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Here is a
list of common mistakes some homeowners make when trying to
sell their home. You can significantly increase your chances
for a quick sale by avoiding these mistakes.
Pricing incorrectly.
Everyone wants the highest
possible price for their home, but be very careful
not to price your home too
high. Pricing the home too high could put it out of the
range of potential buyers.
If the home is not shown you will have to reduce the price.
Plus, you've just lost time and may have missed out on an
offer. It's ok to set a high price, just realize that you
may have to lower the price
to sell your home.
Placing your home on the market before it's ready to show.
Make sure the rooms are very clean and not cluttered,
countertops are clean and dishes put away. To the extent
that you can, make your home look like a model home.
Potential buyers want and expect to see a beautiful home.
Failing to take current market conditions/trends into
account.
This is probably the most over looked aspect. People
hear stories that happened
a few years ago about
someone else's home/property
selling for 10-20k over asking price. After looking
at recent market values or appraisals
you may find that prices have dropped. (Interest
rates can affect the value of homes too.) If rates rise,
this has a tendency to lower prices somewhat. If you are in
a “buyer's market” (more
sellers than buyers) you might not get full price. If you're
in a “seller's market”
(more buyers than sellers) you will probably get full price
and perhaps even more. Do
you know the current market for your area? If not, please
call to find out.
Restricting showing times.
Requiring that your home be "shown by appointment only"
could and probably will send potential buyers to other
properties.
Being present when potential buyers preview the property.
If you've ever seen a home and had the sellers follow you
from room to room, you already know the feeling. It's an
uneasy feeling, almost like you shouldn't be in the home. It
makes the potential buyers feel uncomfortable about opening
closet doors, pantries, kitchen cabinets,
etc.
Signing a listing contract that you can't cancel if you are
not happy with the service.
This is a must if you are selling your home! Make this very
clear with any real estate agent that you speak with about
listing your home. They are providing a service and if you
are not happy or have a personality conflict, you should be
able to cancel the contract and choose another agent without
cost.
Hiding or failing to completely
disclose problems about the property.
Don't make this mistake. Sellers have been sued over this
one. Hiding a large brown spot on the carpet with throw rug,
covering a burn spot on a counter top or even hiding the
fact that you've been told by a contractor that it will cost
thousands to fix plumbing, electrical or sewage lines is a
serious mistake. How can you get caught? If that contractor
just happens to be driving through the neighborhood, stops
by and asks if the new owners want to have the problem
fixed. Chances are you will find yourself in court over the
matter.
Not anticipating the cost of repairs required to sell your
home.
You might not have to worry about the small items, but
something like a leaking roof or furnace might keep people
away. If you don't want to spend the money upfront consider
leaving the money in an escrow account for the buyers.
Rejecting offers rather than making a counteroffer.
You might get disgusted if an offer is presented that is
well below your asking price. Don't be offended. The buyer(s)
are testing to see how low you will go. If you want full
price you can always counter with a full price offer.
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