Selling your house in the present real estate market is a daunting task. There are so many available properties in the form of foreclosures and short sales throughout the country. It becomes really important for an interested seller to understand what works and what doesn’t. With proper understanding of the present real estate market, updated knowledge of the local property trends, and proper awareness about common pitfalls in this market, one can sell his house with satisfactory returns. This article will highlight some of common mistakes made by sellers during the selling process and how to overcome these mistakes.
•Unrealistic Price of the Property: The most important factor in selling your house is to set the right price for your house. On an average, any house with appropriate price tag tends to get sold comparatively quicker than those with unrealistic prices. Any house that is priced 5 percent more than the market value of the house will scare away potential buyers. You should even avoid placing a price much lower than the market value because it will raise doubts in the mind of potential buyers of the property. It is best to get in touch with a licensed real estate agent and get advice over the price of your house.
•Underestimating the Importance of First Impression: It is only the first impression of your house that draws potential buyers for showings. Your house should have a curb appeal so that the buyer may fall in love with the house at the very first sight. There are some important points to be considered in maintaining overall appearance of your home including lawn, windows, shrubs, front door, flowers and mail box of your house. Some small additions like potted plants can even help in increasing the curb appeal of your house.
•Lack of Flexible Financing: Another common mistake made by sellers is to limit financing options available to the buyer. The current economy has made it really hard to get approved for loans and it is important to provide multiple financing options if you want to sell your house quickly. There are a lot of financing options that you can offer to the potential buyers including VA financing, decorator allowance, seller financing, other financial incentives like paying the closing costs or something similar. Flexibility in financing options will attract more buyers in property listings
•Ineffective Promotional Strategies: There is not time for being a shrinking violet in this competitive market. There are thousands of other properties available for the buyers and it is your job to promote your house as much as possible. There are plenty of marketing tools that you can use for promoting your house starting with online listings, local newspaper, local realtor association classifieds, email promotion and word-of-mouth promotion.
•Having an Inexperienced Realtor: This is the biggest mistake that a seller can make in the process. You will be spending a lot of time with your realtor during the process and it is important to have trust between the two of you. The agent should have proper experience in dealing with properties in your local area. It is best to look for recommendations and previous deals closed by the realtor.
By now, you would have understood the importance of educating yourself about all of these issues in advance. You should have proper knowledge of the local market and laws governing the selling process. Keeping these points under consideration will help you in the long run!
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