7 Mistakes That Can Cost You Plenty Selling Your Home

U.S. News & World Report (2009) put forth a very concise article identifying the 7 most costly errors homeowners tend to make when putting their home on the market and they are summarized here.

1. Mistake #1 is thinking your home is the exception.   Of course we all think our home is extra special, but we can’t allow our personal emotions to get in the way of market realities if we want to sell now.  You need to sell your home at whatever price the market will bear, no matter whether it’s a declining market or the opposite.
   
   
2. Mistake #2 is not knowing your competition.  This is critical as you must be able to look at the competition through buyer’s eyes.  That means that you need to be fully aware of not only the present market activity, but more importantly the immediate past activity in your neighborhood.  It’s a great idea to at least drive by the competition, however . . . if you can view the inside of those homes similar to yours currently on the market that is a plus.
   
   
3. Mistake #3 is not inquiring about your agent’s references.  Real estate agents are a dime a dozen as they say, but hiring the right one to get your home sold in competitive markets is essential to your success.  You not only want to obtain their marketing plan for your home, but asking for references from their past clients will clue you in on their experience, education, and dedication to selling homes.
   
   
4. Mistake #4 is not preparing the property for sale.  Since the competition is stiff and buyer’s have many homes to choose from it’s critical that your home show in TOP condition.  This starts with curb appeal . . . after all, if you can’t get the buyer through the front door what chance do you have.  Make any and all necessary home repairs, ensure that the indoor and outdoor areas are in immaculate condition, and remove the clutter . . . especially your personal items.  You want buyer’s to visualize themselves living there, not you.
   
   
5. Mistake #5 is being at home during showings or open houses.  Simply put . . . just don’t do it.  No matter what the sacrifice is, you must not be at the property when the buyer’s tour it.  Buyer’s are already uncomfortable walking through someone’s personal home, and when you’re there that just makes them want to speed up their tour thereby not really being able to take in the all the attributes the home offers them.
   
   
6. Mistake #6 is taking the negotiations personally.  This is tough for sellers to set aside because it’s their home and they have lived in it for a long time.  But you have to remember that this is business, and buyer’s in a buyer’s market have a lot to choose from and they feel they can make the rules.  That’s not always true, especially when the market turns to a seller’s market, but in any case you can’t afford to lose quality buyers . . . the good one’s just don’t come around all that often.  Buyer’s tend to think the sale transaction is all about them, so knowing that in advance will help you to negotiate a successful transaction if you can distance yourself personally from it.
   
   
7. Mistake #7 is snubbing poor offers.  When a low ball offer comes your way you’ll likely find it insulting and feel as though you want to reject it outright.  Be careful.  The buyer is likely testing the water to see what they can get away with.  Again treat this like business and evaluate the offer thoroughly, then counter in writing which will tell the buyer that you gave their offer due consideration.

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