Considering the current real estate market we are experiencing there are a lot more that five but these seem to me the ones I see the most often. Its odd considering how fast technology is and how fast the information is shared that we as an industry can still be so far behind of what is happening this minute in the local real estate market. Buyers still believe they are in control but that is starting to change. The biggest issue is the media is reporting on old information. They wait for stats to be released and then react to it. So until the buyers truly realize they are losing control, you have to work with the buyers current view of the market.
1) Over pricing your home-
This can kill you right off the bat. Most buyers will not just make an offer on a home that they feel is overpriced. You have to be priced so they see the value and know if they don’t act some other buyer will make an offer. When the home is priced too high the buyers for your home will miss it completely and the buyers who can afford more will view your home as over priced as well compared to a lot of your competition. The home is worth what the market says it is. Even if you find a buyer who will pay more if the comps are not there to support it, the appraisal will come in low and you will have an issue with the buyers financing.
2) Making it hard for the buyers to see your home-
If you have a 24 hour notice for all showings you might as well take it off the market now or not put it on at all. I am not saying you have to allow a showing request in a half an hour but you have to make your home as available as possible. There are some agents who are unorganized and call at the last minute but lots of times it is because the buyers are not patient at all and when they see a home they want to see it NOW! If you don’t make a good effort to get them in they will be gone and on to the next property. There is no guarantee that they will ever come back.
3) Don’t make impractical or very personal changes to your home-
Meaning if you are going to make updates to your home please keep them neutral. You have to make the changes to a home that make sense to the majority of buyers. There is a reason why so many homes in Minnesota are some shade of brown, it appeals to a larger group of buyers and it is a safe color. Stay away from pastel colors and stay with an earthy tone. When adding tile or counter tops the same rule applies. That very personal choice that you like can cost you thousands of dollars.
4) Not taking a offer seriously-
If you get an offer that is in writing I believe you have a duty to formally counter that offer in writing. Sometimes a low offer is just that a low offer. The buyer wants to see what type of deal they can get. If the buyer has taken the time to write an offer they are a serious buyer and you need to treat them as one. Some times your first offer is your best offer so do all you can to try to put a sale together. If it doesn’t come together at least you can say you did your best to make it happen.
5) Using buyer incentives to get an offer-
Never give anything away for free. You never know if what you are offering is of value to the buyer. Why buy a home warranty before you know it is something important to the buyer. They might not care but will take it from you for free and will still ask for what they do want. If you are priced well for the market and you have an agent with a solid marketing plan you will get an offer. Once you have an offer in front of you and you know what the buyer wants, then its is time to offer up incentives to get the deal done.