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Mistake #1 -- Pricing Your Property Too High Every seller obviously wants to get the most money for his or her home. Ironically, the best way to do this is NOT to price your home 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 come in at an over inflated 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 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. 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 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. You should be able to distinguish realistic potential buyers from mere lookers. You should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. This will help you avoid wasting valuable time marketing towards the wrong people. 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 Not Calling Mary Reedy O'Connor!! Good luck with your "For Sale by Owner" efforts. Think of me as the local expert who is here when you need me. Call if you have any questions or concerns. Perhaps I can help you find your new house! |