How Not To Sell Your House
If you're serious about selling your house, it's important to know how to successfully sell in today's market. To get the best results, you must avoid the mistakes that other sellers will make. You will sell faster and get the best possible price in your market. Here are the 7 most common mistakes other sellers make:
1.) Wrong Price - There are several factors that help result in a sale, but the right price sells a house faster than any other factor. You certainly don't want to underprice your property and leave your hard earned equity on the table. Conversely, a price that is higher than most in any given area will discourage potential buyers, and if they aren't aware that it is overpriced, then I guarantee their agent will know. Even if you end up getting a contract on an overpriced house, the buyers' lender will order an appraisal. When that appraisal comes in too low... you've got a real problem. The contract and financing is contingent upon an appraisal that supports them. But what if I get a buyer paying cash, you ask? First of all, that is very rare and when it does happen it is usually a much lower offer in exchange for the quick, solid cash deal. If you are holding out hope for an inflated full-price cash offer then you are looking for a double-bag buyer... a buyer with one bag full of cash and another bag full of stupid. In my estimation, if their first bag is full of cash, then their second bag is probably not full of stupid.
2.) No Curb Appeal - This is one of the most important selling points. The first thing a buyers see is the outside of your house. That alone can make the difference between them driving off or wanting to see more. Make sure the lawn & shrubs are manicured and the front door, windows and shutters are clean and inviting. Quick inexpensive punch-ups include new light fixtures, mailbox, a brass kick-plate on the door, and maybe a planter with some flowers. Help your house say "buy me".
3.) As-is Condition - Chances are if you don't want to fix it, neither do the buyers. In today's market, most buyers don't want fixer-uppers. They have enough time and money constraints without adding repairs to the list. Selling in as-is condition is always an option if you are ready for a longer time on market and a lower selling price. There are creative ways to complete repairs prior to selling without the out of pocket expense. Contact me for more info regarding repair solutions.
4.) Dark, Cluttered Spaces - A clean, bright interior is what buyers want. A little effort can go a long way to improve the appearance of your house. Replace burned-out light bulbs, clean & open blinds for natural lighting. Make sure items are arranged to allow an easy traffic flow from room to room. Clean out those closets and get rid of some of the "stuff" that you've accumulated. It will be less to move anyway. Donate items for a tax write-off or have garage sale and invest the proceeds into something the house needs... like fresh neutral color paint. Paint, if needed, is usually the best dollar-for-dollar investment. The next best investment is carpet. If it is worn or can't be cleaned, the best bet is to replace it.
5.) Over Improving - Spending too much on upgrades or remodeling drains money out of your pocket you may never get back. If your improvements entice you to raise the price over that of neighboring house values, don't expect to recoup the entire cost. Pricey upgrades will help your house sell quicker for sure, and may bring a higher selling price, but just don't count on it. The average selling prices in an average neighborhood will pull up the value of the worst house on the block, and can pull down the best house, so be careful! It doesn't always work out the way it does on these real estate "reality" shows.
6.) Going it Alone - Selling you house yourself is an option... however, real estate is a numbers game not only in price, but in probability. Without a professional advisor and marketer, it is likely you won't sell, and if you do, the facts are that self-sellers will net less from their sale than those who utilize the services of a professional. Agents will bring more potential buyers, and do more than most people realize such as marketing, negotiating, writing solid contracts, and monitoring the steps in a transaction all the way up to closing. They also provide pre-screened buyers. If buyers aren't really qualified, they are a waste of time and very risky. Also, if you go it alone, the vast majority of buyers will have an agent (it's free for buyers), and you will have to negotiate with and pay an agent anyway.
7.) Always Be Home - You and your family can make buyers feel like they are intruding. The goal is to allow buyers to imagine themselves living in the house. Having children and pets under foot can keep buyers from focusing on the business at hand. Buyers almost always feel uncomfortable expressing their thoughts and discussing details of their largest purchase with the very people they will be negotiating with.