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. 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
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.
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. 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
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 relocate.
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 will affect your transaction? Not knowing the
answers to these kind of questions could end up costing you a
considerable amount of money.
Mistake #7 -- Limiting the Marketing and Advertising of
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.