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Mistakes Home Sellers Make In A Hot Market

If you find yourself with a home to sell but you would rather wait until the market improves you’re not alone. National Property Management Group specializes in managing the upscale homes of our clients until they decide it’s the right time to sell. We take care of all the legwork, showing, marketing, screening and maintenance of private homes so you don’t have to become a landlord while you’re waiting to sell your home.

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Be realistic when selling your home.

But when the time does come when you feel it’s right to sell there are some things to keep in mind. An article from Trulia outlines the “5 Mistakes Sellers Make in a Hot Market” cautioning homeowners to avoid some common pitfalls when selling their homes.

Author Tara-Nicholle Nelson outlines the mistakes:

Overconfidence-of course you love your house but expecting prospective buyers to be grateful that you’re willing to sell to them can be a deal killer. You can also fall prey to stories from around the market of sellers getting more than their asking price or selling in record time and expect the same. There will always be instances above the norm so don’t expect them to be market-wide.

Overpricing-don’t think the minute that home prices start to creep upward that you can jump in and ask for the moon. Pricing competitively will always be smarter than assuming you’ll get a big mark-up. Price increases are highly variable and your area may not command the higher prices than others are.

Not vetting the offer before accepting-it’s a dream of any selling homeowner to get an offer above asking price or an offer seemingly minutes after putting your house on the market but be cautious. Never accept a “dream offer” before carefully examining it with your agent. Even a seemingly proper offer can turn sour so include a professional before making a decision to accept.

Accepting an offer prematurely-you may be in a position where selling your home soon is paramount. This can make you vulnerable to accepting the first offer out of the gate. But in order to get the best price on your property allow some time for other buyers to see and compete for your home. This doesn’t mean you should make an offer wait too long but if you have a well attended open house wait a bit for buyers to organize their thoughts and decide on their own course.

Failing to adjust your strategy before it’s too late-you should have a series of milestones to hit at various points in your listing’s timeline. But you should also have fallback plans if things just aren’t going like you planned. Ask for feedback from your agent as well as other agents who have shown your property to uncover reasons your property isn’t moving and act accordingly. You may need to consider professional staging, lowering your asking price or other course corrections to breath new life into your listing. Don’t let your home become the property that’s dying on the vine.

Selling your home can be complicated so proceed carefully and manage your expectations. In the meantime, if the market just isn’t what you need it to be consider renting it until you’re ready to sell. National Property Management Group is the perfect solution when you just don’t want to be a landlord. We specialize in managing private home rental and we can manage your property while giving you peace of mind that you’re in good hands.

  1. RE/MAX First Jennifer Martin Reply
    Great Info especially in a bruised market.
  2. Andys Pipe Dream Reply
    I feel this is great info. Im sure there are a number of people out there with the need for a quick sale but timing is key.
  3. FirsTrust Mortgage Reply
    Great informatoin that any home seller should use. If I ever choose to sell I know I will utilize it. Thank you!
  4. Daniel C. Miller Attorney Reply
    I'm always amazed at the confidence that some homeowners feel when they market their home. They seem to believe that their house is worth far more than what prospective buyers would be willing to spend. This is a great article for home sellers to read prior to listing their home.
  5. Sallas Auto Repair Reply
    These are some really good pieces of advice. I think what I will take away the most is jumping on an offer once it comes in. Having a professional look over everything could really save a home seller a lot of headache down the road.

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