Common mistakes can cost sellers thousands of dollars and cause undue stress. Being aware of these typical mistakes can increase the selling price of your home and decrease the pitfalls that come with selling a property.

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 pro-spective 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 of 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 be worth the 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 benefi ts.

MISTAKE 6
Being unavailable & reacting slowly to 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 a 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.

Learn more about selling your home on our seller's page.

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