So, you entered the Lake Minnetonka home selling market. And, so far your house is still unsold. There could be several reasons your home hasn't sold yet. Perhaps the economy isn't right for your prospective purchaser. Maybe your home doesn't have enough curb appeal. Maybe it's just plain bad luck that the right buyer hasn't seen your home yet. Whatever the reason – or excuse –, your home is still on the market. Let's take a look at five mistakes some homeowners make when they are selling their house.
The asking price is too high.
Naturally, everybody wants to sell their home for as much money as possible. However, if your home is not priced competitively and comparably to other homes in your neighborhood or market, you better be prepared for it to remain on the market for longer than you hoped.
Furthermore, unless you’re delusional and are expecting a multi-millionaire to pay cash without blinking an eye, most purchasers will need to obtain a mortgage loan. In that case, your home still needs to appraise at an amount sufficient enough for the lending institution to make the loan. Simply put, a lender won't approve a loan for, say, $300,000 on a house that’s appraised at $275,000. While it's certainly possible to find a buyer willing to pay cash, most smart buyers aren't going to overpay for a house. After all, they didn't get in a position to pay cash because they make poor investment decisions.
Your home contains too much of your personality.
Let's say you love rabbits. Throughout your home you've assembled a collection of rabbit knick-knacks from all over the country. Ceramic rabbits, brass rabbits, wooden rabbits – everywhere you and your prospective purchasers look. You see cuddly, cute bunnies. You buyers see rodents that are a nuisance and steal food from bird feeders. Say your husband is an avid hunter who proudly displays his deer and duck mounts on the den wall – six of them at last count. What he may see as the results of successful hunts, some buyers – especially females – may not be able to relate to. They see poor, defenseless, dead animals. In either instance, it's not likely your home will get a second visit, Pack up the rabbit statuettes and store the hunting trophies. And get them out of sight.
All too often, homeowners make this mistake in the Lake Minnetonka home selling market by not removing the clutter, photos and memorabilia from their homes as they should. Remember, a prospective buyer wants to be able to picture themselves and their belongings in the house, not those of the current owner
Do not conduct tours of your home.
Most real estate agents agree – conducting a home tour is a job best left to the professionals in the Lake Minnetonka home selling market. The reason? Simply because most buyers are very uncomfortable when the seller is present for a home showing. Prospective purchasers don't feel relaxed or able to freely explore the house if the owner is there. As one real estate agent put it, it's similar to shopping in a retail store where an over-enthusiastic sales clerk follows your every move. If that's ever happened to you, you probably didn't stay in the store very long. Moreover, you probably didn't return – much less buy anything. Leave the home tour to the professionals. Allow them to give the prospective buyers enough time to take a thorough look at your home without you looking over their shoulders.
Do not let your pets take over your house.
This can be challenging, at best. If you're a pet lover, no doubt you feel like your pet is part of the family and belongs in your house. However, your goal is to sell your home as quickly as possible. The experts recommend finding a temporary place for your pet while you're trying to sell. It's also a good idea to do whatever is necessary to make prospective buyers forget that you even own a pet. In other words, when you clean your home of your clutter, don't forget about your pet’s clutter too. That includes dog beds, litter boxes, various chew toys, scratching posts and other pet reminders. Keep in mind that buyers may recognize pet odors that you have become used to. Those odors can be a huge turn off – especially to buyers who don't have or don't want pets.
Restricting or limiting when buyers can see your home.
Until your home sells, your job is to try to sell your home to anyone willing to pay the asking price, or as close to it as possible. If you're serious about selling, you'll want to make it as easy as you can for potential buyers to visit and view your home. Most real estate agents agree that putting restrictions or time constraints for when prospective buyers can visit is one of the biggest mistakes you can make in the Lake Minnetonka home selling market.
While it can certainly be an inconvenience – even an invasion of privacy – remember, you're in the business of selling your home. As such, it’s incumbent upon you as a serious seller to be prepared to make your home available for a showing whenever possible. You never know when the right buyer will come along, so be prepared. Again, your goal is to sell your home. Be willing to make time and convenience concessions if requested – that's considerably cheaper than making huge reductions on the selling price!
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