Wednesday, April 3, 2013
Mistakes Home Sellers Make
Before putting a house on the market there are mistakes that sellers should avoid in order to ultimately get the best possible price in the shortest amount of time. These are some typical mistakes that can be avoided.
Mistake 1: Putting the home on the market before it's ready. Avoid being impatient and don't procrastinate about things that need attention, like a fresh coat of paint, needed repairs or un-cluttering spaces. Presentation is everything, so get the work done before the marketing.
Mistake 2: Over improving the home for the neighborhood. This leads to a domino effect of obstacles, not the least of which is the expected sale price. Buyers are attracted based on affordability. An over improved home does not sell for more than the local fair market value. It will sell faster if it's priced according to local comps.
Mistake 3: Pricing the home based on what the seller wants to net. This is a recipe for disaster. Sellers can control the "asking" price, but they don't control the "sales" price. The market does. It doesn't matter what the seller wants, the price is determined by the black-and-white, matter-of-fact reality of the market.
Mistake 4: Hiring an agent based on non-business factors. Make sure you're hiring a professional with a proven track record. It might be nice to hand over your largest asset to your newly licensed niece or nephew, but it may not be very wise.
Mistake 5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face. Once you decide to sell your house, it's a commodity. It needs to be prepared, marketed and priced as a commodity. Pricing is what the market will bear. People are going to come in to kick the tires, so to speak, and you can't get emotional about it. Your home doesn't get it's feelings hurt, neither should you.
Mistake 6: Trying to cover up problems, or not disclosing them. Most states have a property disclosure/disclaimer form -- use it wisely. Just because you disclaim doesn't mean you cannot be sued later for the leaks or defects that are discovered 30 days after settlement.
Mistake 7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties., not listening to the particulars of your local market, etc. If your local market is dictating lower home prices, then lower it early, not later or it will cost you more.
Avoiding these mistakes is not that difficult. It's simple in fact. Do the research and preparation. Hire an experienced professional Real Estate broker to help. George Sinacori GES Real Estate, LLC