Costly real estate selling mistakes… you just can’t afford to make them. After all, a lot depends on it. As example, a simple mistake could result in significantly undervaluing your home.
Setting too high a price
No matter how much you paid for it or the renovations you have made, the bottom line is that the house is only worth what the market is willing to pay you for it. Try not to fall into the trap of pricing your house so high that not even you would buy it. To avoid having your property sit idle on the market for months or years, get the expert advice of a few realtors on just what it is worth so you can price it accordingly and encourage a reasonably quick sale.
Don’t forget that while you would like to sell your house for the highest price possible, the buyer is hoping to get it as cheap as possible. The property’s true value may be a happy compromise that you both can work with. If you happen to get a really low bid, don’t just disregard it. Take it as an opportunity to use your negotiating skills and come back with a counteroffer. Many house sales require a few counteroffers before a price is settled on.
Deciding to forgo marketing
That hand painted ‘For Sale’ sign may seem to be the only marketing strategy you need, but if you’re hoping to get attention from potential buyers, then you may have to do a bit more. Some suggestions are open houses, internet advertising, fliers and postcards. You can rest assured that it is worth the cost, since buyers need to know about your property in order to consider buying it.
Also, give your realtor a chance to do their very best at advertising for you, by notifying well in advance that your house is up for sale. This gives him sufficient time to book a good photographer, research comparable homes in the area and put together a portfolio for the property.
Going it alone
While it is possible to pull off a ‘For Sale By Owner’, you are generally much better off letting the professionals do what they are trained to do. They are aware of disclosure laws (which vary by state) and are better able to navigate through all the paperwork associated with property sales. Investing some time and doing a little research could lead you to a realtor with a proven track record. But while professional help is always advisable, trust your instincts. If something about the advice you get from the realtor just does not sit right with you, switching to a new one may be the best option.
Falling short on repairs and maintenance
We all put off home repairs, hoping to catch up with them in the future. But if you are planning to sell your home, then the future is now. Pretend you are a buyer seeing your home for the first time and do a walk-through of it. It may surprise you how many easily fixable cosmetic flaws are awaiting the eyes of your potential buyers. Spend some time (and well invested cash) to deal with repairs to get your home up to scratch and ready to be put on show. Cosmetic upgrades, improvements in curb appeal and staging the house for viewing go a long way in helping you secure offers for the house.