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Mistake #1-Pricing your property too high
Every seller wants to get the most money for their property. The best way to do this is NOT to list your home at an excessively high price. A high listing price will discourage potential buyers from making an offer and cause extended time on the market.Overpriced homes tend to take longer to sell and they end up being sold at a lower price.
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| Mistake #2-Mistaking a re-finance appraisal for the market value
Unfortunately, a re-finance appraisal may not always coincide with the property’s true market value. Lenders may estimate the value of your property to be higher or lower than the price. Your best bet is to give me a call and I will provide an up-to-date, accurate estimate of your property value.
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| Mistake #3-Forgetting to “Showcase Your Home”
When attempting to sell your home to prospective buyers,
do not forget to make your home look as attractive and inviting as possible. Make all necessary repairs. Clean, vacuum, dust. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will often lower the selling price of your property and will even turn away buyers completely.
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| Mistake#4-Mistaking lookers for buyers
A buyer who can’t purchase your home is not really a buyer at all. It sounds simple but thousands of hours are wasted every day by showing properties and negotiating with precisely this type of “buyer”. Buyers should be pre-approved for a loan before you begin to work with them.
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Mistake#5-Not knowing your rights and responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Being un-prepared may result in you losing a potential buyer.
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Mistake#6-Relying on traditional methods
The days of putting a sign in the yard and placing your property on the multiple listing service to get your home sold are long gone. Today, agents need to design specific marketing plans that will maximize the odds of your home being seen by that one special buyer.
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Mistake#7-Making decisions on emotion
You must realize that selling your home is a business transaction-not an emotional one. This focus should stay clear throughout the entire home selling process. The buyer sees no benefit in the intrinsic value you have created in your property. They are buying a property to make it their own.
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Mistake#8-Not understanding the market
There is only one thing that can determine value-that is the market. Basically it’s what buyers are willing to pay for comparable properties in your area. This figure fluctuates by supply and demand just like any other commodity. Since buyers are out there shopping, comparing values, it is very difficult to find a buyer willing to pay more than current market value. No single person, firm or agent has any control over the market.
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