Serious about selling your home? Before you sign anything, review these common mistakes that home sellers should avoid.
1. PRICING TOO HIGH: It’s no secret — price is everything. Overpricing does more to discourage buyers than any other single factor. When you overprice, you put your home in competition with homes that may be
newer, larger or have more amenities than yours. You help your competition sell their home. This leads to long days on the market, and costs you, the seller, money in the long run. Make sure you get your pricing advice from a professional agent who knows the market.
2. POOR CONDITION: A home that is in disrepair, or otherwise poor condition, generally does not excite buyers. Many buyers view this situation as a work project and a potential money pit. Having your home in good repair and great showing condition will significantly improve your chances for a top dollar sale. Consider having your home pre-inspected by a qualified inspector and address issue in advance. This will undoubtedly have a positive impact on buyers.
3. POOR CURB APPEAL: Most buyers today want to drive by a home before deciding to view the interior. If your home is an attractive drive-by, it will garner more attention and certainly more showings. Doing the little things to help your home’s curb appeal will make a huge difference.
4. DARK, DREARY HOMES DON’T SELL: Buyers prefer updated, especially those that are light and bright homes. Dark carpets, paint, and curtains are often buyer turn-offs. Assess your home and remove clutter; touch up and update paint, counter tops, and carpets. Open up your home up and let the sun shine in. Offensive odors from pets, cooking or smoking are also particularly huge turn-offs to most buyers. So eliminate any offensive smells. The most important rooms to concentrate on are the living room, family room, kitchen and primary bedroom. Your home’s appeal and welcoming atmosphere is enhanced by the thoughtful presentation of these rooms.
5. DON’T OVER-IMPROVE: Get your home in good showing condition, but don’t over do it. Huge projects such as complete remodels of kitchens, adding decks, and expanding room sizes may not return your investment. Before you jump into a huge improvement project, get some good advice. The best spent money in terms of return on dollars spent is almost always paint and flooring.
6. BE “FINANCEABLE”: Bad roofs, leaky foundations or other structural problems can make the increased risk of mortgaging your home unattractive to lenders and, therefore, it is less likely to be easily financed, even by an otherwise qualified borrower. The broadest scope of financing programs that your home can qualify for may improve its overall market value. Keep in mind that low-down-payment, government-backed loan programs, such VA and FHA loans, require special inspections and will likely be the most carefully scrutinized by your prospective buyer’s lender before loan approvals are provided.
7. GET GOOD ADVICE AND GREAT MARKET EXPOSURE: Hiring a professional agent will help you get your home priced right at the outset. An agent will help to guide you regarding which, if any, improvements to consider as you start your home sale preparations. A strong agent will expose your home to the largest number of potential buyers. Paying the agent’s fee is often the least expensive part of selling your home. As trained negotiators who understand market variables, agents historically obtain substantially higher selling prices than those sellers who tried on their own. So avoid the costly and time-consuming mistake that . causes most ‘for sale by owner’ homes to close for less than comparable homes listed with an agent when you have no representation.
8. DON’T BE PRESENT DURING SHOWINGS: When your home is being shown, try to leave if possible. Go for a drive or a walk. Ideally, take yourself, your family, and pets. Then allow the agent and their clients the freedom they need to be comfortable. 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.
9. LET YOUR AGENT DO THE NEGOTIATING: If there is ever a good reason to have a veteran agent working for you, it’s during the negotiation of your home sale. A good negotiator can mean thousands of dollars to you, and will protect your interests. Don’t let your emotions run wild during negotiations. Try to separate your emotions from your business side. Remain cool and calm during this time.
10. ACT FAST WITH OFFERS: When you receive an offer on your home, act quickly and decisively. Letting offers languish without acting can be a huge mistake. Situations can change quickly in the mind of a prospective buyer. Another new and interesting competing listing may become available. So acting quickly while the excitement and interest level are at a high point can be very important. Typically, a buyer’s motivation level decreases with time. Buyers’ remorse can even set in. Acting in a timely manner is essential.