7 Costly Mistakes you do not want to make when Selling Your Home
- I Will Sell It Myself; Cleaning your own carpets is one thing, but attempting to sell your own home, which is probably the single biggest investment you have is sheer madness. Often Sellers mistakenly think they will save money by foregoing professional advice and representation when in reality the median selling price for agent-assisted home sales is about $39,000 higher than unassisted sales, according to the National Association of Realtors.
- Under Or Over Pricing Your Home– Over-pricing or under- pricing is a huge money-losing mistake. Underpricing your home will obviously lead to leaving money on the table, and does not always translate to a quick sale. In fact, it could send a signal of distress and open the doors for Buyers to make ridiculously low offers. Same if true with over pricing your home, Buyers today are savvy and when represented by a REALTOR will know its overpriced, and may not even choose to see it, or when an offer is made they may make a ridicules - lowball-offer just to see if you are really serious about selling. Make sure your REALTOR does a thorough market analysis to include local trends and true knowledge of the market.
- Using Lousy Photos –According to the National Association of Realtors, 90% of all Buyers start their home search online. This is why listing I take, I personally hire a professional photographer at my cost. While I am a professional REALTOR and a fine one at that, I am not a photographer. You don’t want a partially committed REALTOR selling your home and you don’t want a part time weekend photographer taking the photos that will end up on THOUSANDS of people’s computers while searching for home. We want the photos to grab them, make them stop and click on that listing to see all the photos. And in a study done by Old Dominion University; Buyers spend 60 percent of their online time viewing listing photos, but only 20 percent on the property description and 20 percent on agent comments. And in another study by Redfin it was found that professionally photographed listings sold for $3,400 to $11,200 more than those with amateur photographs. And sold faster.
- Fix The Obvious– First impressions are as important when showing your home as they are on a job interview. If a Buyer see’s that obvious thinks like a broken cabinet door, torn screen door, leaking faucet in the kitchen etc., they will naturally begin to think what is broken that they can’t see. This can scare them away before you they even get to see how amazing another part of your home is. They will also consider these items when making an offer and I assure you their estimate of cost to repair will be MUCH HIGHER than what it would have cost you to address it before they ever saw your home. This is not just limited to the inside, your yard and the curb appeal are equally and sometimes more important. Mow it, weed it & paint it, never a bad idea.
- Remove Your Clutter And Junk Prior To The Sale – What to you might be a little clutter will most likely look like junk to a Buyer. Buyers enter a home with critical eye, so done let your clutter become an obstacle for a Buyer. Box it up, and store it in the garage. Don’t take inventory of, just box it up write on the box the location in was in the home so you are reminded what’s in the box. This is FREE to do and may translate to THOUSANDS of DOLLARS in your hands at closing. Then while you’re at it, make sure all counter top space is clean and clutter free. Please don’t get offended when I tell you to box it up, my interest in doing so is to sell your home faster and for more money, that’s why I will ask this of you.
- Don’t Let Your Ego Get In The Way When Negotiating– When a Buyer makes a lowball offer, It’s not personal. Consult with your agent and prepare a counter offer, or let your agent tell the Buyer’s agent you are open to negotiations but this is not a fire sale, so go back to your Buyer and prepare a real offer and we will then respond accordingly. But letting this offend you and keep you from engaging in some sort of negotiations could cause you to lose a real Buyer that was just initially mislead on what to offer.
- Failing To Complete A Full Set Of Disclosures Prior To Closing – Disclose, Disclose, Disclose……a Buyer has the right to know about what is probably the most expensive item they will ever buy, and you have contractual obligation to disclose all that you know. Take your time filling out the Sellers Disclosure Statement. Maybe even consider hiring a home inspector prior to listing your home to see what little things you could fix now, and by providing the report to a buyer in the beginning shows you have nothing to hide. Don’t try to hide it and then spend thousands fixing it last minute or even worse end up in court for failure to disclose.
Resources; list of resources available upon request