You may end up in “Home Seller’s Purgatory” if you commit these sins!
Sin #1 — Pricing Your Property Too High
Every seller obviously wants to get the most money for his or her property. Ironically, the best way to do this is NOT to list your property at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. It may also lead other buyers to expect more than what you have to offer.
Ironically, OVERPRICING does sell Homes…your neighbor’s! If your home is priced higher than others in the area (or what buyers are paying) it makes the other available homes look like bargains!
You will undoubtedly spend time, money, and effort advertising your home. Sell your home, not someone else’s!!
Lastly, overpriced properties tend to take an unusually long time to sell, and usually end up being sold at a lower price than if they were priced right to begin with. Especially if values in your market are trending downward.
Sin #2 — Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. Another similar mistake is relying on an old appraisal (older than 6 months) to determine the current market conditions and value for the home.
The market value of your home could actually be lower. Your best bet is to ask your Realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Ask for a CMA to determine the current market value in the eye of today’s buyer…not a lender!!
Sin #3 — Forgetting to “Showcase Your Home”
In spite of how frequently this mistake is addressed, and how simple it is to avoid, it’s still a very common mistake.
When attempting to sell your home to prospective buyers, don’t forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Remember it has been said that 85% of a purchase is done “emotionally” and only 15% “logically” (usually to justify our emotions). You’re selling the home to a Buyer’s “emotions” !!!
Sin #4 — Trying to “Hard Sell” While Showing
Buying a house is always an emotional and difficult decision.
As a result, you should try to allow prospective buyers to comfortably examine your property. Don’t try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Give the buyers time to “roam around” alone and get acquainted with the home. Let them relax and help them to enjoy the process, NOT talk them to death about every detail of the home and why it’s the best one around.
Let the home sell itself.
Sin #5 — Trying to Sell to “Looky-Loos”
A prospective buyer who shows interest because of a “for sale” sign he saw may not really be interested in your property. Often buyers who do not come through a Realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.
Your Realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should find out a prospective Buyer’s “where, when and why’s”.
“Where” they are moving to, “When” they need to be there, and “Why” they are moving. Without these 3 questions answered you may not have a potential buyer.
If your Realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new Realtor.
Sin #6 — Not Knowing Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract.
Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections.
Know what you are responsible for BEFORE signing the contract. Can the property be sold “as is”? Am I responsible for any repairs? If so how much? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money or time in court.
Sin #7 — Limiting the Marketing and Advertising of the Property
Your Realtor should employ a wide variety of marketing techniques.
Your Realtor should also be committed to selling your property. He or she should be available for every phone call from a prospective buyer.
Most calls are received during business hours, so make sure that your Realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.
There are effective ways and ineffective ways to market a property and sometimes what sells one home may work against another. Make sure your Realtor is aware of these things and uses this knowledge to help give you a “competitive advantage” and not a “competitive disadvantage”.
These are just some of the things that can cause a seller lots of time, headache, and of course, money.
I put this article together to help educate you as a homeowner and hopefully maximize you home selling experience.
To find out what I can do to get your home sold in the least amount of time and for the most money possible please contact me today by filling out the form below! I’ll get right back to you!
Coral Shores Realty
Sales and Marketing Specialist
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