The Real Estate Market Has Changed…
Remember not so long ago, when you could make your fortune in real estate. It was nothing then to buy a home, wait a short while, and then sell it at a tidy profit. And then do it all over again. Well, as you probably know, times have changed. As good as the market is right now, home prices are still below what they were at their peak. Buyers are far more discriminating, and a large percentage of the homes listed for sale never sell. It’s more critical than ever to learn what you need to know to avoid costly seller mistakes in order to sell your home fast and for the most amount of money.
Here are The 7 Mistakes Most Homesellers Make:
1. Failing to analyze why they are selling:
The reasons behind your decision to sell affect everything from setting a price to deciding how much time and money to invest in getting your home ready for sale. What’s important to you: the money you walk away with, the length of time your property is on the market, or both? Different goals will dictate different strategies. However, don’t reveal your motivation to anyone else, or they may use it against you at the negotiating table. When asked, simply say your housing needs have changed.
2. Not preparing their home for the buyer’s eye:
First impressions are everything and they are made quickly. In the case of selling a home, curb appeal is the first impression that you get to make to buyers. It’s a snapshot of what buyers can expect to see inside. If your home is a mess on the outside, why would buyers think it’s anything but a mess inside?
3. Pricing their home incorrectly:
Settling on an offering price shouldn’t be done lightly. Once you’ve set your price, you’ve told buyers the absolute maximum they have to pay for your home, but pricing too high is as dangerous as pricing too low. Remember that the average buyer is looking at 15-20 homes at the same time they are considering yours. This means that they have a basis of comparison, and if your home doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. As a result, your home will sit on the market for a long time and, knowing this, new buyers on the market will think there must be something wrong with your home.
4. Making it difficult for buyers to get information on their homes.
You may be surprised to know that some marketing tools that most agents use to sell homes (eg. traditional open houses) are actually not very effective. In fact, only 1% of homes are sold at an open house.
Furthermore, the prospects calling for information on your home value their time as much as you do. The last thing they want to be subjected to is either a game of telephone tag with an agent or an unwanted sales pitch. Make sure the ads your agent places for your home are attached to a 24-hour prerecorded hotline with a specific ID# for your home which gives buyers access to detailed information about your property day or night, 7 days a week, without having to talk to anyone. It’s been proven that 3 times as many buyers call for information on your home under this system. And remember, the more buyers you have competing for your home the better because it sets up an auction-like atmosphere that puts you in the driver’s seat.
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