Common Mistakes Sellers Make

You have a very nice property. It is ready for immediate occupancy, as any Buyers will not have to spend time or money painting, cleaning, and repairing dozens of items. You have also updated the kitchen. Based on all of that, you choose to price it on the high side.
Given the low inventory of properties, you can be optimistic in expecting to get a premium price. You then put it on the market, but might immediately begin to sabotage any potential sale.
The first mistake might be being too aggressive on the price. A $20,000 kitchen remodel doesn’t increase the value of your home $50,000. The actual figure is closer to $12,000. Work with your Listing Realtor® to determine the correct values of recent remodeling. You can find information about the resale value of remodeling and updates on https://realestate.usnews.com/real-estate/articles/11-popular-home-updates-that-are-worth-the-money and other sites.
Another common mistake is making your property too hard to show. Yes, you want to be sure that your property is neat and tidy before a showing, but requiring things like a 24-hour notice will only guarantee that it doesn’t get shown as often. A 2-hour notice is reasonable, but it is to your benefit to be flexible even on that. You won’t sell your property, if Buyers can’t see it.
The easiest way to work around showings is to keep your property in “immediate” showing condition. Simply keep the property clean, make the beds in the morning, and don’t leave the dirty dishes in the sink. More than one Seller has joked that they finally found a reason to force their teenagers to make their own beds and put their dirty dishes in the dishwasher.
Another serious mistake is the Seller insisting that they be present when there is a showing. As one Buyer once told me “I felt like a rabbit, with a bobcat watching me.”
If you must be present, then be in the background. Although some Realtors® and Buyers may prefer that you leave the property, I have found it helpful having the Seller in the background, but available. That way, if there are questions that I can’t answer, I can easily ask the Seller.
Once there is an offer, sometimes Sellers can sink it, with a bad attitude. The most common way is acting like the Buyer is the enemy.
Just like when you buy something, you want to get the best deal that you can. You don’t pay window sticker for a car and Buyers don’t often make their offer at asking price. Don’t treat an offer, less than your asking price, like it is an insult. Even if it is a “lowball” offer, it is still an offer. It is the beginning of negotiations, not a war.
Instead, have your Realtor® prepare a Comparative Market Analysis and include it with you Counter- Offer to the potential Buyers. In many cases, Buyers make offers with no knowledge of what the actual values are. They simply pull a figure out of the air or use Internet sites, which claim to give the value of your property, but are often inaccurate.
If an offer is just totally unacceptable, both in price and terms, you may instruct your Agent that you don’t feel that countering it will be productive. Explain why, and ask your Realtor® to let the Buyers know why you feel that way. This will give the Buyers an opportunity to address your issues and submit another offer.
Jim Weix is Broker/Owner of The Real Estate Company, Inc., with offices in Stuart and Port Saint Lucie. He can be reached at 772-288-1900 or jimweix@jimweix.com