Mistake #1 -- Placing the Wrong Price on Your Property

• By far, the worst home selling mistake a seller can make is hanging the wrong price tag on a home. Basing their asking price on needs or emotion rather than market value. Many times, people make their pricing decisions based on how much they paid for or invested into their home.
  
  
• The truth is it doesn't really matter how much money you think your home is worth. Nor does it matter what your agent thinks or ten other agents just like her. The person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements and taking stock of present inventory, all in an attempt to come up with a range of value, an educated opinion. This method is the same way an appraiser evaluates a home. And no two appraisals are ever exactly the same; however, they are generally close to each other. In other words, there is no hard and fast price tag to slap on your home. It's only an educated guess and the market will dictate the price.
  
  
• Every seller obviously wants to get the most money for his or her home. Ironically, the best way to do this is NOT to list your home at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price. The bottom line is sellers who "test the market" get stung.
  
  

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value

• Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3:-- Failing to “Show-Case” the home.

• Getting your house ready for the market goes beyond making the beds and washing dirty dishes. Although I've seen plenty of homes with toys scattered throughout and dishes piled in the sink; buyers can't get out of those homes fast enough. There are several essential steps to take to prepare your home for sale.
  
  
• Some homes need updating and quick fixes. Doing repairs before putting the home on the market can boost chances of quickly selling. If items are broken or buyers see deferred maintenance they wonder what else is wrong. It's more expensive, actually, not to fix the house. First impressions are the most important. Experience shows that for every $100 in repairs that your home needs, a buyer will deduct $300-$500 from their offer. Thoroughly clean and prepare your home before you put it on the market if you want top dollar.
  
  
• Dressing your home for showings is called staging a home. Think of the process like arranging flowers in an attractive vase. If you or your agent lack the vision or ability to stage, consider hiring a professional home stager.

Mistake #4-- The Home is marketed wrong

• We see a lot of bad photograph in MLS and sometimes there no photo or only one photo. agents and sellers make plenty of marketing mistakes. Photograph the front of the home, the exterior, the interior and don't forget the virtual tour. Is there appropriate signage?
  
  
• Your agent needs to employ marketing strategies designed to expose a home to the largest pool of buyers. Once a buyer has entered a home, the marketing continues. To increase the chances that a buyer will entertain an offer by staging your home.

Mistake #5-- Seller Hired an Inexperienced Agent

• You can hire a good listing agent or a mediocre agent. They all cost about the same. What you should be looking for is a sincere and competent individual who works full time for a reputable real estate brokerage and who fulfills on their commitments. Length of time in business is very important along with their track record of success, previous experience and expertise and knowledge of your local real estate market.
  
  
• If you want full-service, then hire a full service agent. Learn the difference between REALTORs® and real estate agents.
  
  
• Carefully read the listing agreement to make sure the agent who brings a buyer is fairly compensated because one surefire way to make sure an agent won't show your home is to offer a silly commission percentage.

Mistake #6-- Misinformed Seller

• Unfortunately, uninformed sellers often choose the listing agent who suggests the highest list price, which is one of the worst mistake a seller can make.
  
  
• Sometimes It's a Deliberate Lie.As a seller interviews several agents often the estimated value creeps upward. Maybe the first agent knows there will be two other agents competing for the listing, so the first agent names an astronomical figure. The second agent, upon hearing the first agent's price, beats it. The third agent comes in higher yet. This is called buying a listing and be assured, that agent will be asking for price reductions the minute your home hits the market.
  
  A seller who chooses an agent based on which estimate is highest is the ultimate loser.
  
  Yet almost many sellers operate in this manner. It's a shame because so few agents take the time to educate sellers that other factors such as marketing plans and the agent's negotiation abilities are far more important than the estimate of value. The comps speak loudly if anybody looks at them. Ultimately, the market place establishes value.

Mistake #7-- Trying to SELL their house when buyers come to see it.

• One of the biggest mistakes enthusiastic home sellers make is to follow buyers around and try to SELL them on the property. This can have a negative effect on the buyers. The best thing is to stay out of the way and let people look at their own pace. They’ll get a better feel for the property and whether the house is for them. Be absent during showings.

Mistake #8-- Not knowing all of their legal rights and obligations.

• Real estate law is complex. The contract that you will sign when selling your home is legally binding. Small items that are neglected in a contract can wind up costing you thousands of dollars. You need to consult a knowledgeable professional who understands the ins and outs of a real estate transaction

Ask us ANY question about selling your home or property. Or request our FREE in-home presentation of how we would market your property in Woodstock, Towne Lake and Cherokee County! There's no obligation, and we promise to get back to you quickly...