Eight Pitfalls to Avoid When Selling Your Home

Selling your home is one of the biggest financial transactions you will make. I will work diligently for you to make the sale of your home as successful as possible - and will help guide you away from any number of pitfalls along the way.

Pitfall #1
Pricing Incorrectly: Every homeowner wants to realize as much money as possible when selling. However, a listing price that is too high gets fewer showings and often gets the seller less than a price that is at market value. Determine listing price by using the fair market value of your home based on the current local real estate market. Homes that are priced correctly sell in a shorter time for a higher price than homes that are priced too high, languish on the market, and get "stale."

Pitfall #2
Failing to "Show-Case" Your Home: Most buyers select their home based on emotion and then justify the decision with facts, so it is very important to make your home inviting. Yours is not the only property the prospective buyer will see. You have competition and only one chance to make a good first impression. It is well worth the time, effort, and money to prepare your house properly for marketing.

Pitfall #3
Using the Hard Sell During Showings: People like to "try on" a house and see if it is comfortable for them. It is difficult for them to do that if you follow them around pointing out every feature and improvement. It often has the opposite effect you want. It is best to leave your home during showings and not return until everyone has left.

Pitfall #4
Mistaking Lookers for Buyers: For Sale By Owners have their property invaded by unqualified buyers. REALTORS®, however, bring qualified buyers, which means quality traffic. Most people looking at For Sale By Owners are usually months away from being ready to purchase. They do not want to bother an agent yet, so they call owners to get a feel for what is available. Then there is that group of people who are perpetual lookers...

Pitfall #5
Not Knowing Your Rights & Obligations: Real estate law is extensive and complex. The real estate sale contract is a legally binding contract. An improperly written contract can cause the sale to fall through or cost you thousands for repairs, inspections, and remedies.

Pitfall #6
Limiting the Marketing & Exposure of Your Property: The two most obvious marketing tools, open houses and classified ads, are not the most effective ways to sell your home. Less than 1% of homes are sold from an open house and less than 3% are sold from an ad. More than 60% of buyers are already working with agents when they start thinking about buying a home. Effective marketing activities need to be customized to your home.

Pitfall #7
Believing That Your Recent Appraisal is the Market Value of Your Home: Refinance appraisals do not necessarily reflect the market value of your home. Market value is what a ready, willing, and able buyer will pay for your home. This buyer will look at all available information, including foreclosures and distress sales. Refinance appraisers may ignore or discount foreclosure and distress sale information. A buyer, however, will not ignore or discount any information.

Pitfall #8
Choosing a REALTOR® for the Wrong Reasons: The sale of your home could well be the largest and most important financial transaction you have ever made. The quality of your home selling experience is dependent on your skill at selecting the agent best qualified. Working with an experienced, competent professional in your transaction can mean a higher case net at the negotiating table, selling in less time, and getting problems solved rather than escalated. Make your agent selection carefully. Do not let an agent "buy" your listing by agreeing to list it too high: Look at the comparables, analyze the data, consider the quality and expertise of the agent, and make a business decision. And here is the rest of it.