8
Costly Selling Mistakes
Incorrect
List Price
If your home is not priced competitively, buyers will reject it in
favor of other larger homes for the same price. At the same time,
the buyers who should be looking at your house will not see it because
it is priced over their heads. The result is increased market time,
and even when the price is eventually lowered, the buyers are wary
because "nobody wants to buy a house that nobody else wants"
Over pricing also adds to the carrying costs. (See determining your
home's value.)
Failing
To Showcase The Home
A property that is not clean or well maintained is a red flag for
the buyer. Buyers look for homes, not houses. They buy the home that
they would like to live in. An owner who doesn't make necessary repairs,
who doesn't spruce up the house, and fails to keep it clean, is a
red flag for the buyer. Buyers are poor judges of the cost of repairs,
and always build in a large margin for error when offering on such
a property. (See how to get top dollar for your home.)
Over-Improving
The Home Prior To Selling
Sellers often unwittingly spend thousands of dollars doing the wrong
upgrades to their homes prior to attempting to sell in the mistaken
belief that they will recoup this cost. If you are upgrading your
home for your personal enjoyment - fine. But if you are thinking of
selling, you should be aware that only certain upgrades are cost effective.
Consult with us BEFORE committing to upgrading your home.
Failure
To Take The First Offer Seriously
Often sellers believe that the first offer received will be the first
of many. Sometimes the seller wants to hold out for a higher price.
This can be especially true if the offer comes in right after the
home goes on the market. Experience often shows that the first offer
can be the best offer. Sometimes an experienced buyer is waiting in
the wings for a house. They might have lost a bid on another house,
know that your home is priced right, or just luck. The home is most
saleable in the beginning of the marketing period while it is the
"new house on the market". You may end up "settling"
for less later!
Not Knowing
The Difference Between Lookers And Buyers
For Sale By Owners sometimes get more activity than houses listed
with a REALTOR®. REALTORS® bring only qualified buyers, and
these will be fewer than if you open your doors to everyone who walks
down the street. A qualified buyer is one who is ready, willing and
able to buy your house. We find that most people who go looking at
For Sale By Owners are just starting to think about moving. They may
be good buyers some day. They don't want to bother an agent yet, so
they call the By Owner ads to get a feel for what's available. They
may have a house to sell first, or may need to save some more money,
or even have credit problems. An agent will qualify a buyer and have
them pre approved by a lender. (See why use a Realtor.)
Signing
a Listing Agreement With No Way Out
Sometimes circumstances change. A job might not have gone through,
sickness, or a potential divorce situation which is reconciled after
the listing is signed. In these cases, you deserve the right to cancel
your listing agreement. Always protect yourself, by reserving the
right to cancel the listing.
Don't be
Present During Showings
When your home is being shown, go for a drive or a walk. Take yourself,
your family, and pets and let the agent and their clients have the freedom
they need. An agent can always do their best job of showing your home
when you are not underfoot. Buyers are more at ease and much more likely
to spend time looking at your home's features and benefits.
