Common Selling Mistakes

#1 - Placing the Wrong Price on Your Property

Every seller wants to get the most money for his home. The best way to do this is NOT to list the home at an excessively high price. A high listing price will cause prospects to lose interest. Some buyers will rule your home out before even seeing it. A high price will cause other buyers to expect more than the home may have to offer. As a result, overpriced homes tend to take an unusually long time to sell and usually sell at a lower price.

#2 - Mistaking re-finance Appraisals for the Market Value

Keep in mind that an appraisal on your home done for a "refinance" may not necessarily indicate the true market value of your home. In order for the lender to justify lending you money on the refinance of the home, they may need to show an inflated price. Lenders often estimate the value of properties to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower.

#3 - Unwillingness to make cosmetic improvements

A poorly kept home in need of repairs will surely lower the selling price of your property. Some buyers will not even consider a home that needs repair. These days, with many new homes on the market & builder's models for buyers see, lead buyers to look for homes that are in turn-key condition. Many buyers today even think that a home that needs some house keeping, painting or new carpeting, should have a greatly reduced price.

#4 - Trying to Sell to Lookers

A prospective buyer who replies to your "for sale sign" or ad, may not really be interested in buying your home. Many buyers who do not come through an agent are 6 months or more away from buying. They may be more interested in seeing what is available than actually making a purchase. They may still have a home to sell, that they haven't even put on the market yet. They may not have even contacted a lender to find out if they can buy a home, let alone what price they could afford. They may still be undecided as to whether or not they want to relocate.

#5 Limiting the homes accessibility

Showings are for your benefit. If your home can not be shown, it can not be sold. Buyers want to view a home when they want to view it. Be flexible, you never know, that showing you turned down could have been the one that sold your house.

#6 Panic Selling

In some instances, selling quickly is unavoidable. Sometimes, however, panic selling is the result of poor planning up front. Do not make the mistake of think your home can get top dollar overnight. Find out what the marketplace is like. Many times, even in a sellers market it can take several months to get an offer.

#7 Letting emotions rule

In the heat of making a deal, it is easy to get caught up in wringing the last $500 out of a buyer, instead take a breath and look at the big picture. Many times a seller turns down a good offer, only to have the home languish on the market for many months before getting another offer at an even lower price. It is especially important for sellers of home that are vacant or will soon be vacant to keep this in mind. Does it really make sense to turn down an offer today over a few thousand dollars, when you could end up spending thousands of dollars over several months making mortgage payments on a vacant home?

#8 "My home is the nicest home on the block" syndrome

Blindness to your home's flaws and cosmetic problems can make you overvalue your home, hurting its chances on the market. Not realizing that other home may be just as nice or even have more to offer than your home, will also reduce your ability to competitively market your home.

#9 Failure to disclose property flaws

Sellers are required to comply with property disclosure laws. It's not just what you know about what's wrong with your home, but what you don't know that can hurt you. If you cover up flaws or ignore disclosure laws, you not only risk the sale of our home, you risk finding yourself in court.

#10 Signing a Listing Contract with No Escape

Hopefully you will choose the best agent for you. Sometimes, circumstances change. You should have the right to terminate your listing. Be sure to have control over your situation before signing a real estate contract.