► INCORRECT PRICING

 

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 hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they arrive on the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have, had they been priced correctly in the first place.

 

 

► MISTAKING APRAISALS FOR MARKET VALUE

 

Re-financing or tax appraisals can be very encouraging for homeowners, leading them to assume that the appraisal is the amount that they should expect to receive for their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage re-financing and we all know that the city will put the highest price on your property appraisal in order to add to their tax intake. 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 market estimate of your property's value.

 

 

► FAILING TO "SHOWCASE"

 

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 any necessary repairs. Clean. Make sure everything functions and looks presentable, and remove as many personal possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to visualize their own things in it and to become emotionally interested in your property.

 

 

► 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. Better yet, avoid direct communication with prospective buyers and during showings, stay out of the house. It is better to leave the negotiations and salesmanship to your REALTOR®. They area the ones experienced in these areas.

 

 

► TRYING TO SELL TO LOOKERS

 

A prospective buyer who shows interest because of a For Sale sign or an open house ad may not really be interested in your property. Often, buyers who are not accompanied by a REALTOR® are 6-9 months away from buying, and 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 move.

 

Your REALTORr® should be able to distinguish between potential buyers and mere lookers. REALTORS® working with serious buyers have already pre-qualified them. If your REALTOR® fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing to the wrong people. If you do have to do this work yourself, consider finding a new REALTOR®.

 

 

► BEING IGNORANT OF YOUR RIGHTS & RESPONSIBILITIES

 

It is extremely important 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 of dollars for repairs and inspections. Know what you are responsible for before signing any contract. Can the property be sold “as is”? How will restrictive covenants, easements or local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.

 

 

► SIGNING A CONTRACT WITH NO ESCAPE

 

Hopefully you will have taken the time to choose the best REALTOR® for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your agent or perhaps they have other priorities on their mind. In any case, you should have the right to replace your representative. Also, you should have the right to select another one of your choosing. Some real estate companies will simply replace one sales representative with another one, without consulting you. Be sure to have control over your situation before signing any real estate agreements.

 

 

► LIMITED MARKETING

 

There are two obvious marketing tools that nearly every seller uses: open houses and the classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 5% are sold because of a classified ad. In fact, agents will often use open houses solely to attract future prospects for other properties, not to sell a particular house. Does your agent have a great website? In this day and age, they are imperitive, and for good reason. Everyone is on-line and buyers make most of their decision about the right home for them before they even step foot into it. Your agent should employ a wide variety of marketing techniques and should be committed to selling your property. 

 

 

► CHOOSING THE WRONG REPRESENTATION

 

Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a REALTOR® who is a good match for you. Experienced real estate people often cost the same as new sales representatives.

Take your time when selecting a one and don't be afraid to ask them key questions. You want to make your selling experience the best it can be, so it's crucial that you select the best representative for you.