Seller Tips -10 Mistakes When Selling
- Pricing too High
Every seller obviously wants to get the most money in his or her pocket. 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
- Setting Too much Emotional Value
One of the major mistakes that sellers make is to assume that buyers will see the home in the same light that they do. Remember that your opinion and view of the home has been tempered by years of living and memories. Undoubtedly you have some real attachment to the home. This can easily temper your eye when it comes to imperfections in the home. Buyers are naturally critical so any little area of concern will be heavily scrutinized. Another things that tends to happen is there is a disparity between what a seller thinks their home is worth and what the market dictates the home is worth. Once again you cannot really put a price on memories and years. If you could, homes would be priceless right?
- Not getting Comparative Market Analysis (CMA)
Your REALTOR® is well educated in analyzing market trends and by using a proper CMA can help you see what your competition is up to and what you could expect to sell for and how long it should take.
- Not doing any Maintenance
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 attractive and inviting as possible. Make all necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will often lower the selling price of your property and will even turn away some buyers.
- Not using a Home Stager
It's more important than ever that your property stands out from the competition. Whether you're trying to sell a multimillion-dollar mansion or a typical Starter home, you should consider paying a professional to stage your home. Additionally there are a number of free or inexpensive things you can do on your own to get your house into show home condition. Most importantly, paint the walls. Nothing does more to brighten up a place. Next, it is recommended getting rid of all the clutter, excess furniture and family knickknacks. Finally, make all the necessary repairs before your first open house. If a buyer sees a small problem, say, a leaky faucet, he's likely to wonder about larger issues like the furnace or roof.
- Using Appraisals to set price
Unfortunately, a Tax Assessment or re-finance appraisal may not always coincide with the property’s true market value. Lenders may estimate the value of your property to be higher or lower than the price you can actually achieve by putting the property up for sale. Your best bet is to ask your local RE/MAX River City Associate for the most recent information regarding property sales in your area.
- Not Take every offer seriously
What if you get an offer that's simply too low? Don't reject it outright. See if you can negotiate. First of all, you can't blame someone for testing the market -- after all, in today's market, many buyers are confident that they have the upper hand. Secondly, by entering into negotiations with one party, you'll gain leverage with other potential buyers. Most importantly, it allows you to tell brokers that your property is in play and sends a message that if someone is interested, then he better present a competitive bid quickly.
Just don't get cocky. During this process, it's crucial for sellers to set a realistic bottom-line price they're willing to take, even if it's several thousand dollars below asking.
- Being Home During Showings
One of the major mistakes that owners make is being present in the home when buyers come to look at the house. This is not good. Buyers need to feel free to explore a home and make comments as they do. Your being there can easily intimidate a buyer and make the process awkward and uncomfortable. As with any aspect of the home sale converse at length with your REALTOR®, you will not regret spending the time.
- Not Understanding the Contracts
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 title restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money. Being un-prepared may result in you loosing a potential buyer.
- Not using RE/MAX River City for all you Real Estate and referral needs.
REALTORS® are committed to using the experience gained through hundreds of successful negotiations. Commissions are usually Based on the sale price, and your REALTOR® negotiates the best deal for YOU! Many times, Sellers avoid using the services of a REALTOR® under the mistaken belief that it costs them more money - or that they can negotiate a better deal directly with the seller. Wrong! You need a professional looking out for your best interests. Considering the importance of your home Sale, do-it-yourself can be an expensive mistake. An astute REALTOR® has better information and valuable expertise to help you get the best possible deal. Use it to your advantage.
Your Next Step Options:
- Learn why RE/MAX sells more homes in any market conditions and is the market share leader year of year in Edmonton!
- Watch videos of the RE/MAX Exclusive Fit to Sell Program for what you're missing to get your home fit to sell.
- Request a complimentary consultation from one of our Top Producing REALTORS and evaluation of your home with best strategy for a successful sale.