When it comes to common mistakes in the real estate market, here are the top 9 slip-ups agents point to, in terms of costing sellers the most time and money:
- Overpricing Your Home
- Not Prepping Your Home for Sale
In business, they call it store blindness. You don’t notice the flaws because you’ve come in to work every day and have become accustomed to seeing them. At home, it’s the weed that grew into a shrub or tree, the oil stain on the concrete, the shutter that needs to be rehung, that rusty vent, or that room that needs to be repainted.
- Over-improving Your Home
Hardwood floors and granite countertops are pretty – so is a backyard oasis like on those HGTV shows. That said, they still might not be right for your home. Investing in those improvements in a modest neighborhood may make you a showstopper, but it’ll be virtually impossible to recoup the investment.
- Waiting until spring before listing
While spring is typically the busiest season for home transactions, there are people ready to buy year-round. Plus, buyers tend to be more serious in the off-peak season. If you list during the off-season, a perk is also less competition in the marketplace from other sellers.
- Sabotaging the showing
If you’re throwing an open house, then give potential buyers space. Or, better yet, don’t be there. As they’re touring, they are working to imagine themselves in the home. They won’t need you alongside them pointing out the new carpet or new kitchen countertops. Do all you can to prep the house for showing, and then stand back.
- Skimping on marketing
- Wasting time on an unqualified buyer
There are few things worse than going through the motions on a potential sale with a buyer who ends up unable to get approved for the loan they need. The preferred buyer you’d like to sign a contract with will have gone through the credit approval process for a home loan. Also, if you have the opportunity to be picky, buyers looking to put down a bigger down payment are more likely to get approved.
- Ignoring low-ball offers
You can take low-ball offers as a punch in the gut to be rebuffed, or they can be the beginning of a negotiation. People who do best during the selling process take it as the opportunity that it is. Negotiations aren’t fun for most people, but it’s an integral part of getting this deal done.
- Not understating the terms of your contract
When the offer is made, make sure to read the contract carefully. In there, it explains the buyers requests, the repairs that need to be made, if any appliances or fixtures have to stay and contingencies they’ve included. In addition the contract will also specify when you need to be out of the home (this one can be tricky, because it takes much longer to pack and move everything than the unprepared may believe).