Avoiding Costly Mistakes of Selling Your Home
Sep 26, 2007
Author: Family Realty LLC

There are always appropriate steps to investing in real estate. However, there are inappropriate steps sellers can walk down when it comes time to put their house on the market. Having seen these mistakes played out, it makes me shake my head as to why sellers forge ahead with unwise strategies, instead of listening to the voice of a licensed professional.

Mistake #1: Putting the home on the market before its ready. Most times, this happens because the seller gets impatient or is a procrastinator that has pushed himself up against a deadline without getting the pre-sale work done. So, it comes out on the market with the horrible carpet; or they are painting it while it goes on the market. Presentation is everything- so get the work done before marketing the property.

Mistake #2: Over improving the home for the neighborhood. This happens with additions and upgrades that make the home stick out from among its competitors so much that it’s an anomaly, instead of a nice addition to the community.

Mistake #3: Pricing the home based on what the seller wants to net. This pricing strategy always ends in failure. Sellers can control the “asking” price, but they can’t control the “sales” price. The market does.

Mistake #4: Hiring an agent based on non-business factors. Make sure you’re hiring a professional with a proven track record. It might be nice to hand over your largest asset to your nephew who just got his real estate license, but make sure he has a mentor to keep your deal from going south.

Mistake #5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face when putting their house on the market. Once you decide to sell your house, it’s no longer a home, but a commodity. It needs to be prepared as a commodity and priced as a commodity. It doesn’t matter what you “want”, only what the market can bear on pricing. People are going to “kick the tires”, so to speak, and you can’t get emotional about how they may or may not appreciate the nuances of your home.

Mistake #6: trying to cover up problems, or not disclosing them. Most states have property disclosure/disclaimer forms- use them wisely.

Mistake #7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print of your current mortgage to ensure no pre-payment penalties, not listening to the particulars in your local market, etc.

Avoiding these mistakes is not that difficult; there are plenty of resources and licensed Realtors® who are there to help you step over the pitfalls. Happy selling!!