Marketing a home, especially in a buyer’s market, can require lots of hard work and
dedication. Open houses and print ads just won’t cut it anymore for this type of market.
What else is your Agent doing to market your home? What are they doing differently to expose your home the the most ammount of qualified buyers? Remember, your home
needs to stand out against hundreds of other properties for sale. Also consider this, only
1% of homes are sold at open houses, and 3% of buyers purchased a home after
viewing a print ad. Ask your sales representative to inform you on their marketing
strategies for your home.
2. Pricing your home according to the current market (Old Vs.New Market).
Everyone has a certain attachment to their home and pride of ownership. Don’t let these
emotions cloud your vision when setting an asking price for your home. How much you
paid for your home and your love of its features, are not solid principles on which to
determine your listing price.
Setting the asking price of a property should always be based on market value.
Appraisers will base the value of your home on the condition of the property, location,
what properties with similar features in the same area have sold for, what other
properties in the same area are listed for, and the overall condition of the economy and
real estate market.
If your home is not priced competitively, buyers will prefer larger or better homes
in the same price range, increasing your days on the market. In a buyers’ market,
homes typically stay on the market for 30-90 days. In a sellers’ market, homes usually
sell in less than 30 days if priced right. If you price high and later lower your price,
buyers may be concerned that there may be other reasons the house has remained
unsold for so long.
3. Ineffectively showcasing the home.
A property that is dirty and not well kept, often suggests hidden defects that will
increase the total cost of ownership. If you’re selling your home, make all necessary
repairs before you list. It may even be a good idea to get a home inspection done so that any deficiencies can be addressed prior to listing. Keep your home neat and tidy, ready to be shown at any given
time. Buyers can be turned off very easily by an under maintained home, and will leave
a large margin for repair costs if they decide to make an offer.
4. Extensive renovations before you sell your home.
The 2 most profitable renovations are kitchen and bathroom updates. They are rooms
that need to satisfy buyers’ wants and needs. Before starting any renovation project when selling, consult with your agent first. They can evaluate the before and after market values of your home, to see if the renovations are a worthwhile investment.
Many sellers spend thousands of dollars upgrading the wrong features in their home
before selling, expecting to make a profit. Consult with a professional to ensure you are
renovating at minimal cost and making the most from your investment.
5. Choosing the wrong agent.
Many sellers will list their property with the most popular real estate company, the agent
who offers them the lowest commission or the agent that suggests the highest listing
price. The real estate agent, in the end, is how your home gets sold. Choose the one
that is the best salesperson, with lots of experience and has the best negotiating
skills. More experience could mean a higher price at the negotiating table, selling in less
time, and with less hassle along the way.
6. First offer could be the best offer.
Many home sellers believe the first offer received will be one of many. Many sellers
hold out for a higher price, and end up accepting a much lower offer later on. If an offer
arrives soon after the home is listed, this is usually due to the large amount of promotion
of your home during the first 2 weeks of listing. Consider an early offer, because it just
may be the best one you’ll get.
7. Not knowing your rights and obligations.
The contract you sign to sell your property is a complex and a legally binding document.
An improperly written contract can allow the purchaser to void the sale, or cost you
thousands of unnecessary dollars. Have your Agent fully explain the contracts and
any offers, before you agree to sign.