You want to be able to sell your home quickly and effectively but how can you do this? The answer is complex and is composed of many factors. Listed below are 7 steps that you should avoid when selling your home...
Mistake #1 - Pricing Your Property Too High
Every seller obviously wants to get the most money for his or her product. But, a high listing price will cause some prospective buyers to lose interest before even seeing your property. Or, it may lead other buyers to ask for more than you are willing to give (new carpets, your pool table, fixtures, etc...). As a result, overpriced properties tend to take longer to sell and often at a lower price.
Mistake #2 - Mistaking Re-Finance Appraisals for the Market Value
Unfortunately, some 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.
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. Make sure everything functions and looks presentable. And, above all, CLEAN!!! A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers altogether.
Mistake #4 - Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. When showing your home try to allow prospective buyers to comfortably examine your property and avoid hovering. Don't try to haggle or forcefully sell. 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"
Many prospective buyers who come to look at your property really have no interest in buying at that point and time. Often buyers who do not come through a real estate agent are a good 6-9 months away from buying. They just want to get in idea of what is out there. They may still have to sell their house, they may not be able to afford a house yet, or they may still be deciding if they want to relocate.
Real estate agents are there to help you distinguish realistic potential buyers from mere lookers. They research a prospective buyer's general savings, credit rating, and purchasing power before they ask you to put any time into the negotiations. This will help you to avoid wasting valuable time marketing towards the wrong people.
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 of dollars in repairs and inspections. Know what you are responsible for before you sign the contract.
Mistake #7 - Limiting the Marketing & Advertising of the Property
Your real estate agent should employ a wide variety of marketing techniques. They should also be committed to selling your property and be available for every phone call from a prospective buyer. They should employ more than just a yard sign... Real estate agents have the ability to market your home via the internet, industry contacts, media advertisements, and word of mouth. They are amazing resources that can make the selling process quick, profitable, and fairly painless.