With the real estate market undergoing a correction and the number of foreclosures on the increase the question for those selling a home is what should you do, if anything, that will actually help you make a sale.
Well, as a matter of fact there are some mistakes you should avoid if you are looking to sell your home for whatever reason and most sellers find out about them the hard way. Let’s go and see what these are:
1. Over-priced homes: Don’t price your home on what you want for it or what you think it is worth. Instead look at the market and decide what comparable properties have gone for over the last six months. A realistic price is more likely to convince buyers that what you are asking is really worth the price of the house and this means less haggling, fewer delays and a quicker sale.
2. No internet marketing of your property: According to The National Association of Realtors over 70% of all home buyers start their search on the Internet before contacting a real estate agent. Make sure the real estate agent or Realtor (and there is a difference) you choose to sell your house through actually has a robust web presence in place.
3. Do not stop showing your home until you are pretty sure the buyer will close and sign the papers. Too many buyers express interest, sign a purchase contract but pull out at the last minute.
4. Negotiate closing costs with your buyers. In a buyers’ market it is always best of you negotiate some of the closing costs with your buyers. This is part of the give-backs buyers have come to expect from sellers. It includes part payment of closing costs and points on mortgages.
5. Contract clarification. With buyers negotiating tough for better prices sellers who start to get difficult over the fixtures and fittings and start to replace, let’s say a chandelier with a simple light fitting, seriously risk losing a sale. Focus instead on getting the home sold and getting the asking price and let’s not get too hang up on the fittings.
6. Be aware of the market. Do your research and know what is happening in your neighborhood and house range in terms of prices. If your buyers are better informed than you they will be able to use their knowledge to drive your asking price down.
7. Know what you pay. Paperwork costs money and brokerages, all too often, carry out paperwork with the express purpose of just charging you extra money. Have these fees waived or ask your listing agent to pay them.
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