Pricing your property too high
Every seller obviously wants to get the most money for his or her product.
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 they end
up being sold at a lower price.
Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have ben 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 may be lower. Your best bet is to ask your REALTOR® for the most
recent information regarding sales in your community. This will give you
an up to date and factually accurate estimate of your property value
Forgetting to "Showcase Your Home"
In spite of how frequently this mistake is addressed and 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 as pleasant as
possible. Make necessary repairs. Clean. Make sure everything
functions and looks presentable. A poorly kept home in need of repairs will
surely lower the selling price and may even turn away some buyers.
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. Point out any subtle amenities but be receptive to
Trying to Sell to "Looky-Loos"
A prospective buyer who shows interest because of a "for sale" sign he saw
may not be really interested in your property. Often buyers who do not
come through a REALTOR® are a good 6-9 months away from buying or 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
Your REALTOR® should be able to distinguish realistic potential
buyers from mere lookers. If you have to do this work yourself, consider
finding a new REALTOR®
Not Knowing Your Rights & Responsibilities
is extremely important that you are well informed of the details in 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 the contract. Can the property
be sold as is. How will deed restrictions and local zoning laws affect
your transaction? Not knowing the answers to these kind of questions could
end up costing you a considerable amount of money
Limiting the Marketing and Advertising of the Property
Your REALTOR®. should employ a wide variety of marketing techniques. He or
she should be committed to selling your property; he or she should be available
for every phone call from a prospective buyer. Most calls are received,
and open houses are scheduled during business hours, so make sure the
person selling your home is working for you during these hours. Chances
are that you have a job, too, so you may not be able to get in touch with many
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