While realtors and experienced sellers are quite aware of difficulties involved with selling a home, first time buyers and sellers make up a substantial portion of the market. First time sellers have a lot to learn, and getting help from a reputable agent can drastically affect their experience. With that said, here are a few things that many inexperienced sellers do which can drastically decrease the likelihood that they sell their house quickly and at a good price.

  1. Dishonesty. Sometimes, sellers are aware of problems with their house, but they are not willing to admit these problems to potential buyers. For example, sellers might be aware that there is un permitted electrical work, a leaky roof, or a defective duct somewhere. While disclosing this can decrease the appeal of your property, failure to disclose could cause more damaging problems down the line. For example, disclosing the problems with your house could mean that you will need to concede slightly on the price of the house, but if you fail to disclose, when it comes out in the home inspection, the buyer is likely to react even more negatively. This could mean that you get fewer offers, pushing your home even further below market value.
  2. Being Unwilling to Negotiate. Another common problem first time sellers have is that they are unwilling to budge on their initial asking price.  While you may want to get a good price for your house, failing to understand the purpose of your initial offer will decrease your ability to sell effectively. When pricing your initial offer, there are two factors which you must balance with the help of a professional. Lowering your initial asking price will generate interest, possibly creating bidding and certainly letting you sell more rapidly. Raising your initial asking price means that you will have less initial interest, but that you will be able to negotiate and make the buyer feel that they are getting a deal, while still getting the price you want.
  3. Vetting Potential Buyers. While a first time seller may be at a loss for what is considered polite or normal, failing to properly vet your potential buyers could cost you. Seeing if they are pre approved for a loan, or looking at their ability to pay will be key in whether or not you should be willing to sign a contract with them Take the time to ensure that you properly examine any potential buyer before you sign anything.