Wednesday, December 28, 2016 / by Vanessa Saunders
HGTV's FrontDoor.com identified what it believes to be the top 10 home-selling mistakes.
10. Waiting until spring to sell. People buy homes all year, so play up the home's seasonal amenities and take advantage of serious buyers looking in the off-season.
9. Not understanding the real estate contract. Go over the fine print of the agreement with your real-estate agent or attorney before signing to make sure you understand your responsibilities as well as any demands the buyer has made.
8. Going it alone without researching first. Selling a home for-sale-by-owner take time, and requires you to do paperwork, marketing and showings. Make sure you're up for the work involved in return for saving on the real-estate agent commission fee.
7. Ignoring lowball offers. If buyers submit a low offer, don't reject it completely. Counteroffer to see if they are willing to negotiate.
6. Wasting time on an unqualified buyer. Make sure a potential buyer is prequalified for a loan before accepting an offer.
5. Skimping on marketing. Target your marketing where your most likely audience will see it: the Internet. 90% of buyers start looking for a home online, typically forming a 5 to 10 home short-list, contacting an agent and touring their list in about a week. Online listings are also seen by international buyers and investors looking to buy property in the United States. Newspaper ads are a poor second, used by less than ten percent of buyers looking for a home.
4. Sabotaging the showing. Leave the home when it is being shown to prospective buyers so they can more easily focus, and make sure the home is accessible with convenient showing hours and a lock-box for agents.
3. Not prepping for the sale. Visit open houses in the neighborhood to get a sense of what the competition offers, then make fixes and updates, declutter and clean to outshine them.
2. Overimproving. Don't make so many upgrades that you price your home out of the appropriate range for the area and fail to recoup your investment.
1. Overpricing. Your home should be priced in line with homes in the area that are of similar age, style and size. It's actually smart to UNDER-price slightly, to get multiple offers. This often generates a bidding contest and a final selling price above the current market.