Avoid common Mistakes made by Sellers
Selling your home can be a difficult job, especially since you’re competing against hundreds of other properties. It’s vital that you be aware of what works and doesn’t work when it comes to home selling. Consider the following list of the most common mistakes made by home sellers:
Setting the wrong price for your home
The right price sells a house faster than any other factor. When the listing price is more than 5% over market value, the price alone discourages buyers. An overpriced house scares away potential buyers who think they can get more house for their money elsewhere.
Selling your home in ‘As-Is’ condition
Most buyers will not even consider a house that needs fix ups. What they are looking for is an inviting home in move-in condition, one that looks as good as a model home. Buyers who are willing to tackle the repairs after moving in automatically subtract the cost of needed fix-ups from the price they offer.
Selling your home with a dull interior
A clean, bright decor is what buyers want. Probably the best dollar-for-dollar investment for selling your home fast is fresh paint. Make your home look better than you’ve ever had it looking before. Focus on the three rooms most inspected–kitchen, master bedroom and garage (if you’ve got one).
No ‘Curb Appeal’
Your house gets only one chance to make a good first impression. “Curb appeal” is one of the most critical points in selling. Spruce up the view of the house from the street, including lawn, shrubs, shutters, windows, front door, mailbox. Add potted flowers out front, brass outdoor lighting fixtures–whatever will enhance your home’s “buy me” look.
Over-improving your home
While it’s important to fix whatever needs fixing to get your home ready for sale, undertaking a major project could cost more money than you would recover from the sale. If your improvements will push your home’s value more than 20% over the average neighboring home values, you may not recover the entire cost.
Inflexible Financing
The more buyers you appeal to in terms of financing, the greater your chances of selling faster. Be flexible. Accept various financing, offering seller financing, paying closing costs or points, providing a decorator’s allowance or other irresistible buyer incentives.
Stretching out buyer negotiations
One of the most important moves you can make is to reply immediately to an offer. When buyers make an offer they are, right then, in the mood to buy. You don’t want to lose a sale because you stall in replying.
Being Adversarial during negotiations
No one wins if you enter negotiations with boxing gloves on. Instead, approach negotiations in a positive frame of mind, not as an adversary of the buyer. After all, you both want the same thing–a sale. Leave most of the discussion of price, terms, possession and other conditions up to your agent.
Not having a presentable house
The presence of your family can make prospective buyers feel like intruders. If you’re at home when your home is being shown, be your usual friendly–but low-key–self. It’s the agent’s job to show buyers what they need to see. If an open house is scheduled, plan to be away from home.
Selling without a professional
Going it alone could invite disaster. Surveys show self-sellers often net less from the sale than sellers who use a real estate agent. Selling a house is a team effort between you and the listing agent. You’ll find agents do a lot more than most people know–from bringing qualified buyers to keeping things on track to settlement.