Costly Mistake When Selling Your Home

Avoiding 7 Costly Mistakes of Selling Your Home

Sometimes sellers can misdirect their intensions when it comes time to put their house on the market. In my business, I've seen each one of these mistakes played out. Here are some points to avoid.

Mistake 1: Putting the home on the market before it's ready. Most times this happens because the seller gets impatient or is a procrastinator and has pushed himself up against a moving deadline without getting the pre-sale work done. Presentation is everything -- so get some of the work done before marketing the property.

Mistake 2: Over improving the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stick out from among its competitors so much that it's an anomaly, instead of a nice addition to the community.

Mistake 3: Pricing the home based on what the seller wants to net. Sellers can control the "asking" price, but they don't control the "sales" price. The market does. It doesn't matter what the seller wants, the price is determined by the black-and-white, matter-of-fact reality of the market.

Mistake 4: Hiring an agent based on non-business factors. Make sure you're hiring a professional with a who has the knowledge to keep the deal together.

Mistake 5: Getting emotionally involved in the sale of the home. Once you decide to sell your house, it's no longer a home, but a commodity. It needs to be prepared as a commodity, marketed as a commodity, and priced as a commodity. So try not to get emotional about how they may or may not appreciate the nuances of your home.

Mistake 6: Trying to cover up problems, or not disclosing them. Most states have a property disclosure/disclaimer form -- use it wisely. Just because you disclaim doesn't mean you cannot be sued later for the leaky basement, or dilapidated heating/air system that's discovered 30 days after settlement.

Mistake 7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties, not listening to the particulars of your local market. It is not that difficult to avoid these mistakes. As your REALTOR®, I am here to assist you from the beginning to the closing table. Visit my website at http://www.calldawng.com/ or call me at (203) 438-9494 and I will walk you through the process.