Don’t Make These Top 10 Seller Mistakes

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1. DIY is not for Home Sales

Trying to sell your home by yourself is sheer madness. You need the expertise of a professional. And the numbers don’t lie: homes without representation remain on the market longer and end up selling at a lower price than those with a pro at the helm.

2. Over (mis)pricing Your Home for the Market

Overpricing or under-pricing is a huge and costly error. It’s critical to understand your market: become familiar with comps currently for sale (and those that have recently sold) to understand exactly what price tag your home needs.

3. Deferred Maintenance

You will lose money if you don’t attend to repairs  prior to listing your home for sale. It’s less costly to fix things ahead of time, rather than have buyers see all of your home’s faults at the open house. If you don’t, you’re almost guaranteed that prospective buyers will offer less or ask for a credit back for the work that needs to be done before the deal closes.

4. Not Doing Pre-sale Prep

Clutter eats equity and kills deals. Create a sense of spaciousness by de-cluttering. From the kitchen countertops to the overstuffed closets to the trophy-lined shelves in the den, it’ll cost nothing to get rid of all that stuff. But it will reap big rewards when it’s time to sell.

5. Selling An Empty Home- Not All Buyers Have the Vision- Stage the Scene

Viewing an empty house makes buyers feel the same way: empty. Most real estate pros are firm believers that a home should be dressed or “staged.” Don’t worry, you won’t need to go out and buy new furniture and accessories. Chances are, you already have plenty to choose from.

If your furniture is being used in your new house house or is taking a cross-country trek, it might be worth making the small (but mighty) investment in a local staging company. Find out how to get your home staged for free this summer.

6. Ego Driven Negotiation

Many sellers take negotiating personally and lose out on creating a win-win deal (if not the entire deal). Remember, this is a business transaction — perhaps the biggest one of your life. Take your ego out of the equation and put your head back into it.

7. Not Disclosing

Often times sellers lose money because they were afraid to disclose their home’s imperfections. Be sure to disclose all of your home’s issues. First off, it’s the law and if your home is priced with the flaws out in the open this will save you from having to lose money post inspection negotiations.

8. Bad Timing

Even a sale that misses its schedule by one day can cost you tens of thousands in extra taxes. Talk to your accountant well in advance to determine if any long-term capital gains tax breaks apply, and time the sale accordingly.

9. Not Understanding the Extent of Closing Costs

Uninformed sellers can loose thousands  by not requesting and confirming a list of fees and expenses prior to closing. Review NET sheet with a breakdown of closing costs with your real estate agent well before it’s time to hand over the keys. Don’t expect any discounts and credits on closing day if you overlook this step.

10. Bad Photos, Not Enough Media

Bottom line, the more photos and media you have of your home the more eyes that see it. This translates to multiple offers and competition to buy your home. A ton of bad photos on cloudy days won’t do you home sale any favors either.  According to SDAR research, upwards of 90% of all buyers start their home search on the Internet so, you’d better make sure you have professional photos highlighting the property’s best features and plenty of them! You never get a second chance to make the perfect first impression.

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