Avoid These Seller Mistakes
You want to
get the best price for your home, plus sell it in the least amount
of time. In a buyers’ market such as the one emerging now, homes will
take longer to sell. Therefore, it’s important that you make the right
moves at the very beginning of your home selling process to remain
competitive. Here are some common traps that many homeowners fall
into and how to avoid them.
1. Over-pricing — It’s
easy to think your home is worth more than the current market may
support, particularly after the long run-up in home prices. Since
home prices have cooled in markets around the country,
home sellers must be prepared to negotiate on price and terms, and
stay flexible to other stipulations benefiting the buyer. Sellers
must also keep their emotions in check during the process. After
all, your home is special to you and your family, and you’re proud
of the improvements you’ve made over the years. But, how does your
home really stand up to the others? And are those improvements important
to a potential buyer?
To determine a reasonable listing price, get
sales statistics on homes in the neighborhood including listing
prices and actual sales prices, how long it took for the homes to
sell, and government valuation comparisons. You’ll also want a market
appraisal on your property. Visit homes for sale in your area and
compare what you see in terms of sales appeal.
2. Negligent Housekeeping — Buyers
need to be able to envision themselves living in the home. Take
a good, objective look at the condition of your home. Clean, well-kept
homes with an updated appearance always stand out, and a little
decorating appeal can go a long way. You don't have to buy new furniture
to create charm, but you can put toys and clutter away, freshen
up paint and carpet, make the most of window coverings, and add
a few key accessories in order to send out welcoming signals.
3. Failing to Fix-It — Buyers, unless
they are looking for a fixer-upper, would prefer to move into a
home that is in perfect or near-perfect condition. If they have
to fix the roof, a broken tile floor, the garage door, worn carpet
or just about anything, this may give them pause about buying. At
the very least, it may lower the value of the home in the prospective
buyer's mind.
4. Not Identifying Exclusions — This can be a cause of contention just at a critical point
in the sale. Be sure to specify any special sales considerations
or exclusions from the fixtures and furnishings list. Generally,
anything permanently fixed to the house is an asset that stays with
the home after the sale. So if you intend to take your grandmother's
antique chandelier that’s hanging in the dining room, clearly specify
that the chandelier is not included in the sale price.
5. Not Understanding the Agent Agreement — Your sales endeavor will go smoothest when all parties have
a clear understanding of what is expected. Understand the types
of agency agreements when you sign with a real estate professional
or company.Be sure to check on fees, commission percentages,
marketing plans and timeframes. Most importantly, get everything
in writing.
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