Selling a home the right way is a lot of work but it will pay off putting more money in your pocket. There are no shortcuts! Here are the Top 4 Mistakes I see some sellers make that costs them big time.
The first misstep is to price the home wrong. Either too high or too low. Getting the price “just right” means getting the most out of your home while at the same time not pricing it out of the market to the point where very few, if any, potential buyers reach out. Overpricing a home is the number one mistake you can make. This hurts you two ways. It increases the days on market even if you are trying to sell it yourself. The property gets stale in the market and start to smell like week old fish. Buyers are more educated than ever before and have more available information than ever before so you aren't going to fool anyone. Once you start price reductions buyers looking that area are alerted and they will play the wait and see game to see just how low you'll and then try and shoot you in the foot. The market will tell you what your home will sell for, listen to it. If you don't know, have an appraisal done. Make sure the appraiser knows why you are getting the appraisal. You will get a price much better suited to the current market. Or, you could contact a couple of real estate agents and ask for a Comparative Market Analysis. Having an appraisal will give you the defense of your price.
Some home owners think they can save a few thousand dollars by selling a home without a real estate agent when in fact it can cost someone thousands of dollars by not using a real estate agent. You simply can’t provide the reach that a licensed real estate professional can. When a home is placed into the local Multiple Listing Service, the home is then available for potential home buyers all across the country and not just your neighborhood. A deeper buyer pool means more offers. Most people think selling home easy, it's not. Hiring a Realtor is a waste of money, it's not. If you hire a Realtor that is full time and does more than 20 transactions a year and the Realtor really knows what they are doing they will more than pay for their services in returns to the seller.
Interview as if you were going to have brain surgery. Don't go hire a Realtor just because they are broke and you want to help them or they are a relative or they seem to be a nice person. This is a person that is going to handle the largest transaction most of you will ever make in your life. It's too important not to hire the best and most highly skilled Realtor you can find. Most listings I sell on the average I put in over 100 man hours from listing day to closing day. I invest my money and time in hopes I get YOU the greatest net return along with the best experience possible.
One thing you’ll need to keep on top of is the selling condition of your home. This means both inside your home and out. How’s the curb appeal? When someone first pulls up to your home are they automatically drawn in? Or maybe the lawn needs some work and the shrubbery is a little ragged. Keep the lawn trimmed and free of clutter. Power wash the sidewalk, driveway and front porch. Inside, you also need to de-cluttter. Open up each room by placing bulky furniture into a storage unit. Take down family photos and portraits. When buyers walk into your home they want to be able to visualize it being theirs, and having an instant reminder that it’s not by having family photos all around detracts from that.
Inspection Home buyers are advised to have a potential property inspected to discover anything that needs to be fixed, updated or repaired. But you too should hire an inspector to perform a complete run-down from basement to attic looking for anything that needs your attention. The buyers will order an inspection so you want to know what they’ll discover before they do with their own.
Don’t get too anxious and don’t jump at the very first offer. Your sales price will probably be much higher than what you originally paid for it, but take a deep breath when that first offer comes in. Give your agent plenty of time to list your home and hold open houses to gain a wider audience and have some patience. If you accept an offer very early on in the process, you might be costing yourself thousands of dollars and no more offers. Take counsel from your Realtor if the first offer is a great offer then look at your situation. Lets say you have 3 showings the first day and 1 offer. You might want to go another 2 or 3 days to see what comes in. If you are on the market for 10 days had 3 showings and one good offer comes in you better take it.
Rule of thumb with 10 showings you should have at least one offer. If not, something is out of wack.
If you are thinking of selling your home and want some free advice about condition or an estimated sales price please give me a call. 817-932-4900