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Seven
Home Selling Mistakes
You Don't Want to Make!
Mistake #1 -- Pricing Your Property Too
High
Every seller obviously wants to get the
most money for his or her product, no matter what the product is. Ironically, the best way to do this is
not to list your product at an excessively high price! A high listing price
will cause some prospective buyers to lose interest before even seeing your
property. Also, it may lead other buyers to expect more than what you have
to offer. As a result, overpriced properties tend to take an unusually long
time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-Finance
Appraisals for the Market Value
Unfortunately, a re-finance appraisal may
have been stated at an untruthfully high price. Often, lenders estimate the
value of your property to be higher than it actually is in order to
encourage re-financing. The market value of your home could actually be
lower. Your best bet is to ask your REALTOR® for the most recent information
regarding property sales in your community. This will give you an up-to-date,
and factually accurate, estimate of your property value. Feel free to
e-mail me and I would be happy to conduct a
free market analysis of your home, at absolutely no obligation to you.
Mistake #3 -- Forgetting to "Showcase
Your Home"
In spite of how frequently this mistake is
addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to
make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in
need of repairs will surely lower the selling price of your property and
will even turn away some buyers.
Mistake #4 -- Trying to "Hard Sell"
while Showing
Buying a house is always an emotional and
difficult decision. As a result, you should try to allow prospective buyers
to comfortably examine your property. If trying to sell on your own, don't try haggling or forcefully
selling. Instead, be friendly and hospitable. A good idea would be to point
out any subtle amenities and be receptive to questions.
Mistake #5 -- Trying to Sell to
"Looky-Loos"
A prospective buyer who shows interest
because of a "For Sale" sign he saw may not really be interested in your
property. Often, buyers who do not come through a REALTOR® are a good 6-9
months away from buying, and they are more interested in seeing what is out
there than in actually making a purchase. They may still have to sell their
house, or may not be able to afford a house yet. They may still even be
unsure as to whether or not they want to buy a house in the first place!.
Your REALTOR® should be able to
distinguish realistic potential buyers from mere lookers. REALTORS® should
usually find out a prospective buyer's savings, credit rating, and
purchasing power in general. If your REALTOR® fails to find out this
pertinent information, you should do some investigating and questioning on
your own. This will help you avoid wasting valuable time marketing towards
the wrong people. If you have to do this work yourself, consider finding a
new REALTOR®.
Mistake #6 -- Not Knowing Your Rights &
Responsibilities
It is extremely important that you are
well-informed of the details in your real estate contract. Real estate
contracts are legally binding documents, and they can often be complex and
confusing. Not being aware of the terms in your contract could cost you
thousands for repairs and inspections. Know what you are responsible for
before signing the contract. Can the property be sold "as is"? How will deed
restrictions and local zoning laws affect your transaction? Not knowing
the answers to these kinds of questions could end up costing you a
considerable amount of money.
Mistake #7 -- Limiting the Marketing
and Advertising of the Property
Your REALTOR® should employ a wide variety
of marketing techniques. Your REALTOR® should also be committed to selling
your property; he or she should be available for every phone call from a
prospective buyer. Most calls are received, and open houses are scheduled,
during business hours, so make sure that your REALTOR® is working on selling
your home during these hours. Chances are that you have a job too, so you
may not be able to get in touch with many potential buyers.
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