Five Biggest Mistakes Mistakes when selling a home
by Jon Dougherty
Going Solo
Selling your house is the biggest financial transaction most families will ever make. Why would anyone try and do it without professional help? The answer is simple – to try and save a few dollars. This could be the largest single Financial mistake you make when you sell your house. Selling real estate without the help of professionals is a huge Financial gamble. As an example, what do you do when an offer comes in and it is not on a standard contract? You may not be aware that many of the “get-rich-in-real estate” seminars teach their students to make “creative offers” (namely creating money for them at your expense) to people selling their house without the help of a Realtor®. There is a reason why.
Even if you use an attorney to review documents, you still need a real estate professional who knows the values in the area, how to market and price a house in our area, how to help in negotiating and what is the appropriate deposit. Not only do Realtors® know values in our area but they also advertise and show your property at no out-of-pocket cost to you. They are gambling their time and money that they can sell your house.
Know the Market
You MUST know the housing market in our area. If you price your home too low, your will be losing thousands and thousands of dollars of hard earned equity. Worse, if you price your home too high your house may not sell at all. If you are serious about selling your house then you must know everything about the Auburn – Opelika – Lee County market or get someone who does.
Unqualified Buyers
Showing your house to unqualified buyers is simply a waste of everyone’s time. Period. Don’t do it. Every time you show your house, it takes time and disrupts your family’s schedule. Realtors® don’t want to waste your time, or theirs either, and are trained in making sure that the people coming to your house have the ?nancial ability to purchase your house.
Clutter
You must be able to look at your house with “First time” eyes, the same way your prospects do. Those stacks of treasured books, knick-knacks, mementos and other souvenirs make you feel at home. Your kitchen feels warm and cozy and your house has a friendly lived-in look. To a buyer, however, your house looks cramped, crowded and lacking in open areas or storage space. If you are serious about selling, do your spring-cleaning FIRST. Get rid of as much “stuff” as you can. If you can’t bear to throw it away then get a storage space and save it for your new house.
Looks Good to Me
Would you spend $2,000 improving your house if it raised the value by $10,000? Sure, but would you spend $2,000 to raise the value by zero to $300. People do it all the time. You must know which improvements have a more that 100% dollar return before you start spending serious money. New kitchen and bathroom hardware, paint, landscaping and porches are usually are good investments. Pools, new roofs and appliances rarely return 100% of the money you spend. Get some professional advice before you start.
We welcome your comments, questions and suggestions.
Send them to Jon Dougherty
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