|Don’t Make Any of These Ten Deadly Mistakes
|1 Buying a replacement home while still owning the current one can be a costly
proposition. You may think that by buying the new one you know where you are going and
what it will cost, right? That way you don’t have to worry about your home selling too quickly
without you having a place to go. However, how would you feel if you had 2 house payments
while you are waiting for your residence to sell? I can tell you from experience that sellers
with 2 mortgages get anxious and usually sell for far less than they could have received if
they were not under that kind of pressure. It is far better to sell your home first and move to a
rental (this rarely happens) then to end up the other way.
2 Basing the asking price of your home on what you would like to get rather than on its
true market value. Market value is generally determined by comparable sales of homes
similar to yours, namely same neighborhood, age, square footage, condition, etc…A real
estate broker or an appraiser can help you with this. Once you know the true value a Sellers
Net Sheet will tell you how much you have to use towards your next purchase. And a home
loan specialist, loan agent, can assist you in determining what price home you can qualify for.
3 Selling your home before you know the condition of your home. Purchase agreements
can require the seller to make costly repairs with regard to termites, dry rot, home building
defects, etc…The only way to understand the condition of your home is to have these
inspections done first, that way the buyer and you both know before signing the contract
what the condition of the home is.
4 Putting your home on the market in poor condition. Buyers and agents alike remember
their first impressions, and they are lasting ones! If a property lack’s curb appeal, some
buyers won’t even get out of the car to see the inside. People lack vision and are unable to
see through the mess. Agents sell homes and agents like to show homes that show well.
5 Not willing to reduce an asking price that is too high for the current market. Over priced
listings stay on the market far too long and the results usually cost the sellers in time,
frustration and even lower selling prices. Properties that are on the market a long time
develop a stigma of having something wrong with them. It is normal to want to get the highest
and best price and competitive pricing is the best way to do just that.
6 Not countering a low offer. Owners want to sell high and buyers want to buy low.
Countering an offer from a qualified buyer is far better than negotiating with a full price offer
from an unqualified buyer. My experience has been that a low offer from a qualified buyer
willing to negotiate often times works out.
7 Being present when the home is being shown to buyers. Let the agents do the selling.
You should leave or excuse yourself to a remote part of the home. Buyers need to say what’s
on their minds and they will not feel comfortable doing so if you are present.
8 Putting your home for sale contingent on you being able to buy another. This is like
telling the buyer that you might sell if you find your perfect home. Serious buyers only make
offers on homes that are for sale without conditions. If you are worried about not being able
to find the right home before yours sells, try negotiating a rent back agreement before you
accept an offer from a buyer.
9 Making it difficult to show your home; restricted hours…no safe key box. A home that
can not be shown can not be sold. The more showings you get the closer you are to a sell.
10 Refusing to do what’s necessary to get your home ready to sell. Builders know that
staging a home for sale works or why would they spend all that money on their models. As a
reseller you should at the least de-clutter your home so that the rooms look more spacious.
Sometimes there is a lot of work that should be done before you go on the market.
Remember that buyers will pay up for homes that are in move in condition.