When it comes to selling a home, many have difficulty letting go of the emotional attachment. As a result, this may overshadow our ability to make critical decisions regarding what needs to be done to sell a home successfully.
A home, like a well-loved, but worn out T-shirt can become an item which is so familiar that we fail to see what is readily apparent to an average onlooker.
Avoiding some of the most costly mistakes can ease the pain of moving by:
- Saving you time and hassle
- Bringing in more offers with a higher quality of Buyer
- Putting more money into your pocket so you can purchase your next perfect home!
7 Mistakes to avoid include:
Neglecting Curb Appeal. Today curb appeal is not limited to how your home looks when a potential buyer drives by. The average home is pre-viewed online before people jump into cars. So, if your home listing photos are unprofessional and your home appears cluttered and dated, people won’t click into or drive by your home which means you may lose a potential sale.
Over-pricing your home. Today’s market in West Michigan is hot! If your home has been on the market for 30 days without any serious interest, you are over-priced. Listen! The market speaks. Over-pricing a home is the single most common way that homeowners lose money when trying to sell their home. The average over-pricing penalty in the West Michigan area ranges from 20 – 25%. So for a $100,000 home that sits on the market, this can mean a retail price of $75,000 – $80,000 nine months later. Whereas, if it had been priced at $89,900 from the beginning, the likelihood of a sale within 30 days would have been excellent! Invest in a well prepared Comparative Market Analysis or appraisal.
Not tidying up. This is huge. Sight and smell are how buyers buy homes and definitely impacts how much they are willing to pay. For top dollar, go beyond moving your dirt around. De-clutter: throw stuff out, spiff it up, sparkle, trim, clean, buff, scrub…
Not Sharing things you need to share. Selling a home in West Michigan requires you to disclose what you know about the home. No, you can’t just surprise people by covering up over issues you’ve been managing for years like a leaking roof, broken pipes or an oven that doesn’t work. In fact, REALTORS require our clients to sign a Seller’s Disclosure which is a very detailed accounting of what you know about YOUR home. This doesn’t absolve the buyer of the responsibility of getting their own home inspection, but it does protect you from being accused of lying about a known problem.
Dragging your feet. Selling a home is not for the faint of heart. It requires preparation, persistence and patience. Selling a home is hard work. Not just for you, but for the entire team of professionals (some estimates indicate that up to 50 individuals will have touched your file prior to closing). Don’t do this until you’re ready and willing to do what will be required. A great way to lose money is to discourage those who are trying to help you. Remember, this is their livelihood and the higher their motivation, the more likely they are to do a better job.
Being unwilling to reward Success. This is a surprisingly common mistake, yet is it one which can be remedied with relatively little downside for the homeowner. Bargain hunting is a great pastime, but it may not be the most intelligent way to go about getting the most money for your home.
Consider going against the grain. Offer a Bonus to the Agent who successfully sells your home. It can be as little as 1-2% of your Sales Price. This will increase interest in your home listing and will influence the exposure and potential offers your are likely to receive. Think of it as leveraging your asset base. Depending on your sales price, where else can a $1,000 investment potentially garner you a $5,000 – $10,000 increase in the amount of your rate of return within less than 6 months? To maximize the effectiveness of this technique, you may want to put a time limit on this…ex. home must be sold within 30 days to qualify for the bonus.
Choosing the wrong REALTOR. Just because a friend or relative is in the real estate business does not mean that this individual is the best choice for the sale of your home. Read this blog post to learn more about how to select the agent that’s right for you.
Related Content: How Many REALTOR Interviews Should I have BEFORE Selecting an Agent?