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| 9 Selling Mistakes That Could Cost You Thousands! | << Back to Report List |
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Thinking about selling your home? Read about these common mistakes that
can cost sellers thousands of dollars and cause undue stress. MISTAKE 1 — Pricing your property too high
Overpricing does more to discourage buyers than any other single factor.
A high listing price will cause some prospective buyers to lose interest
before even seeing your property. When you overprice, you put your home
in competition with homes that may be newer, larger or have more
amenities than yours. You actually help your competition sell their
home. This leads to long days on the market and costs you money in the
long run. Make sure you get your pricing advice from a REALTOR® who knows the market. MISTAKE 2 — Mistaking an appraisal for market value Re-finance appraisals may have been stated at an untruthfully high price
in order to encourage re-financing. The true market value of your home
can only be determined by using the most recent sales information
regarding comparable properties in your area. Your best bet is to ask
your REALTOR® to prepare a market analysis.MISTAKE 3 — Attempting to sell you home in poor condition A home that is in ill repair and poor condition does not excite buyers.
A home in poor condition is looked at by buyers as a lot of work and
money pit. Having your home in good repair and great showing condition
will significantly improve your chances getting top dollar.
Additionally, giving your good home curb appeal is critical. If your
home is attractive from the street, it will gain more attention and get
more showings. Furthermore, dreary, dark homes don’t sell! Make sure to
open your home up and let the sun shine in. MISTAKE 4 — Over-improving your home Get your home in good showing condition, but don’t over do it. Huge
projects such as complete remodels of kitchens, adding decks and
expanding room sizes may not pay back your investment. Before you jump
into an improvement project, get some advice from your real estate
agent.MISTAKE 5 — Being present during showings When your home is being shown, go for a drive or a walk. Take yourself,
your family and pets and let the agent and their clients have the
freedom they need. An agent can always do their best job of showing when
you’re not home. Buyers are more at ease and much more likely to
visualize themselves enjoying your home’s features and benefits.MISTAKE 6 — Being unavailable & slow reacting offers When you do get an offer on your home, be available to your agent.
You’ll need to act quickly and decisively. Letting offers sit around
without acting can be a huge mistake. The mind of a prospective buyer
can change quickly. Acting quickly while the excitement and interest
level are at a high point is critical. Typically, a buyer’s motivation
level decreases with time and buyers’ remorse can set in. Acting in a
timely manner is essential.MISTAKE 7 — 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. Know what you
are responsible for before signing the contract. Having a good real
estate agent explain the terms is essential in your transaction. Not
knowing the terms of the contract could end up costing you a
considerable amount of money.MISTAKE 8 — Limiting the marketing & advertising of your property Your agent should understand marketing and employ a wide variety of
marketing techniques. The level of marketing knowledge and promotional
tools varies between real estate companies and it’s agents. Make sure
the company you list with employs true marketing strategies, offers
unique tools that promote your property and provides critical
information to potential buyers. An agent with a strong marketing plan
will get your home exposed to larger number of potential buyers than
other competitive homes on the market. MISTAKE 9 — Selling your home by yourself In many instances, paying a sales commission is often the least
expensive part of selling your home on your own. Trying to sell your
home yourself can be costly. Most ‘for sale by owner’ homes sell for, on
average, 16% less than comparable homes listed with an agent.
Additionally, you have no representation and are harnessed with the
responsibility and cost of marketing your property.Considering selling your home?
Naert Realty offers listing and marketing services to sellers, as well
as guidance in helping you find your next home. Call Naert Realty at
314-773-5700 or e-mail at
info@naertrealty.com.
Learn more: About Naert Realty | |
© 2007 Naert Realty. |
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