Your Daily Real
Estate Blog
From
Supreme Manor
Real Estate Services
7 Costly
Mistakes Sellers Make
There are some inappropriate steps sellers can walk down when
it comes time to put their house on the market. Here are seven costly mistakes
that many sellers make. Avoiding these mistakes is not that difficult. There
are plenty of resources and professionals, who are there to help you step over
the pitfalls. Do the research early, and listen to that voice in your head.
Sell well.
1. Putting
the home on the market before it's ready.
Most times this happens because the seller gets impatient or is
a procrastinator and has pushed himself up against a moving deadline without
getting the pre-sale work done. So it comes on the market with the horrible
carpet; or they are painting it while it goes on the market. Presentation is
everything -- so get the work done before marketing the property.
2. Over
improving the home for the neighborhood.
This happens with additions, bump outs, and upgrades that make
the home stick out from among its competitors so much that it's an anomaly,
instead of a nice addition to the community.
3. Pricing
the home based on what the seller wants to net.
This pricing strategy always ends in failure. Sellers can
control the "asking" price, but they don't control the
"sales" price. The market does. It doesn't matter what the seller
wants, the price is determined by the black-and-white, matter-of-fact reality
of the market.
4. Hiring
an agent based on non-business factors.
Make sure you're hiring a professional with a proven track
record. It might be nice to hand over your largest asset to your nephew who
just got his license -- but make sure he has a mentor to keep your deal from
going south.
5. Getting
emotionally involved in the sale of the home.
This is one of the biggest challenges home sellers face when
putting their house on the market. Once you decide to sell your house, it's no
longer a home, but a commodity. It needs to be prepared as a commodity,
marketed as a commodity, and priced as a commodity. It doesn't matter what you
"want," only what the market can bear on pricing. People are going to
come in to kick the tires, so to speak, and you can't get emotional about how
they may or may not appreciate the nuances of your home of seven years.
6. Trying
to cover up problems, or not disclosing them.
Most states have a property disclosure/disclaimer form -- use
it wisely. Just because you disclaim doesn't mean you cannot be sued later for the
leaky basement, or dilapidated heating/air system that's discovered 30 days
after settlement.
7. Not
getting your ducks lined up before trying to sell.
This would involve financing, reading the fine print on your
current mortgage to ensure no pre-payment penalties, not listening to the
particulars of your local market, etc. If your local market is dictating lower
home prices, then lower it early, not later -- it will cost you more. If the
local market dictates selling your home first, then buying second, do it in
that order, or vice versa.
I hope this information is useful.
Should you need assistance with any of your real estate needs,
please contact Supreme Manor Real Estate Services 773-881-9224. Feel free to visit us on our website or any
of our social media sites.
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
Managing Broker/Owner - CPA, GRI, CNC
Supreme Manor Real Estate Services
1840 West 95th Street
Chicago, IL 60643
(773) 785-0127 Direct
(773) 797-9640 (fax)
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