Mistake #1 – Wrong Property Pricing
Perhaps the most challenging aspect of selling a home is listing it at the correct price. Every seller wants to get the highest possible amount of money for the property. The best way to do this is NOT to have your property listed at an excessively high price! listing the home too high can be as bad as too low. If the listing price is too high, you’ll miss out on a percentage of buyers looking in the price range where your home should be.
This is the flaw in thinking that you’ll always have the opportunity to accept a lower offer. Chances are the offers won’t even come in, because the buyers who would be most interested in your home have been scared off by the price and aren’t even taking the time to look. It may also cause buyers to lose interest before even seeing your property. By the time the price is corrected, you’ve already lost exposure many potential buyers who have most likely bought another home that was priced right. As a result, overpriced properties tend to take an unusually long time to sell, and eventually are sold at a lower price.
Mistake #2 – Failure to Make Your Property Stand Out
When you let potential buyers in the door in an attempt to sell your property, make sure the property’s exterior and interior look attractive! Cosmetic appeal is essential, so make any necessary repairs, clean, and make sure everything functions and looks presentable. You need to “package” it attractively to create demands by appealing to the potential buyers’ senses. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers. Whereas fast, inexpensive changes can help make your property stand out among similarly priced homes in your neighborhood. Remember…your neighbors maybe trying to sell their home too.
Mistake #3 – Mistaking Re-Finance Appraisals as the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high or low price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing, or lower to protect the interests of the financial institution. Appraisers work on behalf of the lender, not you, even if you’re the one footing the bill. Your best bet is to ask your Realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.