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Top 10 Mistakes Sellers Make 1. Choosing the wrong Realtor
It’s likely that you don’t interview people very often. And yet in order to find the Realtor® who is right for you, you may interview several. The quality of your home selling experience is dependent upon your skill at selecting the person best qualified. You need to make sure your listing Realtor® is experienced in the latest marketing techniques and has a wealth of knowledge in the local market dynamics. 2. Pricing Incorrectly
As a seller, you want to sell your home for the most money possible. Putting too high of a price on your home will often get you less money than you could have realized by putting a fair market value price on your home. Keep this statistic in mind: On the average, buyers are comparing your home to fifteen to twenty other homes. If your house is not priced competitively, people looking at your home may reject your home in favor of superior homes priced very competively. Overpricing your home usually increases the time on the market, and many buyers are aware of how long homes have been for sale. The longer your home is for sale, the more buyers are inclined to feel that there's something "wrong" with it, and the lower the offers will be. 3. Failing to prepare your home for the buyer’s eye
Buyers look for homes, not houses. Buying a home is an emotional decision and they end up buying the home that makes them most comfortable. It's what I call the "Ah-ha" effect. I've watched dozens of times as buyers have walked in through the front door and gasped "Ah-ha," and immediately fall in love with the house. Owners who fail to make necessary repairs, who don't spruce up the house inside and out, who don't do all the little things that make a house show like a million bucks will suffer from lower offers and longer market time. 4. Not obtaining an appraisal
Much of the real estate advice that you've received in your life has been, "make a low offer." Without an appraisal, you're just guessing as to the value of your home -and when you get an offer, you'll be guessing as to whether or not the offer is fair or not fair. Just going on a gut hunch has cost many sellers thousands of dollars, by emotionally reacting to a low offer. A certified bank appraisal gives you a point of reference, a "benchmark" of value on which to base your decisions. More importantly, a professional appraisal helps you sell your home for full price, because the buyer can see that the price was realistically established by an uninterested but qualified, competent third party. 5. Making it hard for qualified buyers to obtain information
There are many ways to show a home. “Appointment Only” is the most restrictive; lock boxes are the most accessible. The more accessible the home is to showing the more likely it will sell in the shortest period of time. Many sellers mistakenly think that advertising and open houses are the best way to market a home. Surprisingly, less than one percent of all homes are sold at an open house. As a matter of fact, real estate agents use open houses to attract potential prospects, and very seldom actually sell the home itself. Furthermore, dozens of advertising studies show that less than three percent of people purchase their home as a result of calling on an ad. 6. Not Utilizing Current Marketing Technology
Make sure your Realtor® is up to speed on the latest technology, such as Internet websites that cater to home buyers. According to the National Association of Realtors, nearly 70% of all Internet-using homebuyers visited a home with a real estate agent as a result of their use of a real estate website. This website is one of the most technologically advanced websites available in the Jacksonville FL, St. Augustine Fl, and Ponte Veda Beach areas and it is marketed through search engine optimization, pay-per-click, and several off line methods such as newspaper advertising. 7. Not knowing your rights and obligations
The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced Realtor® who knows the "ins and outs" fully explain the contract you are about to sign. If the contract is complex, it is a good idea to have your lawyer review it before you sign it. 8. Failing to Identify Exclusions
This can be a cause of contention just at a critical point in the sale. To avoid any problems, be sure to specify any special sales considerations or exclusions from the chattel list. Generally, anything permanently fixed to the house is a "chattel" or asset that stays with the home after the sale. If your grandmother's antique chandelier is hanging in the dining room and you intend to take it with you, specify clearly that it is not included in the sale price. 9. Failing to take the first offer seriously
Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced Realtors know that more often than not the first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer. 10. Seller participation in showings
Buying a house is an emotional decision. People like to "try on" a house and see if it is comfortable for them. It´s difficult for them to do that if you follow them around pointing out every improvement that you made. It may even have the opposite effect you want, by making them feel they are intruding on your private space. Resist the temptation to talk the entire time a buyer is there, and let them discover things on their own. The best practice is to vacate the premises when your property is being shown.
Let's get together and talk about your home buying and/or selling plans. Call me on my cell phone (904-610-7066) or at my home office (904-280-9490) or send me an e-mail (karen@karensheltz.com). We'll set up a time that is easy and convenient for you to meet. P.S. If you're not ready to meet in person, please tour through my website. I'm sure you'll find the resources here useful and helpful. Enjoy!
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