7 Home Selling Mistakes You
Don't Want To Make!
Mistake #1 -- Pricing Your Property Too High
Every seller obviously wants to
get the most money for his or her product. Ironically,
the best way to do this is NOT to list your product
at an excessively high price! A high listing price will
cause some prospective buyers to lose interest before
even seeing your property. Also, it may lead other buyers
to expect more than what you have to offer. As a result,
overpriced properties tend to take an unusually long
time to sell, and they end up being sold at a lower
price.
Mistake #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. The market value of your home could actually
be lower. Your best bet is to ask your REALTORŪ 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.
Mistake #3 -- Forgetting to "Showcase" Your Home
In spite of how frequently this
mistake is addressed and how simple it is to avoid,
its prevalence is still widespread. When attempting
to sell your home to prospective buyers, do not 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.
Mistake #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.
Mistake #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 REALTORŪ 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 REALTORŪ should be able to
distinguish realistic potential buyers from mere lookers.
REALTORŪs should usually find out a prospective buyer's
savings, credit rating, and purchasing power in general.
If your REALTORŪ 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 REALTORŪ.
Mistake #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"? How will deed restrictions
and local zoning laws affect your transaction? Not knowing
the answers to these kinds of questions could end up
costing you a considerable amount of money.
Mistake #7 -- Limiting the Marketing and Advertising
of the Property
Your REALTORŪ should employ a wide
variety of marketing techniques. Your REALTORŪ 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, and open houses are
scheduled, during business hours, so make sure that
your REALTORŪ 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.
I would sincerely like to help
you with all your real estate needs. My extensive knowledge
of real estate investing, 1031 exchanges, quality of
home construction can save you thousands of dollars
when buying a home and dozens of hours looking for the
wrong home. Please do not hesitate to give me a call.
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