Biggest Seller Mistakes to Avoid
Tips from a Pro
1. Failing to get Informed
Before you list your home with an agent, get a Comparative Market Analysis (CMA). This will determine the current Market Value of your home based on the recent sales and current active listings. It will also give you an idea of the price ranges in the area and the advantages and disadvantages of your property. It's important to have a good understanding of the current trends and conditions in this dynamic housing market.
2. Pricing Your Home Incorrectly
An overpriced home can sit on the market for a long time. An underpriced home may cost you thousands in lost profits. During the first few weeks of your house being on the market, you will have the highest interest in your home. If your house is priced correctly, you will have an opportunity to get the best offers. Decide on an asking price based on recent comparable sales in your area as well as homes currently on the market.
3. Not Preparing Your Home for Sale
You may not be able to change the location or the floor plan of you house, but you sure can improve its appearance. Home buyers can be turned off by visible needed repairs, clutter and poor landscaping. You house must be kept in "Showing Condition" to entice the right buyer when they walk through your door. You can also see our report, Top Seller Tips, for detailed information on preparing your home for sale.
4. Making it Difficult to Show
Making your house available to prospective buyers is a key to profitability. Open houses can be very benificial in allowing prospective buyers to view you home without an appointment.
5. Not Choosing a Good, Experienced Realtor to Represent Your Needs
With so much money at stake, you need to choose a local expert to guide you through the complex process of selling your home. Not all real estate agents have the same amount of experience, background or skills. An experienced agent can produce a higher selling price and help you avoid costly oversights.
6. Signing a Purchase Contract with an Unqualified Buyer
When you first put your house on the market, you gain momentum and it can be the best time to get the right offer. Getting into a sales contract with the wrong buyer can cost you weeks of lost time. Make sure the Buyer is Pre-Qualified by a Lender in writing.
7. Forgetting to Look into any Tax Implications Before Selling
You may be able to carry forward your tax basis or do a 1031 exchange. You may be eligiable for federal income tax exemptions, as well as reduced capital gains taxes. Always check with your Tax Advisor or accountant first before Selling.
Also see our FREE report: Top Seller Tips