1. Pricing it wrong – this is always at the top of the list when talking about seller mistakes. And it goes both ways. Some will price it to LOW and therefore not maximize their value. Some will price it to HIGH and therefore will sit on the market for months and months. The best way to get an accurate price for your home is to consult a local Realtor who knows your market. Be sure to have them take you to at least 3 homes that are currently on the market in your area so you can assess your competition with your own eyes. That way you know what you’re up against.
2. Not paying attention to interest rates – as a seller, most people do not even consider the interest rate, and instead think that the interest rate is “a buyer’s concern…not my problem!”. But that couldn’t be more wrong, unless you plan to get all cash offers on your home. The interest rate is one of the most powerful drivers (or dampeners) of demand in the marketplace. So, as a seller, you should track the trend of interest rates as best you can, and sell when they are at their lowest. By doing that, you will sell into a buyer pool that has high demand, which is great for you as the seller.
3. DIY – For Sale By Owner can be a pretty attractive thought. And admittedly sellers have more and more of the tools that were once only reserved for real estate agents. However, the risk and legality involved in selling a home is extremely intense, and unfortunately it is not talked about or publicized enough. Some states have contracts that are close to 20 pages long, filled with legal language and provisions that real estate agents are trained in and accustomed to. The average time it takes a Realtor to get licensed is about a month (9am to 5pm), and the vast majority of that training is on interpreting, understanding, and administering the state’s contracts. A great Realtor will not only provide the marketing you need to get your home sold for maximum value in minimum time, but will also provide you the guidance you need throughout the process to minimize the inherent risk involved in a sale.
Don’t make mistakes when selling your home…these mistakes or any others….at best it will cost you a lot of undue frustration and tension, and at worst it could cost you thousands. CLICK HERE to avoid making mistakes!