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The Dumb Things Sellers Do! Seven Mistakes to Avoid When Selling Your Home
Mistake # 1: Over-Pricing
No amount of marketing will sell your home if it's over priced. The "we can always come down later" mentality will end up costing you more in the long run. Wise agents will use your over-priced home to help sell their own listings. ("If you like that house at $300,000, you'll love the one I've got listed down the street at $285,000.")
Mistake # 2: Avoiding Maintenance
If you need new carpet or fresh paint, put it in (or least offer the buyer an allowance). Don't expect buyers to see past deferred maintenance. There are plenty of homes on the market competing with yours.
Mistake # 3: Talking Too Much with Agents
Remember, the agent's job is to get your home for their buyer at the lowest possible price and under the best possible terms and conditions for the buyer. Be careful what you reveal to the buyer's agent about your motivations to sell. The best policy is "always tell the truth" but don't answer questions they have not asked!
Mistake # 4: Failure to Insist on a Pre-approval Letter from the Buyer's Lender
The number one reason home sales fall through is from lack of financing. Make sure your buyer has what it takes to perform before taking your home off the market. It's a good idea to get a pre-approval (not just pre-qualification) letter from the buyer's lender. A pre-qualification letter is not a loan approval or commitment for financing. It's no more than the loan officer's opinion based on the information given to them verbally by the buyer.
Mistake # 5: Failing to Negotiate Effectively
Know what you want to achieve financially. Prioritize what you want and go after it. Conceding minor points can help make your negotiations a "win-win" for everyone. Always have more than one item to negotiate. The cardinal sin of negotiating is to have only one item left to negotiate - this means somebody wins and somebody loses.
Mistake # 6: Failure to Keep Your Home in Top Showing Condition at All Times
You never know when the buyer for your home will come along. They may want to see your home on short notice. Don't put them off. It's not always easy keeping the home picked up, especially with children. But, remember, the buyer doesn't care about your problems, and often is not willing to wait.
Mistake # 7: Letting the Stress of Moving Get to You
Preparation is the key to a less stressful move. Do your homework and get ready well in advance and everything will run more smoothly.
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