1. Pricing Incorrectly
Determine the true market value of your property. Pricing your property too high and you will have less viewings, Buyer’s will write offers on properties that are priced better because they have more perceived value for the money and you increase your chances of your property selling for less than its actual value. This is because properties that have been on the market for longer than average time frame lead Buyer’s to believe there is something wrong with the property. Buyer’s can often be heard saying “What’s wrong with that property? It’s been for sale forever?” The net result is you help sell your neighbours properties instead of your own. Pricing too low and you are going to have a above average number of viewings in a specific time frame but why would you leave good hard earned money on the table just because you weren’t aware of what the market would bear.
2. Over Improving
Be careful you don’t over improve for your property and neighbourhood, especially if you want to recoup your costs. If your property is in a neighbourhood where everyone has modest kitchens, you won’t get your money back if you put in granite countertops and top of the line appliances. Don’t try to make your home the most expensive house on the block with major upgrades. Instead, stick to improvements that put your property on par with others in the neighbourhood. That way, you bring out the best in your home, without going overboard.
3. Failing To Prepare Your Property For Sale
A little work can improve first impressions of your property. Remember first impressions are lasting impressions and can dramatically affect a properties perceived value.
4. Mistaking A Bank’s Appraisal Or A Tax Assessment As A Properties Actual Market Value
These are based on general guidelines like lot size, square footage etc and not on specific qualities such as actual improvements. Using these to price your property may lead to overpricing or even under pricing your property.
5. Choosing The Wrong Realtor Or Choosing A Realtor For The Wrong Reason
You need confidence in your Realtor. You want a Realtor who can explain the entire selling process and make you feel comfortable through the process, has a good feel for the market and offers sound advice on how to improve your chances of selling. Avoid choosing a Realtor on the basis of which one gives you the highest estimate of your properties value. In order to achieve the best sale price within a reasonable time frame you need an accurate indication of what your properties market value is.
6. Failing To Take Current Market Conditions Into Account
Is is a Buyer’s market, Seller’s market or a Balanced market?
7. Not Taking Advantage Of Market Fluctuations
Moving up in a down market? If the market has dropped 10% you will lose $20,000 on your $200,000 property but will save $50,000 on a $500,000 purchase. You net $30,000.
8. Using Hard Sales Tactics During Showings
Let your property speak for itself. Don’t scare away potential Buyer’s with high pressure tactics. Buyer’s will worry why you are so anxious to sell.
9. Mistaking Lookers For Buyers
Many people are what we refer to as tire kickers. Their just seeing what the market is like, looking for decorating ideas, seeing how others are preparing their properties for sale and even seeing what other homes look like that are selling for close to their price. As a Realtor we ask questions to help separate the Lookers from Buyers.
10. Waiting Until Spring To Sell
Sure, spring is traditionally the busiest time for real estate sales, but people buy properties 365 days a year. Plus, off-peak season Buyers tend to be more serious, and fewer properties on the market means less competition for Sellers. Draw in Buyers by playing up your properties seasonal amenities.