|
|
Home Selling Mistakes
to Avoid
Whether you are selling your first home or are a seasoned
seller, there are some common Home Selling Mistakes that are necessary
to avoid.
Below are 10 common mistakes you need to avoid when selling real
estate.
- 1) Pricing Incorrectly (Too High or Too
Low)
Make sure that you determine the market value of your home
correctly. If your asking price is significantly higher than
what the market is currently bearing, many potential buyers
looking for your style of home will view similar but lower
priced homes first. Not only does this limit the pool of potential
buyers but it also increases the chances that your home will
sell for less than its actual value. This is due to the "discount"
often associated with properties that have been on the market
for a longer than average time. Buyers are often overheard
asking their agent...."What's wrong with that home? It's been
for sale forever". Alternatively, if your asking price is
too low, you are literally giving away your hard-earned equity
just because you did not know what the market would bear.
-
- 2) Failing to "Showcase" your home
A little work can improve the first impression of your home
a thousandfold. First impressions are lasting impressions
and can dramatically affect a property's perceived value.
-
- 3) Mistaking a Bank's Appraisal or a New
Tax Assessment as Your Home's Actual Market Value
These processes are based on general guidelines such as lot
size and square footage, not the specific qualities and improvements
of your home. Using either of these as a baseline could cause
you to over-price or under-price your property. It requires
detailed background knowledge of all recent neighbourhood
sales as well as homes currently for sale in order to estimate
value accurately. Ask your realtor for a detailed market evaluation.
-
- 4) Choosing the Wrong Realtor or Choosing
a Realtor for the Wrong Reasons
It is critical that you have full confidence in your realtor's
experience and abilities. You want a realtor who can explain
the whole selling process to you, has a good feel for the
market, has access to potential buyers and offers sound advice
on how to improve your chances of selling. Try to avoid choosing
a realtor on the basis of which one gives the highest estimate
of your home's value. In order to achieve the best sale price
within a reasonable period of time you need an accurate indication
of what the true market value of your property is. Knowing
this allows you to properly price your home, thus maximizing
your chances of selling and allowing you to make your future
plans with the sure knowledge that your goals can be attained.
-
- 5) Failing to Take Current Market Conditions/Trends
Into Account
Is it a buyer's market, a seller's market, a balanced market?
What do future trends look like? Ask your realtor for a full
analysis.
-
- 6) Not Taking Advantage of Market Fluctuations:
The Big Picture
Moving up in a market downturn? If your $150,000 home has
dropped 10% in value, so has your $300,000 dream home. Yes,
you lose $15,000 on your current home, but you save $30,000
on your next purchase! Always keep in mind the bigger picture.
-
- 7) Using "Hard Sell" During Showings
No one likes being pressured. As well, buyers might wondr
why you are so anxious to sell. Let your home speak for itself.
-
- 8) Mistaking "Lookers" for "Buyers"
Many people who look at homes for sale may just be getting
a feel for the market, seeing how others 'showcase' their
homes, or even just looking for decorating ideas. Your realtor
deals with these situations on a full-time basis and has the
experience needed to separate the "Lookers" from the actual
"Buyers".
-
- 9) Relying Too Heavily on Advice From the
Buyer's Realtor
The interests of buyers and sellers are often opposing. In
an agency relationship it is very difficult for one realtor
to look out for the interests of both the buyer and the seller.
You want to make sure you are familiar with Real Estate relationships
and the difference between being a client or a customer before
accepting advice from an agent or entering into any formal
relationship with an agent.
-
- 10) Limiting the Marketing and Exposure
of Your Property
Part of what a good realtor does is to ensure that yor property
is showcased and marketed in the best and most productive
manner possible. Not allowing a "For Sale" sign on the front
yard or limiting viewing times can dramatically reduce the
number of prospective purchasers seeing your home and may
have a serious impact on your bottom line.
-
|
- Become a FREE member of our VIP Buyers' Club and receive
the newest listings on the market that match your criteria!
- Get started here >>
|
