Every seller naturally wants to get the most money for his or her product. The most common mistake that causes sellers to get less than they had hoped, however is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions, which reflect poorly on the listing. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they probably would have had they been priced properly in the first place.
2. Limiting Showings
Are you serious about selling your home? Then you need an open door policy, ensuring the home is ready to be shown at the drop of a hat-even if you’re not around. Pack up your valuables and provide an outdoor lockbox that real estate agents may access at their discretion. Most showings are fairly spur of the moment and you don’t want to miss out on any qualified prospect.
3. Failing to Stage
Do not forget to make your home look as pleasant and fresh as possible. Plant flowers, wash the windows and screens, put on a coat of new paint, lay new carpet, add furnishings and décor items, eliminate clutter and remove personal photographs from around the house. It’s time to show off your property and make someone else feel completely at home in it. First impressions are critical, so pack up your junk and put it in storage rather than the garage. That way, the prospective buyer can properly evaluate and appreciate that part of the house too. Clean out the closets so they look bigger.
4. Offering Repair Credits
Would you buy a Ferrari with bent rims, stained rugs and cigarette burns on the seats, even if the seller was offering a “repair credit”? Doubtful, as you would have an understandably poor impression of how the vehicle was treated and assume the worst. When selling a home, eliminate any need for such credits in advance.
Even before you list it for sale, hire professionals to inspect the roof, pool and other structural elements for termites and other important buyer considerations. Make all repairs before you list the house on the market to thwart anticipated objections in advance.
5. Being Ill-Informed
It is critical that you are well informed of the details of your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing any contract. Can the property be sold “as is”? How will deed restrictions and local zoning laws affect your transaction? A real estate professional should answer all these questions, which can save you a considerable amount of money.