month using this new mobile application in searching for homes.
- Pricing a home too high. There are many home sellers priced their homes, according to what they paid for it, not in their areas current market price trend. Nationally, a decrease of nearly 30 percent in home prices happened this year and about 50 percent in some other areas. If your price is too high, your home will sit.
Find out the price reduction in your area and comparable home sales. Given the local market conditions, you and your agent can discuss the right price for your home.