Mistake #1 -- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price. Have a REALTOR prepare a "Comparative Market Analysis" on your property.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Failing to "Showcase"
Have a REALTOR show you how to "Stage" or "Showcase" your home. I give a verbal or written report to all my sellers. Do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Mistake #4 - forgetting the "Wow" factor
The "Wow" factor — that first visual, high-impact impression your home makes on potential buyers — can turn a looker into a buyer. To determine your property’s curb appeal, drive through your neighborhood and note other properties; then approach your own house as if you were a potential buyer. How does it look? Does it "wow" you? Will its curb appeal attract buyers? Note what needs improving, such as trimming trees, planting shrubs, or painting gutters. Little things convey that you’ve cared for your home, do what you can to make your property look like someone’s dream home.
Mistake #5 - "For-Sale-By-Owner"
Why do people decide to sell their home on their own? The majority of FSBOs (53%, in fact) are done because the seller does not want to pay a commission fee to an agent or broker.
But based on that same research, FSBO sellers actually LOSE money by selling their home on their own, even after the agent's hard-earned commission has been paid.
According to NAR's most recent Profile of Home Buyers and Sellers, the median selling price of a home sold with the help of an agent was $230,000. That's 16% higher than the median price of a FSBO sale, which was $198,200. According to the data, there are no measurable differences in these figures based on different types of homes or region.
Now, let's assume there was a 6% commission paid on that $230,000 home. That's still just $13,800. If the difference between a seller-assisted sale and a FSBO sale is $31,800, then the FSBO seller LOST $18,000 on the sale.
That's a new car. A ski boat. A year or two of your kid's college expenses. Not to mention eliminating heartache, hard work and countless hours FSBO sellers go through trying to price the home right, market it themselves, wade through the paperwork and disclosures, etc.
Further proof that working with a real estate agent pays off in the end.
Mistake #6 -- Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
Mistake #7 - Expecting your home to sell in a matter of a few days or weeks
You need to be realistic as to the average market time. In most cities in Ohio is 90-100 days or more!
Mistake #8 - Limiting the Marketing and Advertising of the Property
There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads and Few are sold by homes magazines.
Still even now, the #1 way homes are sold is by...REALTORS.
Today, 77% of buyers are searching online using REALTOR websites to find homes.
The above recommendations come from years of experience in the real estate industry during buyers' markets, sellers' markets, high interest rates and low interest rates. In any economy, however, the listed recommendations apply in all situations. Follow these guidelines and you will substantially reduce the often stressful and sometimes expensive mistakes made by hundreds of home sellers in our area each year. For FREE help and guidance in selling your home, contact Vicki Lehigh 330-343-6118 or 330-343-7880
8 Things Every Buyer Should Know
1. Property taxes and qualified interest are usually deductible on an individual’s federal income tax return.
2. Often, a home is the largest asset an individual has and is considered one of the most valuable investments available. you should have a REALTOR with experience to advise you on such a large investment.
3. A portion of each amortized mortgage payment goes to principal which is an investment.
4. A home is one of the few investments that you can enjoy by living in it.
5. Call a lender of your choice "before" you try to purchase a home, Don't try to write an offer untill you have a pre-approval letter.
6. Poor representation could cost you thousands. Use an experienced REALTOR you trust.
7. Have the following inspections done:
Home Inspection, Termite, Well, septic and Radon.
Trying to save a few hundred dollars could cost you thousands, And harm your health!
8. A contract that is not correct, could cause your deal to fall thru!
Use a REALTOR with contract skills.
The above recommendations come from years of experience in the real estate industry during buyers' markets, sellers' markets, high interest rates and low interest rates. In any economy, however, the listed recommendations apply in all situations. Follow these guidelines and you will substantially reduce the often stressful and sometimes expensive mistakes made by hundreds of home sellers in our area each year. For FREE help and guidance in selling your home,
Contact An Agent: 330-343-7880 or 330-343-6118