8 Common Mistakes Sellers Make

1. Pricing Incorrectly . . .

Every seller wants to realize as much money as possible when he/she sells their home. But a listing price that is too high often gets the seller less than a price that is at market value. If your house is not priced competitively, people looking in your price range will reject your home in favor of other, larger homes for the same price. At the same time , the people who should be looking at your home will not see it because it is priced over their heads! Overpricing usually increases time on the market, and that adds to the carrying costs. Ultimately, many overpriced properties sell below market value. To help avoid this, we can prepare an extensive Market Evaluation of your home.

2. Failing to ´´Showcase´´ the home . . .

Buyers look for homes, not houses, and they buy the home in which they would like to live. This is why we stage our listings. We assess a home starting right at the front door and recommend the necessary changes needed to get you top dollar! A property that is not clean or well maintained is a red flag for the buyer.  It is an indication that there may be hidden defects that will result in increased cost of ownership.  Sellers who fail to make necessary repairs, who don't "spruce up" the house inside and out, and fail to keep it neat and clean, chase away buyers as fast as Realtors can bring them in.  Buyers are poor judges of the cost of repairs and always build in a large margin for error when offering on such a  property.  Sellers are always better off doing the work themselves ahead of  time.

3. Using the ´´Hard Sell´´ during showings . . .

Buying a house is an emotional decision. People like to ´´try on´´ a house and see if it is comfortable for them. It´ s difficult for them to do that if you follow them around pointing out every improvement. It may even have the opposite effect you want by making them feel they are intruding on your private space. Using a Realtor is important.  Good Realtors let the buyers discover the home on their own, pointing out only features they are sure are important to them.  Overselling loses     many sales.  If buyers think they are paying for features that are not particularly important to them personally, they will reject the home in favor of a less expensive one without the features.

4. Failing to take the first offer seriously . . .

Often sellers believe that the first offer received will be one of many to come.  There is a tendency to not take it seriously and to hold out for a higher price.  This is especially true if the offer comes in soon after the  home is placed on the market .  Experienced Realtors know that more often than not the first buyer ends up being the best buyer and many, many times sellers have had to accept far less money than the initial offer later in the selling process.  Real estate is most saleable early in the marleting period and the amount buyers are willing to pay diminishes with the length of time a property has been on the  market.  Many sellers would give anything to find that perspective buyer who made that first, AND ONLY , offer!

5. Over-improving the home prior to selling . . .

Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their h ome prior to attempting to sell in the mistaken belief that they will recoup this cost.  If you are upgrading your home for your personal enjoyment - fine.  But if you are thinking of selling you should be aware that only certain upgrades to real estate are cost effective.  Always consult with your Realtor BEFORE commiting to upgrading your home.

6. Not knowing your rights and obligations . . .

Selling Real estate is extensive and complex; the contract for sale and purchase is a legally binding document. An improperly written contract can allow the purchaser to void the sale or cost you thousands of unnecessary dollars.  Hire an experienced Realtor who knows the "ins and outs" and hire an attorney to fully explain the contract you are about to sign.

7. Limiting the marketing and exposure of the property . . .

The two most obvious marketing tools (open houses and classified ads) are only moderately effective. Surprisingly, less than 1% of homes are sold at an open house! Good marketing opens the door that exposes real estate to the marketplace.  It means distinguishing your home from hundreds of others on the market.  It also means selling the benefits as well as the features.  The right marketing will employ a wide variety of activities, emphasizing the ones believed to work best for your home.

8. Choosing the wrong Realtor or choosing him or her for the wrong reasons . . .

Many homeowners list with the real estate agent who tells them the highest price.  You need to choose an experienced agent with the best marketing plan to sell your home.  In the real estate business, an agent with many sucessfully closed transactions usually costs the same as someone who is inexperienced.  That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.

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