1. Don’t put your house on the market until both you and it are ready. Make sure you’ve done your homework on pricing and have decided on both the listing price and what you wish to net from the sale. You should have already selected your Realtor®, and all of your touch-ups, clean-up, repairs, or improvements are 100% complete.
2. Don’t let emotions cloud your decision making process. Once you’ve decided to sell, the house is no longer your home; it’s a commodity you wish to dispose of. Buyers aren’t trying to offend you with low offers or criticisms of your home; they are looking for the right home for themselves at the lowest possible price. Never counter an offer with, “take it or leave it.” Most often, even if they are interested, they’ll leave it. Emotions cloud objectivity, making it difficult to propose a proper counter offer.
3. Don’t panic if the home doesn’t sell quickly. If the home hasn’t sold within a reasonable time, (ninety-days) don’t assume you have to lower the price. If your home looks great and you’ve done your homework on pricing, remain firm, but try to discover the cause of the sluggish response. Are you getting enough traffic? Do you have meaningful feedback? Is there something else you can do to make the home more appealing?
4. Don’t call your agent for daily updates. Your agent should call you regularly to report on activity. Don’t bother them with constant calls. You need them on your team, and will turn them off by harassing them with constant requests for updates. A good agent will keep you informed; it’s in their best interest. If they don’t, you may have made the wrong choice.
5. Don’t price your home at your “must have price.” Few buyers are willing to pay your asking price. Everyone wants to negotiate with the assumption you’ve added in more than you are willing to take. Give potential buyers the satisfaction of getting a better deal. However, today’s market is different. Your price must be competitive. If the market doesn’t justify your asking price, you’re asking for trouble by pricing it too high. And, don’t price it high just to see if you can snare an uneducated buyer. It will remain unsold, and when you do lower the price later, buyers will wonder if there’s a problem with the house.
6. Don’t disclose your “must have price” to anyone. It’s best to keep that information to yourself so that you don’t compromise your negotiating position.
7. Don’t do extensive remodeling prior to sale. And, especially don’t over-improve for your neighborhood. While there are legitimate repairs or improvements that you may need to make, understand that major renovations rarely recoup their costs.
8. Don’t select your agent based upon a relationship with them. Ask neighbors for recommendations. Find out which agent is most effective your area and price range. Doing your homework here will pay huge rewards and can save a lot of grief or hurt feelings.
9. Don’t try to cover up problems with your home. Most states require sellers to disclose problems—potential or actual—with their homes. Not being honest opens you to a lawsuit after the sale. Consider hiring a home inspector to do a pre-inspection. While you’ll have to pay $250-$400 for their services, you’ll be aware of potential problem areas and can begin addressing them, and buyers will feel more comfortable knowing that someone has already thoroughly reviewed the home.
10. Don’t accept an offer you don’t fully understand. If you don’t understand something, get clarification or consult a good real estate attorney. The price you’ll pay will be worth it in peace of mind.
Remember, a little planning, common sense and objectivity will pay huge dividends when you are ready to sell.
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