Whether you are selling your home “For Sale by Owner” or with a number one realtor, make sure you make a note of these seven mistakes that you do not want to make. Good luck with the sale of your property and should you need some assistance, don’t hesitate to contact the Cooke team.
Mistake #1 – Pricing Your Property Too High
Every seller obviously wants to get the most money for his or her property. A high listing price will discourage prospective buyers from viewing your home and 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 or to make the numbers work for the re-finance. The market value of your home could actually be lower. Your best bet is to ask a 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.
Mistake #3 – Forgetting to “Showcase Your Home”
When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs and clean the house well. 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 the largest investment most people will make in their lifetimes and it is a difficult decision. When showing your home, create a friendly and comfortable atmosphere. If possible, leave the home while it is being shown. If not, be hospitable; point out any special amenities to the prospect buyers, be respectful of their questions and let them look!
Mistake #5 – Trying to Sell to Lookers
A prospective buyer who shows interest after seeing the “For Sale” sign in the yard may not really be interested in your property. More often then not, they are “tire kickers” and are at least 6 to 9 months away from buying. They may have a house to sell, may not be able to afford a home yet and/or may be unsure whether or not they want to relocate. If the buyer is working with a realtor, chances are the realtor has done their homework and understands the type of buyer they have. However, if you are a For Sale by Owner, you need to make sure you ask the correct questions, so you aren’t wasting valuable time.
Mistake #6 – Not Knowing Your Rights and Responsibilities
It is extremely important that you are well-informed of the details in your 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. Do you know your cost of selling the home (repairs, inspections, etc.)? Make sure you know the responsibilities for yourself as a seller, what forms you need to provide to the buyer, and what documentation is required for the closing.
Mistake #7 – Limiting the Marketing and Advertising of the Property
A realtor who is committed to selling your property will utilize a wide variety of marketing techniques. This will generate more phone calls from prospective buyers; your realtor should be available to respond to the buyer’s questions or for showing appointments. If you are selling the house yourself, chances are you have a job, too, so you may not be able to get in touch with many potential buyers. Will you be available for showings; do you know the best means of advertising the property or what position to put yourself in? Let an expert do the job you are paying them to do.