Common Errors to Avoid When Selling

The selling and buying of a house can be a stressful and confusing process. Not only is it very expensive to 'learn from your mistakes' but very few people move often enough to gain the needed experience.
Although there is no substitute for doing your homework (start by asking your family and friends who have recently moved for their experiences) the following list of common pitfalls may be helpful.

Pricing Incorrectly (too high or too low):
Make sure you determine the market value of your home correctly: If your asking price is significantly higher than what the market is currently bearing, many potential buyers looking for your style of home will view similar but lower priced homes first. Not only does this limit the pool of potential buyers but it also increases the chances that your home will sell for less than its actual value. This is due to the "discount" often associated with properties that have been on the market for a longer than average time. Buyers are often overheard asking their Agent... "What's wrong with that home? It's been for sale forever".
Alternatively, if your asking price is too low, you are literally giving away your hard-earned equity just because you did not know what the market would bear.

Failing to "Showcase" your home:
A little work can improve the first impression of your home a thousand-fold. First impressions are lasting impressions and can dramatically affect a property's perceived value.

Mistaking a Bank's appraisal or a new Tax Assessment as your home's actual market value:
These processes are based on general guidelines such as lot size and square footage, not the specific qualities and improvements of your home. Using either of these as a baseline could cause you to over-price or under-price your property. It requires detailed background knowledge of all recent neighborhood sales as well as homes currently for sale in order to estimate value accurately. Ask your REALTOR for a detailed market evaluation.

Choosing the wrong REALTOR or choosing a REALTOR for the wrong reasons:
It is critical that you have full confidence in your REALTOR's experience and abilities. You want a REALTOR who can explain the whole selling process to you, has a good feel for the market, has access to potential buyers and offers sound advice on how to improve your chances of selling. Try to avoid choosing a REALTOR on the basis of which one gives the highest estimate of your home's value. In order to achieve the best sale price within a reasonable period of time you need an accurate indication of what the true market value of your property is. Knowing this allows you to properly price your home, thus maximizing your chances of selling and allowing you to make your future plans with the sure knowledge that your goals can be attained.

Failing to take current market conditions/trends into account:
Is it a Buyer's market, a Seller's market, a balanced market? What do future trends look like? Ask your REALTOR for a full analysis.

Not taking advantage of market fluctuations: The Big Picture...
Moving up in a market downturn? If your $150,000 home has dropped 10% in value, so has your $300,000 dream home. Yes, you lose $15,000 on your current home, but you save $30,000 on your next purchase! Always keep in mind the big picture.

Using "Hard Sell" during showings:
No one likes being pressured. As well, buyers might wonder why you are so anxious to sell. Let your home speak for itself.

Mistaking "Lookers" for "Buyers":
Many people who look at homes for sale may just be getting a feel for the market, seeing how others 'showcase' their homes, or even just looking for decorating ideas. Your REALTOR deals with these situations on a full-time basis and has the experience needed to separate the "Lookers" from the actual "Buyers".

Relying too heavily on advice from the Buyer's REALTOR:
The interests of buyers and sellers are often opposing. In an agency relationship it is very difficult for one REALTOR to look out for the interests of both the buyer and the seller. You want to make sure you are familiar with Real Estate relationships and the difference between being a client or a customer before accepting advice from an agent or entering into any formal relationship with an agent.

Limiting the marketing and exposure of your property:
Part of what a good REALTOR does is to ensure that your property is showcased and marketed in the best and most productive manner possible. Not allowing a "For Sale" sign on the front yard or limiting viewing times can dramatically reduce the number of prospective purchasers seeing your home and have a serious impact on your bottom line.

Selling Tips

Make the Most of that First Impression:
A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted - or at least freshly scrubbed - front door. If it's autumn, rake the leaves. If it's winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.

Invest a Few Hours for Future Dividends:
Here's your chance to clean up in real estate. Clean up in the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. Prospects would rather see how great your home really looks than hear how great it could look, "with a little work."

Check Faucets and Bulbs:
Dripping water rattles the nerves, discolors sinks and suggests faulty or worn-out plumbing. Burned out bulbs leave prospects in the dark. Don't let little problems detract from what's right with your home.

Don't Shut Out a Sale:
If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect's mind. Don't try to explain away sticky situations when you can easily fix them. A little effort on your part can smooth the way toward a closing.

Think Safety:
Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for visitors.

Make Room for Space:
Remember, potential buyers are looking for more than just comfortable living space. They're looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.

Consider Your Closets:
The better organized a closet, the larger it appears. Now's the time to box up those unwanted clothes and donate them to charity.

Make Your Bathrooms Sparkle:
Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats and shower curtains.

Create Dream Bedrooms:
Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.

Open up in the Daytime:
Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.

Lighten up at Night:
Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.

Avoid Crowd Scenes:
Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company present to a minimum.

Watch Your Pets:
Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.

Think Volume:
Rock-and-roll will never die. But it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo or TV.

Relax:
Be friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.

Don't Apologize:
No matter how humble your abode; never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home's appearance, let your experienced Prudential Spencer Associate handle the situation.

Keep a Low Profile:
Nobody knows your home, as well as you do! But your realtor knows buyers - what they need and what they want. Your realtor will have an easier time articulating the virtues of your home if you stay in the background.

Don't Turn Your Home into a Second-Hand Store:
When prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.

Defer to Experience:
When prospects want to talk price, terms, or other real estate matters, let them speak to an expert - your realtor.

Help Your Agent:
Your realtor will have an easier time selling your home if showings are scheduled through her office. You'll appreciate the results!