Seller Mistakes
1: Pricing your home based on emotion rather than market value
A home is usually a source of pride and emotion for a Seller. When pricing your home,
what you think and feel your property is worth must be validated by comparable sales
and market conditions. Pricing your home too high can leave it on the market too long
and “No one wants to buy a house that no body else wants.” It also attracts lowball offers
and generally, the property sells for less than it should.
2: Choosing a Realtor based on who says your property is worth the most
You need to choose an agent based on their knowledge, experience and marketing plan.
All of these factors could mean a higher price at the negotiating table, selling in less time,
and with a minimum amount of hassles.
3: Forgetting to “Tune up” your home
The bottom line is that buyers will pay more for a properly showcased home. If there are
repairs to be made, squeaks to be oiled and finishing to be done – Do it!
Buyers add more than the repair value when negotiating, so sellers are far better doing the
repairs themselves. However, over improving is a mistake as well.
4: Over improving your home prior to selling.
Remember only some upgrades are cost effective for a speedy sale. Many Sellers spend
their money upgrading the wrong items before coming to the market. Consult with your
Realtor regarding the upgrades you may need to help sell your property effectively.
5: Getting involved in the showing of your home.
Never follow a Buyer around and list the improvements you’ve made. Overselling a
home can be fatal. Allow Buyers to discover your home for themselves. A good agent
will point out all the things that are important to the buyers, which may or may not be
important to you.
6: Missing the first offer
Often sellers think that there will be more offers coming and don’t take the first offer
seriously. The facts are that a lot of the time the first offer comes from a very serious
Buyer who is actively searching for a home like yours. Many sellers have not accepted
the first offer, thinking the best is yet to come, only to accept less money later. There are
also many sellers that wish the one and ONLY offer that came in early was taken
seriously.
7: Failing to understand the Agreement of Purchase and Sale.
Although it’s only a few pages, an Agreement of Purchase and sale is a complex
document. Make sure you have your Realtor explains the document clearly to you so you
know exactly what you are signing. A good Realtor will make sure there are
contingencies in the contract to protect your best interests.
8: Not effectively marketing the property
Make sure your Realtor has a variety of marketing tools for your property. Only 1% of
people buy homes from open houses and 3% from Print ads. The truth is that your
Realtor must use a variety of ways to market your home effectively.