7 Seller Pitfalls

7 Seller Pitfalls

by Brian Bagnall

Pitfall 1: Pricing Your Property Too High
Everyone wants to sell their house for the highest price. However, to do this you should not list your home too high. Overpriced properties typically take longer to sell and often for less than what they would have earned at a lower list price. With an excessively high price, you will lose the interest of some prospective buyers even before they see your house. Or buyers will assume the house has more to offer only to be disappointed. Buyers and their agents research the market as well. They know what can be expected in a price range. It is best to rely on market data and be realistic when making your pricing decision.

Pitfall 2: Using a Refinance Appraisal to Determine the Market Value
If you refinanced your home, most likely an appraisal was required. Sometimes lenders will over estimate your home’s value in order to encourage refinancing. The actual market value could be lower. Work closely with your real estate agent to set an accurate listing price based on current market conditions. They have access to information about recent sales in your area, which is the best way to determine your home’s worth.

Pitfall 3: Not Showcasing Your Home
Make your home as presentable as possible. It may require a few weekends of work but will pay off in the end. A home in need of minor repairs and refreshing will be sure to garner a lower price. Complete those outstanding repairs, repaint any walls that show wear or are not a neutral color, replace old carpeting and burnt out light bulbs, do a thorough cleaning and be very diligent about keeping up with it while it is on the market. This work will go a long way to making your home enticing.

Pitfall 4: Pressure Selling
No one likes to feel pressure, especially when considering such a substantial purchase as buying a home. Help prospective buyers feel comfortable when looking at your home. Be receptive to their questions and don’t become defensive when answering. Give them the space they need to really experience the house. If you can, it is best to leave altogether.

Pitfall 5: Assuming Every Looker Is a Buyer
You can’t assume that everyone that comes to see your house is a potential buyer. Some people may be six or more months away from buying and are just trying to get an idea of what is out there. They may not have put their house on the market yet or are still saving for their down payment. You real estate agent should be able to distinguish which lookers are serious buyers.

Pitfall 6: Not Knowing Your Rights & Responsibilities
Real estate contracts are legally binding. Before signing anything you should understand the terms, or it could cost you a considerable amount of money.

Pitfall 7: Frugal Marketing
Your real estate agent should employ a wide range of marketing initiatives to sell your property. No one technique is guaranteed to work. It is best if you play the law of averages and try as many different avenues as possible.