Selling your house is a big step that takes a lot of planning and preparation, from pricing correctly to preparing for listing to selling at the right time to marketing effectively. In this long and complex process, there’s just a lot that can go wrong. And that’s why so many home sellers have regrets and wish they had done things differently. In fact, according to some surveys, up to 84% of first-time home sellers in this country wish they had done something differently. But I’m here to help you avoid their mistakes. To that end, here are 5 things home sellers wish they had done differently when selling a property in Northern Kentucky.
1. Not Pricing Correctly
One of the things home sellers wish they had done differently when selling a property in Northern Kentucky involves pricing. Most sellers wish they had priced lower while a few others wish they had priced higher.
It’s pretty common for homeowners selling property in Northern Kentucky or anywhere else to think their home is worth more than it actually is. They have lived there, have grown attached to it, and so think it is better and worth more than comparable homes in the surrounding area. So they price too high.
What happens then is that potential buyers skip right over the listing, and the home sits on the market for a long time unsold. Or potential buyers come to see it, but decide not to make an offer because they believe that it would not be worth their time to make an offer so far below the list price. Buyers then begin to think something is wrong with the home, and sellers wind up having to lower the price below market value in order to sell. I have seen this happen many times. We call this “chasing the market,” and it is definitely not a situation that you ever want to be in as a seller.
Some sellers make the opposite mistake and price too low, with almost the same result. When a home is obviously priced too low, some potential buyers again pass up the listing thinking something is wrong with the home. However, this is happens much less frequently than overpricing. In fact, I have noticed a trend in this market for sellers to underprice homes in order to generate a lot of interest, knowing that buyers will bid the price up in a multiple-offer situation. This can be a bit risky, but I have seen it work with good success. My advice is still to try and price the home correctly in order to sell quickly. It’s best to have a Northern Kentucky agent perform a comparative market analysis and hone in on the true market value of a property. To discover more about this, contact me at (859) 780-3000.
2. Selling As-Is or Making Few Repairs
Another thing home sellers regret when selling a property is selling as-is or just making a few repairs/upgrades.
These home sellers thought they could forego the repairs – and the often hefty expense – and so wind up making more on the sale. Unfortunately, selling a property seldom works this way.
Making needed repairs and upgrades (especially those revealed by the inspection), even though it carries a price, often nets you more in the end than if you hadn’t made the repairs. You can sell at a higher price and typically recoup more than the cost of the repairs. It makes buyers much more comfortable to know that a property has been well taken care of. If they come to the conclusion that a property has been neglected, they are much more likely to cancel the deal and walk away…or just decide not to submit an offer.
3. Neglecting Curb Appeal
Neglecting curb appeal is one of the top things home sellers wish they had done differently when selling a property in Northern Kentucky. And today when most home buyers shop online, virtual curb appeal becomes immensely important.
The yard, the landscaping, and the outside of your home all contribute to curb appeal. These are the first thing buyers see in person or virtually. They create that critical great first impression that makes buyers want to see more. So if you don’t work on curb appeal, you may lose a sale before it even gets rolling. Keep the yard mowed, trimmed and sidewalks swept. Or, if you are selling during the winter months, be sure the stay on top of the driveway and sidewalks when it snows. Adding some flowers in the spring and summer months can go a long way towards making the property feel more like a place a potential buyer would want to call home. Pay attention to the front door as well. If you have a storm door and it needs some attention, don’t skip it. A lot of sellers choose to paint their front door black and that has worked quite well for many.
4. Selling at the Wrong Time
Other home sellers wish they had listed at a different, better time when selling a property. In fact, 25% of respondents in one survey said they wish they had listed at a different time.
Traditionally, late spring and early summer have been the best times to list and sell a home. But the best listing time can vary from local market to local market. Be sure to consult an experienced Northern Kentucky agent to find out the best time to sell in your area. To discover more, just call (859) 780-3000.
5. Using the Wrong Agent
And then many home sellers regret using the wrong agent when selling a property. You need to make sure you hire an agent who has your best interests at heart and isn’t just out to collect a commission.
Experts recommend that you interview several agents to find who can best meet your needs and give you the most bang for your buck. To make sure a prospective agent has the necessary experience and expertise, here are some of the things to ask about during interviews:
- The specific marketing plan for your home
- Whether you have to sign a contract
- The agent’s negotiation style and strategies
- Whether the agent will communicate by your preferred method and how responsive they will be
- If they have any current listing that will compete with your home-buy
Or you can take an easier and more direct route to find the right agent. And that is to go to an agency known for top-notch agents and results. That way you can avoid the lengthy and time-consuming process of interviewing a bunch of agents, many of whom ultimately don’t work out. So if selling a property in Northern Kentucky is on your horizon, be sure to contact us today at (859) 780-3000.