TOP TEN MISTAKES HOME SELLERS MAKE

1. Failure to effectively market the property. Letting Your House Or Your Broker Go Stale. In a buyer’s market, where there are more homes available than buyers to purchase them, it’s not unusual to have a home sit on the market for 6 months or even a year. But in a hot sellers’ market, homes sell quickly. If one doesn’t, it may appear "stale" in the eyes of brokers and active buyers who comb through the Internet, newspapers, and listing sheets each sweek. To some brokers, a stale home means it can be bought at a discount. Some buyers may perceive that there is something wrong with your home. Rather than letting your home grow stale on the market, consider taking it off for a few weeks or months and then relisting it at a lower price. If your broker has grown bored representing the home, use the off-list period to interview and hire a new broker to market your property.



2. Basing your listing price on needs or emotion - not market value. Overpricing or under-pricing. By setting the price too high, you turn away the best prospects for your home. By asking too little, you'll probably sell faster but net less from the sale. We can do a comparative market analysis and help you set the best price for your home. Overpricing Your Home. What’s the surest way to have your home sit on the market? Overprice it. Make sure that it’s more expensive than any other home has ever sold for in your neighborhood. That’s not to say you shouldn’t price your home fairly, and even test the waters a bit. But sellers who price their home 20 percent above where the last home sold a week ago may wait a long time before selling, if they ever do



3. Failing to "present" the home. Curb appeal and what the buyer sees (and smells) when they open the front door have a direct impact on your ability to sell your home. If you’re going to put your home on the market, and you have kids, animals or are a smoker, make sure you have your home cleaned to bottom. If you’re a smoker, stop smoking in the house and make sure to have the rugs and curtains professionally cleaned. On the day of a showing, make sure your animals are caged in the basement. If you’ve vacated the home, your real estate professional may take care of “staging” your home, or providing furnishings to add to the visual appeal.



4. Over-improving your home before you sell it or not making profit-inducing repairs. Selling a property “as is” has become fairly commonplace, but in a competitive home sale marketplace, you need to show your house at its’ best. Your home should be in "move-in" condition from the first day it's listed. A competent real estate professional can point out your home's best assets and suggest how to highlight them, as well as help you identify which items need improving. On the other hand, over-improving and some major repairs, like replacing a roof, might be better left un-done unless if they are needed



5. Choosing the wrong Realtor or not using a Realtor at all. Although doing your own marketing looks tempting as a way to save money, surveys show self-sellers often net less from the sale than sellers who use a real estate agent. And self-sellers find that agents do a lot more than most people think - from bringing qualified buyers to keeping things on track to settlement. As experienced professionals, realtors know what works and what doesn't. And don’t make the mistake of choosing just anyone. You should interview at least three realtors that create a comparative marketing analysis for your home. Evaluate your realtor based on the work they’ve done BEFORE they come to meet with you, as well as the definitive marketing plan they have in mind. Full-service realtors work on a commission basis, that is, a percentage of the purchase price, so it is in their best interest to help you do everything possible to get top dollar for your home.



6. Failing to Recognize A Good Offer. A good real estate professional can certainly help you avoid this mistake. When an offer is presented to you, even if it is the first offer, look for buyers who have a pre-approved mortgage and who have the cash to prove they are ready to buy. In a multiple offer situation, the highest price is not necessarily the most important item. Down payment, appraisal contingency, the buyers' motivation to buy, are all important. And every offer is worth responding to, even if the buyers’ offer is thousands of dollars below your asking price. The message you send back is encoded in your counter-offer. If you come back even $10 lower, you suggest to the buyer that you’re willing to entertain a serious offer, but that the current offer won’t cut it. By not responding at all, you risk the buyer walking away completely. Let your real estate professional advise you on how to “play the game” when negotiating for a price you are happy with.



7. Hanging Around During Showings. Many buyers feel that sellers present during a home viewing or open house are “hard selling” their property. Buyers can feel too intimidated by having the owners present to really take a long look at the property and consider it as their own. Also, if people can’t get in to see your home when they want to, they’ll never make an offer. You should give your realtor the flexibility to create a timetable of showings that will meet the needs of most buyers. Flexibility is crucial, and while that means you’ll have to stay on top of the housekeeping, you will probably sell your home faster.



8. Not knowing your rights and obligations.



9. Planning your move earlier enough. In a fast market, sellers who sell before they’ve found something to buy may find themselves out on the street, looking for an interim rental. While that solution means the hassle and expense of packing and moving twice, it beats owning two properties, and making monthly payments on two mortgages. While it’s not always possible for the timing to work out, you’ve got a better chance at buying and selling at the same time if you begin working both ends of the spectrum at once. When you list your home, start working with an agent to find a new property. When you accept an offer, make an offer. There are also creative ways to . Not Making Your Last Mortgage Payment Before Closing. Does your cash from closing seem less than you anticipated? If you didn’t pay your last mortgage bill, figuring you’d close on the property before it was due, that could be the cause of the discrepancy. Some sellers don’t realize they still have to make every mortgage payment on time even if they’ve signed a contract to sell their home. All of the closing numbers are predicated on your mortgage being paid up to date. If you aren’t current, the amount you owe plus any extra interest and penalties will be assessed at closing, taking a bite out of your final check.



10. Rushing to Put Your House Up For Sale. The difference in selling because you want to and because you have to infects every part of your home sale: when you list your home, how you price it and whether or how you choose your real estate professional to assist you. If you and your spouse or partner aren’t of the same opinion, it could send mixed messages to the agent and any prospective buyers who walk through your doors.

USEFUL SELLER TOOLS AND RESOURCES