Mistake #1 — Pricing Your Property Too High: Every seller obviously wants to get the most money for their home. 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 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 about property sales in your community.
Mistake #3 — Forgetting to Showcase Your Home: In spite of how often this mistake is addressed and how simple it is to avoid, it continues to be 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 “turn off” many 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 look at your property. If you must be present during showings of the home, don’t oversell or try to justify your asking price. Instead, be friendly and hospitable and give buyers space to think about their own needs.
Mistake #5 — Trying to Sell to Looky-Loos: Prospective buyers who show interest because of a “for sale” sign they 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. Your REALTOR® should be able to distinguish realistic potential buyers from mere lookers. REALTOR®s should usually find out a prospective buyer’s savings, credit rating, and purchasing power in general.
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?
Mistake #7 — Limiting the Marketing and Advertising of the Property: Your REALTOR® should employ a wide variety of marketing techniques and be committed to selling your property; he or she should be available for every phone call or email from a prospective buyer. Most calls are received during business hours, so make sure that your REALTOR® is working on selling your home during these hours.