7 Grievous Mistakes Property Sellers Should Avoid at All Costs

When it comes to selling your home for a sweet profit, setting the right asking price from the get-go is key. If the price is set too high, the place will stagnate on the market and force you into price cuts. If the price is set it too low, then you’re kissing money that could’ve gone into your pocket goodbye. So how do you hit that sweet spot of an asking price? Well, for starters, 77 Great Estates advises you to avoid these common mistakes!

Mistake #1 – Basing your price on how much you paid

Even if it’s a lacklustre market, homeowners can’t help but expect they’ll make a big profit when they sell – and that’s why many bump the price ever higher, irrespective of the realistic demand. Yet the harsh reality is that buyers couldn’t care less about how much you paid. All they care about is getting the best deal possible in the present market – and if you aren’t willing to come to terms with that and accept a potential loss, they’ll take their money elsewhere.

Mistake #2 – Expecting to get reimbursed for restorations

So you renovated the kitchen or put a swimming pool in your back terrace, and it cost you an arm and a leg. Logically, you’d think you can pass that whole cost along to buyers who’ll be enjoying the fruits of your labours, right? Think again. Remodelling projects don’t necessarily offer a good return on investment. This is why it’s a good idea to skip major cosmetic remodels right before a sale. This is particularly true if you’ve got outlandish or excessive tastes potential buyers might not share.

Mistake #3 – Leaving too much leeway to negotiate down

The days of risky lowball offers have long gone. So pricing your property too high – thinking you’ll leave prospects with plenty of possibility to negotiate – may quickly scare away genuine offers. Moreover, buyers who search for homes online (i.e. pretty much all of them) often screen by price, meaning they might not even view an overpriced property. Alternatively, your target price should be just slightly below the going rate. Understand that today’s buyers are well-informed, so if they sense they’re getting a deal, they’re likely to acknowledge it.

Mistake #4 – Not shopping your competition

Although you might think your home is more or less the same as others in your neighbourhood, minor differences can add up to substantial discrepancies in value. That en suite in the home next door or that fireplace in your living room should all be taken into account. So invest some time scanning local listings to figure out how your home stacks up. You need to understand the positives and negatives of your house and price accordingly.

Mistake #5 – Basing your home on a neighbour’s asking price

Just because your neighbour is asking for a specific price on his property, doesn’t automatically mean he’s going to get it. Perhaps your neighbour may not really need to sell and might be less motivated. In actuality, such properties may sit on the market for quite a while. A much better yardstick to use if you want to sell your home, is to look at the prices on recently closed sales.

Mistake #6 – Getting emotionally involved

Let’s face it, every seller thinks their home is worth more than it is. But just because you raised a beautiful family in your house doesn’t mean prospective buyers will see themselves doing the same, or that they’ll pay a premium for the chance to do so.

Mistake #7 – Failing to quickly and decisively reduce

If your home goes for numerous weeks without a solid offer, the likelihood is that it’s priced too high. This rings truer if homes in your area have a relatively short average days on market. Instead of making a small price cut and risking having to do it again in a consequent month (while your listing gets older and staler), make a large and decisive price cut €10,000 or more – that will most probably attract buyer responsiveness and show you’re serious about selling.

The bottom line is, if you don’t price your property right, you'll quite literally end up paying. If you’d like more advice on what not to do when putting up your home for sale as well as tips on how to sell your property, contact 77 Great Estates today.

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