Saturday, May 17, 2014

Most Common Mistakes when Selling a Home

Trying to Sell Your Home?  To be competitive in this market, keep these tips in mind:


SELLERS' MOST COMMON MISTAKES
 
 
 
*  Failing to Complete Minor Repairs.  Buyers know they are paying premiums in this market - when paying top dollar, they expect things to be in tip-top shape.  Neglected maintenance items, even if minor, are a big turn off to most buyers.  Put your best foot forward!

Failing to Declutter & Stage Property.  Check out a few open houses in your neighborhood before you list your home.  Mentally note your feedback.  Chances are you were more impressed by the home with the least amount of your neighbor's "stuff" out and about.  Most buyers need a blank canvas to envision themselves in the home.  Playing minimalist for a few months won't kill you, and the storage bills are a worthwhile investment if you secure a great price for your property!

Failing to Remove Pets during Listing Period.  This one breaks my heart, because I'm a huge animal lover.  But the truth is, pets distract from the property in several ways - smells (which we become immune to as their loving parents), barks, hair, the logistics of kenneling them or asking agents to not let them escape when showing. 

Letting Emotions Drive Negotiations.  Regardless of your training or your day job, selling your home will tug at your emotions.  Try to stay calm and think rationally.  Step away and try to imagine it's not your home if that helps when faced with difficult decisions.  If something a buyer requests angers you, try to step back and imagine if you were in the buyer's shoes.  Maybe they are being unreasonable, but chances are, they are just looking out for their best interests, as are you.  Trust your agent and review their opinions and their supporting data in an objective way if possible.  If you get an offer that's less than you hoped for, remember your Economics 101 class: Fair Market Value = What a Willing Buyer Will Pay a Willing Seller.  Also remember that often, your first offer is your best offer, and the longer property sits on the market without selling, the less interest new buyers will take in it. 

*  Being Too Greedy.  While prices are rising and the market unquestionably favors sellers, setting the listing price on your home too high is sure to kill interest from many would-be buyers already frustrated by their lack of leverage in the market overall.  A fair price in a desirable area often attracts multiple offers, which can lead to higher prices naturally.

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