8 Costly Mistakes when selling your home.

1.Basing asking price on needs or emotion rather than market value.  

Often sellers base their pricing on how much they paid for or invested in their home.

This can be an expensive mistake. If your home is not priced competitively,

buyers will reject it in favour of other larger or better homes for the same price.

At the same time, the buyers who should be looking at your house will not

see it because it is priced over their heads. The result is increased market

time, and even when the price is eventually lowered, the buyers are wary

because "nobody wants to buy a house that nobody else wants". The result is

low offers and an unwillingness to negotiate. Every seller wants to realize as

much money as possible from the sale, but a listing priced too high often

eventually sells for less than it might have.

2.Failing to "Showcase" the home.  

A property that is not clean or well maintained is a red flag for the buyer. It is an

indication that there may be hidden defects that will result in increased cost of ownership. 

Sellers who fail to make necessary repairs, who don't spruce up the house inside and out,

and fail to keep it clean and neat, chase away buyers as fast as Realtors can

bring them. Buyers are poor judges of the cost of repairs, and always build in

a large margin for error when offering on such a property. Sellers are always

better off doing the work themselves ahead of time.

3.Over-improving the home prior to selling. 

Sellers often unwittingly spend thousands of dollars doing the wrong upgrades

to their home prior to attempting to sell in the mistaken belief that they will 

recoup this cost. If you are upgrading your home for your personal enjoyment - fine. 

But if you are thinking of selling, you should be aware that only certain upgrades are cost

effective. Always consult with your Realtor BEFORE committing to upgrading

your home.

4.Choosing the wrong Realtor or choosing for the wrong reasons.  

Many homeowners list with the agent who tells them the highest price. You need to

choose an experienced agent with the best marketing plan to sell your home.

In the real estate business, an agent with many successfully closed

transactions usually costs the same as someone who is inexperienced. That

experience could mean a higher price at the negotiating table, selling in less

time, and with a minimum amount of hassles.

5.Using the "Hard Sell" during showings.    

Buying a home is an emotional decision. Buyers like to "try on" a house and

see if it is comfortable for them. It is difficult for them to do this if you follow 

them around pointing out every improvement that you made. Good Realtors 

let the buyers discover the home on their own, pointing out only features they 

are sure are important to them. Many sales are lost by overselling. If buyers think

they are paying for features that are not particularly important to them personally, 

they will reject the home in favour of a less expensive home without the features.

6.Failing to take the first offer seriously.  

Often sellers believe that the first offer received will be one of many to come. 

There is a tendency not to take it seriously, and to hold out for a higher price. 

This is especially true if the offer comes in soon after the home is placed on

 the market. Experienced Realtors know that more often than not the first 

buyer ends up being the best buyer, and many, many sellers have had to 

accept far less money than the initial offer later in the selling process. The 

home is most saleable early in the marketing period, and the amount buyers 

are willing to pay diminishes with the length of time a property has been on 

the market. Many sellers would give anything to find that prospective buyer 

who made the first, and ONLY, offer.

7.Not knowing your rights and obligations.  

The contract you sign to sell your property is a complex and legally binding 

document. An improperly written contract can allow the purchaser to void the 

sale, or cost you thousands of unnecessary dollars. Have an experienced Realtor

 who knows the "ins and outs" fully explain the contract you are about to sign,

or retain a lawyer to review it before acceptance.

8.Failure to effectively market the property.  

Good marketing opens the door that exposes the property to the marketplace. It 

means distinguishing your home from hundreds of others on the market. It also 

means selling the benefits, as well as the features. The two most obvious marketing

wide variety of marketing activities, emphasizing the ones believed to work

best for your home.

Being aware of these common mistakes will help ensure you receive top dollar for

your home when the time comes to sell.