The #1 Most Common Mistake in Selling a House

The most common mistake made by many home sellers is to try to “test the waters” by pricing their home high at the beginning, and reducing it a few weeks later if it hasn’t sold.

As the chart above shows, the most important time in marketing your house is the first 30 days, because that is when the buyers that have already been in the market for a while will look at your house and make a choice whether or not they think it is a good value.

These buyers are motivated, have already seen everything that is available for sale, and are waiting for something new to be listed. If they reject your price, the first impression has already been made, and there is a very high chance that they will never consider your property again.

Another reason why overpricing at the beginning will net you less money is that the longer your home sits on the market, the more “stale” it will become. Potential buyers may wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. You may even have to settle for less than market value. A house takes on a reputation surprisingly fast, so don’t wear out your welcome.

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