Mistake #1 :: Pricing Your Property Too High
Every seller obviously wants to get the most money for their product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high price will cause prospective buyers to lose interest before even seeing your property. Also, other buyers will expect more than what you have to offer. As a result, overpriced properties tend to take unusually long time to sell, and end up being sold at a lower price.
Mistake #2 :: Mistaking Refinance Appraisals for the Market Value
Unfortunately, a refinance 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 refinancing. 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 to questions.
Mistake #5 :: Trying to Sell to “Looky-Loos”
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 important that you are well-informed of the details in your 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 zoning laws affect your transaction? Not knowing the answers to these kind of questions could cost you a considerable amount of money.
Mistake #7 :: Limiting the Marketing and Advertising of the Property
Your Realtor should employ a wide variety of marketing techniques. Your Realtor should also be committed to selling your property; and 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, so you may not be able to get in touch with many potential buyers.
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