Mistakes Made By Sellers
10 Biggest Mistakes that Sellers Make
Selling your home can be a difficult job, especially since you’re competing against hundreds of other properties. It’s vital that you be aware of what works and doesn’t work when it comes to home selling. Consider the following list of the most common mistakes made by home sellers:
Setting the Wrong Price For Your Home
Experience shows the right price sells a house faster than any other factor. When the listing price is more than 5% over market value, the price alone discourages buyers. That’s because an overpriced home scares away potential buyers that think they can’t even afford to look. Buyers who do look at an overpriced home know they can get more house for their money elsewhere.
Selling Your Home in "AS-IS" condition
In today’s competitive market most buyers will not even consider a house that needs fix ups. In contrast, a sparkling showcase home gets top dollar when it comes to the bottom line. What most buyers are looking for is an inviting home in move-in condition. One that looks just as good as a model home. Buyers who are willing to tackle the repairs after moving in automatically subtract the cost of needed fix-ups from the price they offer. Either way, you save nothing by putting off fix ups and will likely slow the sale of your home.
Selling Your Home With A Dull Interior
A clean, bright decor is what buyers want. Probably the best dollar-for-dollar investment for selling your home fast is fresh paint. Neutral colors are best. Next to fresh paint, new carpeting–replaced for either condition or color–makes a big difference. Elbow grease can be as effective as spending cash to brighten your home. Start by ruthlessly getting rid of the junk you’ve accumulated. Clean each room top to bottom. Dare to make your home look better than you’ve ever had it looking before. Focus on the three rooms most inspected–kitchen, master bedroom and garage (if you’ve got one). Forget those and you may as well forget the buyer, too. In the kitchen, clear off counters and organize cupboards. Keep in mind, some prospects will judge the whole house by the cleanliness of the oven or refrigerator. In the master bedroom, move or remove furniture to create spaciousness. The ideal garage stores only cars and perhaps an orderly display of garden tools, so throw out your junk to show off room for theirs.
Most buyers work with real estate agents. A good real estate agent will make sure your property is exposed to the active real estate agents in your areas by presenting your property to many of the area offices. Also, most active real estate agents have a strong network of other agents, and they’re usually on the phone pushing the property to the other agent’s buyers.
Well over 80% of buyers use the Internet to look for homes so make sure your agent also has a marketing plan to get it exposed on-line.
No "Curb Appeal"
Your house gets only one chance to make a good first impression. That’s why “curb appeal” is one of the most critical points in selling. Buyers are apt to fall in love at first sight–or not at all. If your home lacks curb appeal, chances are the first impression will not be counteracted by the most perfect floor plan or the most tasteful interior. Spruce up the view of the house from the street, including lawn, shrubs, shutters, windows, front door, mailbox. Add potted flowers out front, a wreath on the door, new outdoor lighting fixtures–whatever will enhance your home’s “buy me” look.
Over Improving Your Home
While it’s important to fix whatever needs fixing to get your home ready for sale, undertaking a major project could cost more money than you would recover from the sale. Spending too much on remodeling projects just drains money out of your pocket. If your improvements will push your home’s value more than 20% over the average neighbouring home values, don’t expect to recoup the entire cost. (Some major projects, however, like replacing a roof, should be done if they are needed.)
Financing Incentives
The more buyers you appeal to in terms of financing, the greater your chances of selling faster. Be flexible, providing a decorator’s allowance or other irresistible buyer incentives.
Stretching Out Buyer Negotiations
One of the most important moves you can make is to reply immediately to an offer. When buyers make an offer they are, right then, in the mood to buy. Moods, as you know, change, and you don’t want to lose a sale because you stall in replying.
Being Adversarial During Buyer Negotiations
No one wins if you enter negotiations with boxing gloves on. Instead, approach negotiations in a positive frame of mind, not as an adversary of the buyer. After all, you both want the same thing–a sale. Leave most of the discussion of price, terms, possession and other conditions up to your agent. We’ll make it our business to get you the best deal.
Not Having A Presentable Home
The presence of your family can make prospective buyers feel like intruders so it’s best to leave the home for showings. Keep your home as clean as possible while you are on the market and do a quick tidy of the house before you leave for a showing. If you will be coming right back you can turn on all the lights in the home so the buyers can really take in the house and not have to search for light switches. It will then be the agent’s job to show buyers what they need to see. If an open house is scheduled also plan to be away from home and let your agent do their job to make sure all attendees have a positive experience, leave with questions answered and information on your home.
Selling Without A Professional
Going it alone – like General Custer – could invite disaster. Without a professional adviser, you probably won’t sell. Even if you do sell, surveys show self-sellers often net less from the sale than sellers who use a real estate agent. Selling a house is a team effort between you and the listing agent. You’ll find agents do a lot more than most people know–from bringing qualified buyers to keeping things on track to settlement.
