Seller's Remorse - When you list your home for sale, you naturally want to fetch top dollar for it as quickly as possible. To increase your odds of success, avoid making these common sellers' mistakes:
Mistake #1 -- Pricing Your Property Too High:
Every seller wants to get the most money for his or her house. Ironically, the best way to do this is NOT to list your product at an excessively high price. A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and often times are sold at a lower price. Pricing the house right is the key to a successful sale.
Some of the benefits of proper pricing are:
1.) New listings create a buzz in the real estate community. The right price attracts more agents to show the house.
2.) The right price generates more calls and Internet inquiries.
3.) Homes sell closer to their asking price during the first few weeks that they are on the market, causing them to sell for a higher price in a shorter time.
4.) Fewer mortgage payments mean less interest paid, which means more money in the seller s pocket!
5.) The right price creates a sense of buyer urgency. Buyers will think your home is a great deal compared to the others on the market!
6.) The right price places less hassle for the seller to keep up the home for showing(s).
7.) It is better to sell the house now as the real estate market is fluctuating, and prices may go down even more.
8.) The longer the house sits on the market, it s likely for buyers to think that something is wrong with the house.
9.) Keep your ultimate goal in selling the house in mind. Normally, the goal is to move on with your life and into your new area or new home.
10.) You never get a second chance to make a good first impression.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value:
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your Realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Forgetting to "Showcase Your Home":
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. Buyers have a hard time seeing past clutter, dirt, odors and needed repairs. These imperfections will be reflected in their offer, assuming they make one. To attract top dollar, get your home in top condition. The modest cost of doing so will pale in comparison to the money you could lose by not making the effort.
Mistake #4 -- Trying to "Hard Sell" While Showing:
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Mistake #5 -- Not Making your Home Available:
Buyers won't buy a property they can't see and agents are less likely to try to sell a home they can't access. A serious seller will make their property available for showings, day, night, weekends and even holidays. After all, the buyer you turned away might have been the one who would have bought your home.
Mistake #6 -- Trying to Sell to "Looky-Loos":
A person who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a Realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate. Your Realtor should be able to distinguish realistic potential buyers from mere lookers.
Mistake #7 -- Rejecting the First Offer:
Many sellers don't seriously consider their first offer, thinking many more will come, and hold out for a higher one. But the longer a property stays on the market, it will generate fewer - and lower - offers. Unless the buyer is unqualified and the price is below your minimum, at least consider the first offer.