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5 Mistakes to Avoid When Selling Your Home

1) Pricing Your Property Too High Every seller wants to sell their home at the highest price. Ironically, many sellers often believe that listing their home at an excessively high price will bring in prospective buyers in droves. Actually, this mistake often has the opposite effect by driving away pre-qualified prospective buyers to other homes in your neighborhood that are more appropriately and competitively priced. With so much real estate data on the internet now readily available, savvy buyers can often guesstimate how much your home should sell for and thus will ... read more

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1) Pricing Your Property Too High

Every seller wants to sell their home at the highest price. Ironically, many 
 
sellers often believe that listing their home at an excessively high price will 
 
bring in prospective buyers in droves. Actually, this mistake often has the 
 
opposite effect by driving away pre-qualified prospective buyers to other homes 
 
in your neighborhood that are more appropriately and competitively priced. 
 
With so much real estate data on the internet now readily available, savvy 
 
buyers can often guesstimate how much your home should sell for and thus will 
 
make offers on homes that sell at their expected price and market value. As a 
 
result, overpriced properties tend to take an unusually long time to sell and 
 
they end being sold with drastic price cuts and/or concessions. You will want 
 
to avoid low-ball agents who under-price your home for a quick commission or 
 
overly amenable realtors who say ¡°yes¡± to your too high pricing request in 
 
order to get your listing while your home languishes on the market.

2) Mistaking a Recent Refinance Appraisal for Market Value

Often, sellers who have had a recent refinancing appraisal believe that their 
 
home is currently the same value as the appraisal¡¯s estimate of the value of 
 
their property. Often, this is not the case, as lenders estimate the value of 
 
the property at a higher price in order to encourage refinancing. The market 
 
value of your home could actually be lower even with a difference of three 
 
months since the appraisal was completed and especially in a volatile real 
 
estate market. Your best bet is to ask your realtor for a comparative market 
 
analysis that shows the most recent information regarding property sales in 
 
your community and neighborhood. Even then the price has to be adjusted for 
 
the condition of your home and available amenities. This detailed analysis 
 
will give you a factually accurate estimate of your property value.

3) Forgetting to ¡°Showcase Your Home¡± to Appeal to the Buyer

In spite of how this mistake seems like common sense and could be easily 
 
avoided, it is amazing to see how often sellers neglect this. When attempting 
 
to sell your home to buyers, try to keep in mind that even before you list your 
 
home and set out the yard sale sign, you should develop an objective view of 
 
your home as a product. The more appealing you make your house (the product) 
 
to the general public by cleaning it, repairing things that need to be fixed 
 
and making it presentable, the more likely you will get an offer you will be 
 
pleased with. A poorly, maintained home will lower the selling price of your 
 
property. In this day and age of instant coffee, instant internet access and 
 
everything else, most buyers don¡¯t want to spend the time repairing anything. 
 
If it isn¡¯t working properly, it usually ends up costing more at the 
 
negotiating table than at the hardware store. Today¡¯s buyer usually just 
 
wants to move in and get on with their day-to-day business. If they have to 
 
spend time in repairing, they will subconsciously factor in more than the 
 
actual cost at the negotiating table.

In addition, as more and more realtors are using virtual tours and/or photos of 
 
the interior of your home on their internet websites, you need to declutter and 
 
store personal items so your home¡¯s pictures truly showcase your house. Your 
 
objective is to allow your buyers to see themselves living in your house and 
 
not showcasing junior¡¯s artwork on the refrigerator or dirty dishes in the 
 
sink.

4) Assuming All Buyers Are the Same and Selling to ¡°Looky-Loos¡±

Although not all buyers are pre-qualified, those that are usually mean to do 
 
business. They have done their financial homework, know what they can afford 
 
and will usually ask their agents to show them homes within their price range. 
 
When their realtor requests to show them your home, they usually request the 
 
showing in order to evaluate whether your home fits their needs and would be 
 
more likely to make an offer if your house is the right match. Your realtor 
 
should usually find out a prospective buyer¡¯s savings, credit rating and 
 
purchasing power in general.

Most other prospective buyers who show interest really are a good six to nine 
 
months away from buying. They are more interested in seeing what¡¯s on the 
 
market and available in the neighborhood as opposed to making a serious offer.

5) Limiting the Marketing and Advertising of the Property to Solely Traditional 
 
Methods

Your realtor should employ a variety of marketing techniques from traditional 
 
yard sale signs, to MLS (multiple listing service) listings as well as internet 
 
websites. Agents who are innovative and offer as many new technology methods 
 
of attracting home buyers will measurably outperform those that use methods of 
 
the past. The often predicted technology ¡°wave of the future¡± is here now, 
 
most professional realtors who realize the sweeping changes that are affecting 
 
the real estate industry are making it a priority to adapt to these progressive 
 
strategies that add value and service to their sellers!

for mroe information visit http://www.nefcortez.com

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