1. Pricing your home based on emotion rather than on market value.
A home is usually a source of pride and emotion for a Seller. When pricing your home, how much your property is worth must be validated by comparable sales and market conditions. Pricing your home too high can leave it on the market for too long and “No one wants to buy a house that nobody else wants.” Also, it attracts low-ball offers and generally, the property sells for lesser than it should.
2. Choosing a Realtor® based on who says your property is worth the most.
You need to choose an agent based on his or her knowledge, experience and marketing plan. All of these factors could mean a higher price at the negotiating table, selling in less time and with minimum amount of hassles.
3. Forgetting to “Tune up” your home.
The bottom line is that Buyers will pay more for a properly showcased home. If there are repairs to be made, squeaks to be oiled and finishing to be done – Do it! Buyers add more than the repair value when negotiating, so Sellers are far better doing the repairs themselves. However, over improving is a mistake as well.
4. Over improving your home prior to selling.
Remember that only some upgrades are cost effective for a speedy sale. Many Sellers spend their money upgrading the wrong items before entering the market. Consult with your Realtor® regarding the upgrades you may need to help sell your property effectively.
5. Getting involved in the showing of your home.
Never follow a Buyer around and list the improvements you have made. Overselling a home can be fatal. Allow Buyers to discover your home for themselves. A good agent will point out all the things that are important to the Buyers, which may or may not be important to you.
6. Missing the first offer.
Often Sellers think that there will be more offers and they don’t take the first offer seriously. The fact is that a lot of the time the first offer comes from a very serious Buyer who is actively searching for a home like yours. Many Sellers have not accepted the first offer, thinking that the best is yet to come, only to accept less money later.
7. Failing to understand the Agreement of Purchase and Sale.
Although an Agreement of Purchase and Sale is only a few pages long, it is a complex document. Make sure that you have your Realtor® explain the document clearly to you so you know exactly what you are signing. A good Realtor® will make sure that there are contingencies in the contract to protect your best interests.
8. Not effectively marketing the property.
Make sure your Realtor® has a variety of marketing tools for your property. Only 1% of people buy homes from open houses and 3% from print advertisements. The truth is that your Realtor® must use a variety of ways to market your home effectively.