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16
Mistakes That Sellers Make When Listing Their Home
When the
market favors buyers, as it does today, it is important to
do everything possible to avoid the common mistakes which
often lead to homes sitting on the market. Without question
price is the most important aspect of getting your home sold,
and the most common mistake that sellers make. Here is a list
of common mistakes and how best to avoid them.
1.
Pricing Your Home Too High
Solution:
Price is almost everything! We are area experts and can research
comparable sales in your area and advise you of the appropriate
price range of your property. Every homeowner feels that their
home is special, but it is critical to know what the competition
is, and what they are priced at. Overpricing a home is the
most common, and often the most costly, mistake home sellers
make. After sitting on the market for a while, often price
reductions don't draw great interest and the home often sells
for much less than it would have if appropriately or aggressively
priced from the beginning.
2.
Not Using Up to Date Information
Solution:
Many home sellers base the "value" of their home
on what a neighbor's home sold for 6 months ago and figure
that the market has gone up in that time, and their home is
nicer than their neighbors. What happened 6 months or a year
ago may be irrelevant and lead to unrealistic expectations.
In the current market, with prices either going down or softening,
it's important to know the prices of the homes currently on
the market similar to yours, and more important to know the
prices of the homes that are in escrow or recently sold.
3.
Not Utilizing Current Marketing Technology
Solution:
We are always up on the latest technology and market heavily
on the internet. With 80% of home buyers starting their search
online, it is critical to get your home exposed to as many
of these potential buyers as possible. See "How
We Market Your Home" for more information. We are
e-Pro certified and are up to date with all of the facets
of online real estate.
4.
Ignoring the Importance of First Impressions
Solution:
Sales have been not happened for minor reasons such as messy
yards, cluttered closets, unpainted front doors, locks that
didn't work, bad colors, stains, lack of light and bad smells.
Spend some time onthe little, and simple, things. Double up
on your gardening, keep things cleaner than usual, tidy up
the clutter and make sure your pets are under control.
5.
Not Providing Easy Access for Showings
Solution:
There are many ways to show a home. Appointment Only is the
most restrictive and lock boxes are the most accessible. If
you r home is easy for agents to show, more prospective buyers
will see it, improving your odds of getting the deal you want.
However, your lifestyle or situation may not be compatible
with frequent showing. We can help you determina a solution
that best fits the situation.
6.
Not "Staging" Your Property Correctly
Solution:
Staging can mean lots of things for various homes and situations,
but in general it means presenting your home to appeal to
the greatest number of potential homebuyers. In some situations
(vacant home) it may mean consulting a professional "Home
Stager" and renting furntiture to give your home a warm
and comfortable feeling. Often times it makes financial sense
to have carpets cleaned, walls painted, and the home professionally
cleand. In other situations it may mean removing clutter and
adding small touches to make things look cleaner and larger.
Some simple
solutions would be to put some items into storage, create
more light, play music, set out candles and improve the overall
ambiance. We can help create a great first impression.
7.
Not Knowing the Competition
Solution:
We strive to give our clients the best information as to what's
out there that a potential buyer might also be looking at.
When possible we like to take our clients to look at the other
homes and look at them from a buyers perspective. If you were
viewing both homes, which would you buy?....and why?
8.
Believing Your Agent is Not Doing the Job When There Aren't
Any Offers
Solution:
Most sellers are unaware of all of the activity that goes
on behind the scenes. Any agent can do the basics, but we
strive to update our clients on all of the networking, advertising
and marketing that continually goes into how we try sell homes.
In general if the home is in good showing condition, is easily
accesible and hasn't generated any offers or interested buyers,
it may be time to re-evaluate the price.
9.
Not Re-Evaluating the Marketing Plan
Solution:
We sit down and re-evaluate the marketing plan several times
a month. We look at who is showing the house, the feedback
we get, where we are targeting the marketing and advertising
and are we reaching the right buyers. Every home is different
and appeals to different type buyers.
10.
Errors in Market Timing
Solution:
We can help you determine whether the market cycle is poised
to net you the most money. Many homesellers do not have the
luxury of waiting, but for those that do, it may be best to
list right away, wait a while, or even rent the home until
the market is right.
11.
Not Giving the Sales Effort Enough Time
Solution:
You should never give too little time to what is inherently
a long process. Homes may take 3-6 months to sell in any market.
Estimate how much time you have before you "need"
to sell and then plan ahead to allow extra time. You do't
want to be forced to accept a disappointing offer.
12.
Taking An Inflexible Position on Financing
Solution:
We can explain what financing options are available. Being
flexible on financing terms may secure a better selling price,
with other advantages as well. In markets that favor the buyer,
certain financing offerings (such as seller financing) may
be what makes your home sell while others don't.
13.
Not Making the Right Kind of Repairs
Solution:
Don't be tempted to make improvement's or upgrades prior to
listing your youme without consulting a real estate professional.
Some upgrades will not yield any real increase in value which
others may increase property value substantially.
14.
Believing That Selling Property is Seasonal
Solution:
Don't base selling decisions on the seasons or time of year.
Homes that are ready to show and priced well will see year
round.
15.
Not Screening Prospects Adequately
Solution:
One of the best reasons for hiring a Realtor® is their
ability to pre-qualify a prospect financially before valuable
negotiation time is lost. More importantly, your agent may
discover when a prospect may just be shopping or "looking
for a deal".
16.
Believing That You are Not Part of the Marketing Plan
Solution:
According to some statictics the sellers themselves are responsible
for at least one out of every ten sales. You can network your
home to your business and personal friends, neighbors, and
keep the house in move-in condition. We can help let you know
just how you can help.
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