When you are getting ready to put your property on the market, there is a myriad of things to think about, to prepare for, and to organize. Here is a short list of some of the pitfalls to watch out for.
Deadly Mistake Number # 1
Incorrectly Pricing Your Home
Every seller wants to net as much money as possible when selling their home. Unfortunately, a listing price that is too high often gets the seller less than a listing priced at market value. If your house is not priced competitively, people looking in your price range will reject your house in favor of other larger homes for the same price.
At the same time, the people who should be looking at your house will not see it because it is priced over their heads. Overpricing usually increases the time on the market and that adds to the seller's carrying costs. Ultimately, many overpriced properties sell below market value.
Once you understand the principles of pricing your home, you will know how to sell your house for the best price. To help you avoid costly mistakes related to pricing your home... just call our office at 972-389-2191 and we will deliver to you a FREE Market Evaluation of your home.
Deadly Mistake Number # 2
Failing to "Showcase" your home
Buyers are looking for homes, not houses, and they buy the home in which they would like to live. They buy emotionally and then back up that emotional decision logically.
Owners who fail to make necessary repairs and don't spruce up the house inside and out, touch up the paint and landscaping and keep it neat and clean, chase buyers away as rapidly as Realtors can bring them.
If you were selling a car, you would wash it or perhaps even detail it to get the highest price and sell it quickly. Houses are no different
Call us at 972-389-2191 for FREE information on how to get your property
ready for sale.
Deadly Mistake Number # 3
Staying at home during a showing
As we mentioned above, buying a house is an emotional decision. People like to "try on" a house and see if it is comfortable for them. This is difficult for buyers to do if you are present and even harder if you follow them around, pointing out every improvement you have made.
It will probably have the opposite effect you want. They may feel uncomfortable because they are intruding on your private space rather than making them feel at home. The best strategy is to leave the house when a prospective buyer is scheduled. Even a good Realtor knows that he won't "sell" the house - the house must sell itself. Once you have prepared your house for showing, let your house do its job.
Deadly Mistake Number # 4
Mistaking "Lookers" for Buyers
Folks who try to sell their home themselves always get more activity than
houses listed with an agent. . . no question about it. Realtors will only bring qualified
buyers, these will be fewer than if you open your front door to everyone who walks down the street.
Fully 96% of the responses you receive on ads and open houses are not bona fide buyers (these statistics come from the National Association of Realtors). Seventy percent (70%) have a house to sell first, 18% live in the neighborhood and are interested in the value of their home and 8% are just looking for decorating ideas or shopping.
That means that only 4 calls out of 100 are buyers that are ready and able to buy a home. These 4 prospects will look at an average of 18-23 homes before
Agents pre-qualify buyers before bringing them to your home. An agent does not get paid unless he or she helps someone buy a home. This makes it unproductive for a Realtor to show properties to unqualified prospects.
A Realtor will ask a buyer how much he can really spend for a house, how much he has to put down, how good his credit is, how much he can pay each month, how much he will realize when he sells his home and about two dozen other similar questions.
Unless your Realtor finds out the facts first, you must ask all these questions before the buyer crosses your threshold. If not, you may end up with a parade of Sunday afternoon shoppers with a dream of owning a home some day.
Deadly Mistake Number # 5
Not knowing your rights and obligations
Real estate law is extensive and complex. A Purchase Agreement is a legally binding contract. If improperly written, the contract can cause the sale to fall through or cost you thousands of dollars for repairs, inspections, taxes and remedies for items included or excluded in the offer. You must be certain of which repairs and closing costs you are responsible for.