One of the many places I go to in order to stay current on real estate practices is Active Rain, a website of real estate professionals’ blogs. Over the years I have gleaned some very useful tidbits there. This infographic is right in line with my experience in seller real estate here in Portland, Oregon. It’s based on a survey of agents they took.
Data provided by ActiveRain.com. ActiveRain is an online community of real estate professionals who exchange best practices, write real estate blogs, and get free education from the industry and their peers.
Let’s take these one at a time, from the most common.
Overpriced homes. Our inventory right now (January 2014) in Portland, especially in the ‘close-in’ neighborhoods, is painfully low. This may sound great for sellers but if their home is overpriced, they may still not get offers. OR an educated buyer may offer full price then try to ‘get revenge’ when the inspection and repair period happens. If it’s priced right, they will likely get multiple offers in this market, then they can select the strongest one.
Showing availability. If buyers can’t see it, they will have a hard time appreciating it and making an offer! This sounds obvious, right? Usually the biggest barrier to showings is pets. If the sellers are not home during the day and have indoor pets, I ask if they have a neighbor or other family nearby who can take them for a walk during a showing? If it is a tenant occupied house, can the seller incentivize the tenants to be cooperative with showings? I have had clients offer a rent reduction to tenants to waive the 24 hour notice that is required by Oregon law.
Cluttered space. This is something we cannot see for ourselves when we live in a home. I tell my clients, “Since you are moving soon, start packing before you get on the market. Buyers have a hard time looking past your things and picturing themselves living in the home. If you are not going to use it in the next 90 days, put it in a box. Period.” Short term storage is not expensive but that is not an option and if there is no storage in the basement, attic or garage, then sometimes family or friends will help you out.
Unpleasant Odors. Sorry kitty! Although pet odors can be a problem, in the Portland area they may come in second to moisture. As you may have heard, we get some rain here! So the first thing agents (and most buyers) do when entering a basement is sniff. Does it smell damp? What about smokers? Again, if you live with it, you probably don’t think about it anymore. Ask a trusted friend (or your real estate agent) to be honest with you!
Unwillingness to negotiate. And right behind that, Won’t Make Repairs. These two often go hand in hand. Sellers: Know what your bottom line is before you go on the market. What are you willing to bend on? Is selling fast more important than a specific price? When a seller says, “We won’t do any repairs. We just won’t, not at this price.” they may be killing a good sale. Buyers will have an inspection. The inspector will find something. From something as minor as a cracked switchplate cover (yes, I have had that appear on an inspection report) to something as major as recommending a new roof, the inspection report will point out things that could be better. That is the inspector’s job. If they sent out reports saying ‘Nothing wrong with this house!” they would not be getting much repeat business. No home is perfect! If it’s something that affects the ability of a buyer to obtain a loan on the home, the seller may HAVE to make that repair or replacment in order to get the home sold. Cash buyers are out there but they want an even better bargain than the average homebuyer.
There are more mistakes out there but these were deemed the most common. Helping sellers avoid these and other pitfalls is my job, and I love doing it! Let me know if I can do it for you! – See more at: http://activerain.com/blogsview/4309831/don-t-make-these-common-seller-mistakes-#sthash.xNMiY5fI.dpuf