Overpricing Homes: Sellers #1 Mistake When Listing Their Home

Posted by Nick Niesen on November 8th, 2010

Home sellers said that overpricing was the biggest mistake they made when listing their homes. Next worst mistake is dealing with the same real estate agent who represented the buyer.

Overpricing a home is the number one mistake sellers said they made when listing their homes, according to a new national real estate e-mail survey. The margin was nearly three-to-one over the second choice concerning homes for sale.

Survey respondents said their next biggest mistake was ?dealing with the same real estate agent who represented the buyer,? thereby setting up a possible conflict of interest and possibly a perception that the buyer was getting a better deal with the home price.

Third biggest mistake was ?failure to disclose known defects or problems.? Virtually tied for fourth place were: ?under pricing their real estate properties? and ?not utilizing Internet technology to market their homes.?

?With the rapid home price appreciation we?ve seen in many housing markets across the country, it?s not surprising that sellers expectations sometimes outran their local real estate market reality,? said Michael Bearden, president and CEO of HouseHunt, Inc.

Bearden expressed surprise over the negative response to agents representing both buyers and the sellers: ?Usually it boils down to good communication with the consumer. The agent who communicates effectively and stays in touch throughout the real estate transaction usually has a positive experience with both the buyer and the seller.. With automated response systems customer communication should not be a problem.?