Tips on Selling Your Home Part (4)
Agents and appraisers will price your home by comparing it to what similar homes have sold for in the area in the last ninety days. True, you may think you have the nicest home in the neighborhood, but your ‘‘extras’’ may not add to value, so always make it more competitive. An experienced agent or appraiser can tell you what extras add value and which ones don’t. Finally, here are seven mistakes to avoid in selling your home:
1. Don’t price your home according to what you need to get out of it; rather, go with market data. Your home will sit on the market and may eventually sell, but probably for less than if you had priced it based on its market value in the first place.
2. Don’t add the cost of upgrades to the home’s value. Buyers expect a good roof and a home in good condition for the price. If you try to add the cost of a new roof, appliances, new carpets, or other upgrades, you’ll price your home out of the market.
3. Don’t list with the agent who quotes you the highest price. Instead, interview two or three agents and go with the one with the best track record in your area.
4. Don’t make the mistake of being unaware of the average selling time for similar homes in your area. If you haven’t gotten any offers within this time frame, bite the bullet and lower your price. You might also look at your home carefully and see if you can figure out what’s turning off buyers. Then have a frank discussion with your agent as to what you can do to correct any problems.
5. Don’t take the lazy approach and offer a carpet, painting, or redecorating allowance. Do what’s necessary to make your home attractive with neutral colors. Buyers often make low offers on homes that need work, but they want the allowances, too. It’s a no-win situation for you as a seller because you end up attracting the bottom-feeders looking for good deals.
6. Don’t neglect to get a professional home inspection before you put your home on the market, because you’ll be setting yourself up for problems down the road. By getting the inspection upfront, you know what repairs are needed. Use the inspection as a sales tool to show that the home is in good condition, and have the receipts and work orders to prove that you’ve corrected any problems.
7. Don’t get emotional and immediately reject a low offer, because you could be losing a potential sale. Many buyers come in with low offers to see what you’ll do. They feel they have to try to get a super good deal—it’s an ego thing. But if you don’t take it personally and you handle it professionally, you can often turn a low offer into a sale. Stay calm and work up a counteroffer you can live with.
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