8 Costly Mistakes No Seller Should Make
Mistake # 1: Not Enhancing Your Home’s
“Curb Appeal”
When a potential buyer drives by your home, their first
impression will be based on your home’s “curb appeal.” If the
buyer is disappointed by what they see, they may not even bother
to request a showing, no matter how wonderful the interior of
your home is. Almost half of all houses purchased are sold
before prospective buyers open their car door and walk through
your front door. It’s important to ask your Realtor what you can
do to improve the exterior of your home and landscaping, so that
your home shows at its very best.
Mistake # 2: Inadequate Marketing
In most cases, you will have to advertise your home.
Marketing today often requires much more than a “For Sale” sign
in the yard. Prospective buyers with their busy schedules don’t
take the time to simply look through the classifieds and drive
by homes that might be of interest. Buyers want more information
immediately and turn to other sources. Ask your Realtor what
strategies he or she will use to market your home.
Mstake # 3: Attempting to Hide Problems With Your Home
Be honest with your Realtor about problems with your
home or property relating to health, safety, or the environment.
It’s common today for inspections to be a part of most sales
contracts, and during home inspections, most problems will be
discovered anyway. In many states, the seller is required by law
to disclose any knowledge of existing property problems. It’s
better to factor these issues into the home's listing price than
place your home under contract pending sale, essentially
removing it from the market, then have the contact nullified
after inspections.
Mistake # 4: Failing to Look at Your Home as if YOU were
a Buyer
Often, sellers become too comfortable--or at least tolerant--of
the clutter and imperfections of their homes. And, while
potential buyers may tolerate the same sort of imperfections in
their own residences, when it comes to your home, most buyers
have higher expectations. Use the following checklist to ensure
buyers see your home in the best light and improve your chances
for a quick sale. When a buyer sees areas that need maintenance
or repair, he or she see areas where they can discount the
home’s sale price.
Exterior:
1. Painting your home’s exterior will make it look years younger
and cleaner.
2. Trim back trees and shrubs and mow the grass. Weed and plant
flowers. If the yard is neglected, buyers might wonder what
other aspects of your home have been neglected or need
maintenance as well, and they may not bother to request a
showing.
3. Sweep all sidewalks, front walkway, and patio areas.
4. Clean windows and replace any broken or cracked panes.
5. Park extra cars down the street.
6. Put away bikes and toys. Remove rusted swing sets or broken
playground equipment.
7. Don’t leave hoses stretched out in the yard where someone
might trip.
8. Water lawns very early in the morning or late at night so
prospective buyers and/or their children won’t track into your
house after a tour of your yard.
9. Make sure roof is debris-free and in good condition.
10. Keep pet areas out of the way.
Interior:
1. Make sure your kitchen is extra clean--even the oven. Put
away all dishes and any extra items from your counter tops.
Store your toaster, blender and food processor to create space.
2. Carpets and all other flooring should be clean and vacuumed.
3. Open all curtains, drapes and blinds, and turn on the lights.
4. Place fresh flowers and plants throughout the house. Dispose
of dying plants.
5. Make all beds. Put away toys in your children’s rooms. Remove
clothes from floor or chairs.
6. Straighten your closets. Pack away any clothes that are
seasonal, if possible. Crammed closets look smaller.
7. Organize your laundry room. Use hampers and baskets.
8. Remove unnecessary items from your bathroom counters and make
faucets shine. If your shower curtain is torn or frazzled,
invest in a new one from a discount store.
9. Secure jewelry, cash, and prescription medication out of
reach. Don’t leave valuable figurines within the reach of
children or where they might be easily knocked over.
10. If you’re going to get rid of old or unnecessary furniture
items and home decorations when moving, go ahead and dispose of
those items now, if possible. Rooms look larger when they aren’t
cram-packed with furniture.
Mistake # 5: Offering Explanations about Your Home during
Showings
Potential buyers usually feel more comfortable when
homeowners are not present. If you do remain at home, resist the
urge to offer explanations, point out perceived flaws or offer
to repair items that the buyer may not have noticed or
questioned you or your Realtor about. People differ in opinion
and preferences. Your home’s floor plan, which you may have
always found less than satisfactory, might be just what appeals
to a potential buyer. The less said, the better.
Mistake # 6: Not Knowing How to Price Your Home to Sell
Determining the market value of your home is one of the
most challenging aspects of the selling process. If the listing
price is too high, you'll limit financing and reduce offers.
Sometimes, home sellers believe that they have to set the
selling price higher than actually expected because it gives
them an opportunity to negotiate and accept a lower offer. But
often buyers who might be most interested in your home find a
flaw they don’t like immediately—your asking price--and they
don’t even take the time to drive by or ask for a showing. By
the time the price is adjusted, you've already lost exposure to
a large percentage of potential buyers. It's critical to find
out, where and how fast, the market is moving when setting the
selling price and negotiating an offer. An experienced,
well-trained Realtor is always aware of market trends.
Mistake # 7: Not Planning Your Move Before Your Home
Actually Sells.
Many sellers simply don’t plan their move early enough,
then they feel totally overwhelmed when it’s necessary to move
sooner than they expected. Have your move organized before a
contract is ever signed. Don’t wait until the last minute to ask
movers to estimate the cost of your move. When you have to move
quickly, the price can skyrocket according to need and you have
no basis for comparison. Keep a record of all expenses related
to the move. Many of your expenses may be tax deductible. Fill
out a Personal Household Inventory for each room. This is
important for establishing the declared value of items for
moving companies and can be used as a permanent inventory for
insurance purposes. List, as accurately as possible, the year of
purchase and original cost of each item. Prepare a separate
high-value inventory if the shipment will contain articles of
“extraordinary” value, such as antiques, china, crystal and
electronic equipment. Attach any records of purchase or invoices
to the completed inventory.
Mistake # 8: Being Inflexible or Unwilling to Compromise.
Sometimes, it is necessary to bend a little when it
comes to the sale of a home. If you are inflexible about the
date you can move out, price, necessary repairs, etc., buyers
can become discouraged or even angry. Often, it’s necessary to
compromise. Agreeing to a repair that might cost you an extra
couple of hundred dollars out-of-pocket, might actually save you
much more than this amount in interest on your home loan in the
long run. While you don’t want to give away hard-earned equity,
often sellers must look at the overall savings involved. Ask
your Realtor for advice.
Click here to return to
the Consumer Reports page.
Fill
out an application online to help us quickly find you the best
loan.
Success
Stories
Chad came to us with credit history he thought
was so bad, we wouldn't be able to help him. Find out what
happened next...
more stories
