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Mistakes that cost you money when selling your home…
Being aware of these mistakes will help ensure you receive top dollar for your home when the time comes to sell your home!
1. Basing asking price on needs or emotion rather than market value.
Don’t
base your price on what you paid for or invested in your home. Price it
competitively. Otherwise, buyers will reject it in favour of other
larger homes that are priced right. Other prospective buyers won’t even
see it because it’s priced over their heads. Which means your home
won’t sell quickly, and even when your price is lowered, buyers will be
wary because "nobody wants to buy a house that nobody else wants". The
result is low offers and an unwillingness to negotiate.
2. Failing to "Showcase" your home.
A property that isn’t
clean or well maintained is a red flag for the buyer. It means that
there could be hidden defects that will result in increased cost of
ownership. Sellers who fail to make necessary repairs, don't spruce up
their home inside and out, and fail to keep it clean and neat, chase
buyers away. Buyers are poor judges of the cost of repairs, and always
build in a large margin for error when offering on such a property.
Sellers are always better off doing the work themselves ahead of time.
3. Over-improving the home prior to selling.
Sellers
often unwittingly spend thousands of dollars doing the wrong upgrades
to their home prior to attempting to sell in the mistaken belief that
they will recoup this cost. If you are upgrading your home for your
personal enjoyment - fine. But if you are thinking of selling, you
should be aware that only certain upgrades are cost effective. Always
consult with your Realtor BEFORE committing to upgrading your home.
4. Choosing the wrong Realtor or choosing for the wrong reasons.
You need to choose an agent with the best marketing plan to sell your home. Not the one who tells you the highest price.
5. Using the "Hard Sell" during showings.
Buying a home
is an emotional decision. Buyers like to "try on" a house and see if it
is comfortable for them. It’s difficult for them to do if you follow
them around pointing out every improvement you’ve made. Good Realtors
let the buyers discover the home on their own, pointing out only
features they are sure are important to them. Many sales are lost by
overselling. If buyers think they are paying for features that are not
particularly important to them personally, they will reject the home in
favour of a less expensive home without the features.
6. Failing to take the first offer seriously.
Sometimes
the first offer is the best and often sellers believe that the first
offer received will be one of many to come. There is a tendency to not
take it seriously, and to hold out for a higher price. This is
especially true if the offer comes in soon after the home is placed on
the market. The home is most saleable early in the marketing period,
and the amount buyers are willing to pay diminishes with the length of
time a property has been on the market. Many sellers would give
anything to find that prospective buyer who made the first, and ONLY,
offer.
7. Not knowing your rights and obligations.
The contract
you sign to sell your property is a complex and legally binding
document. An improperly written contract can allow the purchaser to
void the sale, or cost you thousands of unnecessary dollars. Have your
Realtor fully explain the contract you are about to sign to you, or
have your lawyer review it before acceptance.
8. Failure to effectively market the property.
Good
marketing opens the door that exposes the property to the marketplace.
It means distinguishing your home from hundreds of others on the
market. It also means selling the benefits, as well as the features.
The two most obvious marketing tools (open houses and print
advertising) are only moderately effective. Just 1% of homes are sold
at open houses, and advertising studies show that only 3% of people
purchased their home because they called on a print ad! Agents use
these tools to attract future prospects, not to sell the house. The
right Realtor will employ a wide variety of marketing activities,
emphasizing the ones believed to work best for your home.
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“Preparing our house for the
market was made even easier
with
Helen’s presence during
the “staging”. She was there
for all showings — a major plus!"
~
Richard and Myrna Everest, North Vancouver
“Helen is efficient, effective and
goes beyond the call of duty!
She
managed the purchase of my son’s apartment, the sale of our home and
the sale of our
rental home in record time! Thank you for making the whole process of downsizing so easy!”
~ J
& S. Dunbar, North Vancouver
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