Mortgage Regulations Have Changed….. Do you remember, not that long ago you could purchase a home, wait a little while and then turn around and sell it making a nice profit.
As you probably know those days are in the past. As great as our market is right now, our values have not made it back to the glory days. Buyers are far more discriminating and a large percentage of homes listed never sell. It is more critical than ever to learn how to avoid costly mistakes in order to sell your home quickly and at top dollar.
The 7 Deadly Mistakes Most Home Sellers Make
- To know and understand completely why they are selling.
- Not preparing their home considering the current buyers in the market.
- Pricing their homes incorrectly.
- Selling too hard during the showing process.
- Signing a long term listing agreement without a written performance guarantee.
- Not making it simple and easy for buyers to get detailed information on their home.
- Failing to obtain a pre-approval for their next home.
The 9 Step System to Get Your Home Sold Fast and For Top Dollar
- Know why you’re selling, and keep it to yourself. The reasons why you are selling effect everything from the price you set and what you do and how much money you spend in getting to ready to market. What is most important to you: Is it the money you net in your pocket, the length of time it takes to sell or a combination? Different goals demand different strategies.
- Do your homework before setting a price. Setting your price is a very crucial part of the process. Once you have set your price you have told the buyers what the most they would have to pay for your property. However, setting your price too high can also be very costly. Remember the average buyer looks at 15-20 homes at the same time they are considering yours. They are comparing pricing, amenities, condition, among other things so if you home does not rate favorably with the other homes in the price range, you home will not be taken seriously by prospects or agents. Your home will sit on the market as other homes sell, new buyers on the market will see your longer market time and think something is wrong with it.
- More Homework. (Your agent should do this for you) Find out what homes in your neighborhood have sold for in the past 6 months and research the homes currently listed your will be competing with. This is how perspective buyers will assess the value of your home.
- Find a great real estate agent to represent your needs. 79% of homeowners do not go back to the same realtor they worked with before. Their dissatisfaction is a result of Poor communication, over promised and under delivered, promised a sales price far from reality, agent was less experienced then they presented just to name a few.
- Maximize your home’s sales potential. Each year corporate America spends billions of dollars on presentation, how a product or service looks to the consumer. Appearance is critical and you would be foolish to not consider how your home is presented to your potential purchaser. You are unable to change the location of your home, and it would not be cost effective to change your floor plan, so your options are limited to presentation and you can do a lot to change how your home looks, smells, and feels. The look and feel can generate a great emotional response, more than any other factor. I always tell my clients the way we sell a home is not the way we generally live in it. Before showings you want to clean like you have never cleaned before, pick up, straighten, unclutter, scrub, scour, and dust. Fix everything, no matter how insignificant it may seem to you. It is in the smallest of details that makes the biggest overall difference. You want to present your home to get the WOW factor. You want the potential purchasers to visualize themselves living in your home. The decision to buy is based on emotion not logic. Prospective purchasers want to visualize how their belongings, furniture, and life style will fit. If your décor is so different or you follow them around pointing things out you will make it difficult for the prospective buyer to feel comfortable enough to imagine himself or herself as the owner.
- Make it easy for prospects to get information on your home. You may be surprised to know that most marketing tools agents use to sell your home are not very productive. Most agents rely solely on the MLS and open houses. Statistics report that less than 1% of homes sell because of an open home. With today’s technology and 92% of people beginning their search online, an agent that has a system designed to capture buyers early in the process, exposing them to your home is crucial. In addition it’s been proven that 3 times as many buyers call or text for information so 24hr access via a text link gives potential purchasers direct access to the information on your home. Remember, the more buyers you have exposed to and competing for your home the better because it sets up an auction like atmosphere that puts you in the driver’s seat.
- Know your buyer. To obtain top dollar for your home you must know your buyer. In the negotiation process you want to be in control and knowledge is power. What is your buyer’s motivation, how quickly do they need to move, how strong are they financially, do they have enough money to pay your asking price, and how experienced is the buyer’s agent? Knowing the answers to these questions can give you the upper hand, position you to be in control and know how far to push to obtain the most amount of money.
- Make sure your contract is complete As a seller you want to make sure you disclose every detail. Smart sellers go above and beyond to make sure legal requirements to disclose all known defects to their buyers is in writing. If a purchaser knows about a problem in the beginning it cannot become an issue later on. You do not want the contract falling apart in the final hour or give the purchaser and avenue for a lawsuit later on.
- Don’t move out before you sell. Studies show that it can be more difficult to sell a vacant home. If it is empty, the perception can be that it is forgotten, not appealing, and it can suggest to the purchaser the seller has moved on, has already purchased another home and is motivated to sell fast.
Realtor, Scottsdale, AZ