Everyone knows that selling your home in any market can be an exhausting experience, both emotionally and physically. But selling in today's market, glutted with standing inventory, has become especially challenging for sellers and realtors alike!
According to new data released by the Census bureau, the vacancy rate of homes for sale in this Country is at it's highest level since the bureau began tracking it forty years ago. This is not good news for the multiple thousands of people who presently have homes on the market. The prospect of being stuck with a house that doesn't sell for months on end is frightening, and takes an emotional toll leaving some sellers unprepared. Remember, the difference between a smooth, profitable selling transaction, and one that isn't, is usually caused by lack of knowledge and being unprepared.
The following is a list I've designed to make you aware of the ten most common mistakes that cost home sellers thousands of dollars:
1. Establishing the appropriate selling price for your home is critical! Setting the price too high causes a house to sit on the market for a long period of time, and become known as a 'stale' listing. Setting the price too low may needlessly cause you to give away thousands of dollars in profit. Either way you will lose.
2. Accessibility is key when selling your home. In todays competitive market, buyers who can't get easy access to view a home will move on and purchase elsewhere. Remember, the more accessible you make your home, the greater your chances become for finding a qualified buyer who will pay top dollar for a profitable sale.
3. A buyers positive first impression is everything when buying a home. Many sales are lost due to cluttered rooms that weren't de-cluttered, unpleasant odors that weren't addressed, and Spring cleaning inside and out that wasn't done! If a buyer does look beyond these things and make an offer on your home, it undoubtedly will be for much less than your asking price.
4. Minor repairs and simple maintenance will yield 2-4 times the repair cost at the time of sale. Buyers buy what they see, and they will always perceive the repair costs to be higher than the seller will perceive it to be. Simple repairs not being taken care of ahead of time can easily lower the offer on a home by thousands of dollars.
5. If your home isn't warm, inviting, and presented in 'showcase condition' to highlight the homes best features, it will make a huge impact on buyers' perception of value . . . again resulting in a lower offer on the home.
6. Sellers who insist on relying on traditional methods to market their home will be out performed by those willing to be innovative in this competitive market. Thinking outside the box in order to find new strategies for attracting potential buyers will greatly increase your chances for a more profitable sale.
7. You must remember that once you put your home on the market . . . you can no longer view it as 'your' home. You need to depersonalize the space so the buyers can imagine themselves living there. It is a product to be sold, and should be viewed as a dollar and cents business transaction.
8. Our current market condition for houses has been determined by supply and demand. And right now the supply is much greater than the demand. Therefore, many people are taking this opportunity to shop dozens of homes to compare prices as well as value. This is why it is imperative that you offer them a home that is in 'showcase condition', generating a greater perceived value.
9. You can save an enormous amount of valuable time and money if you make sure that your prospective buyer has been pre-approved for a loan before spending a great deal of time with them. Remember, time is money, and it will take up time that you could be spending with someone who can buy!
10. Signing with the right real estate agent is key to having a pleasant, profitable selling experience. Their knowledge and marketing methods can have a huge impact on your success and the profitability of your sale. Do your research . . . and choose wisely.
Avoid these costly mistakes by diligently arming yourself with knowledge. It can make all the difference in the successful sale of your home. A little time spent now on properly preparing your home as a product to be sold can save you countless hours of frustration . . . and thousands of dollars in profit!
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