Common Selling Mistakes

If you wish to obtain the maximum amount of money from the sell of your home you will have to do your homework. This means you need to understand local market and the competition. There are many homes for sale and you do not want to make mistakes that would turn potentials buyer away.

Base asking price on market value, not your emotions or needs
If you simply base the price of the home on what you have invested in it and what you think it is worth, or because you have fond memories of the home, you may cause potential buyers to overlook your home. You need to determine what similar properties are selling for so your price will be competitive. If your home is priced too high it may be on the market for a long period of time. Many buyers will see this as a red flag. They will ask themselves why is the home not selling, and they may become suspicious.
Not setting the correct asking price
Bonnie Coast can prepare a comparative market analysis to help prevent under and over pricing. A competitive market analysis will tell you what homes in the area that are similar to yours have sold for. It will also tell you how long they were on the market.
Selling "as is."
When you sell a home you have to remember the market is very competitive. You need to take steps to ensure your home is showing its “best side”. Have all clutter and as many personal items packed up before you put the home on the market. Be prepared. Bonnie Coast will also have some suggestions to improve your homes curb appeal.
Selling it yourself
You may think that you can save money by selling your home yourself. National surveys have shown that when owners sell their homes without an agent, they often make less than sellers with a qualified agent. Agents have more resources to research the market in your neighborhood so they can know what similar homes have sold for and how long it took to sell. An experienced agent also brings much needed negotiating skills to the bargaining table when you receive offers on your house.
Too many improvements
While it is important to make cosmetic repairs and updates do not go overboard with over improving. Make major repairs or upgrades only if they are needed, but keep in mind upgrades in the kitchen and baths will yield the greatest return on your investment. Sellers can spend thousands of dollars upgrading the home before selling it. If they have not done their homework they may loose of lot of that money. You should consult a realtor before doing any upgrades if you expect to recoup the costs when you sell the home. Bonnie Coast can tell you which upgrades will bring the greatest return on your investment
Not Knowing Your Rights and Responsibilities
Do not be afraid to ask questions about your real estate contract. It is a legally binding agreement, full of confusing language and it can be quite complicated. Not understanding what you are signing could cause you to make expensive errors. Bonnie Coast has the experience and knowledge of dealing with these contracts daily. She will gladly explain every aspect of the contract to you. She also can explain your legal obligations when selling real estate.
Signing a Contract with No Escape
Sometimes circumstances change and the agent you thought was right for you is not so right after all. You should have the ability you change realtors. Most agents will sign a release form to end your contract, if you just ask. Be sure to discuss this with any potential agent before signing any forms.
Limiting the Marketing and Advertising of the Property
Research has shown that the two tools most sellers use to advertise their home are usually the least effective. These studies explained that less than 1% of homes are sold at an open house, and it also showed that less than 3% percent of homes are sold through classified ads. When you work with Bonnie Coast she will use a wide variety of marketing techniques to advertise your home. She has vast resources available through Coldwell Banker Chicora Realty, and will respond to all inquires regarding the property in a timely manner.
Failing to offer financial incentives
When you offer to pay some of the closing costs or if you are willing to cover other expenses involved in sale of the home, you make your home more attractive to potential buyers. Buyers are spending a lot of cash up front and will be very appreciative of any financial incentives you can offer.
Not taking advantage of your agent's advice
As experienced professional Realtor Bonnie knows what works and what doesn't. When she offers advice it is intended for your benefit. If you disagree with her she would be glad to talk it over and work out what is the best way to sell your home.
Mistaking Re-finance Appraisals for the Market Value
You should be aware that lenders regularly inflate the estimated value of your home to get your business. Therefore the appraised price for the refinancing will be greater than the actual market value of the property. Bonnie has the tools to provide you with the most recent information regarding the property values of your community. This will give you an up to date and accurate estimate of your property value.
Not "Showcasing" the home
A potential buyer will have a first impression of your property, it is important to make sure the property is clean and well maintained. Most people will see a messy yard and cluttered house as a red flag. They may think it is an indication of hidden problems, defects and an un-maintained property. Sellers should take steps to spruce up the house inside and out, and make any needed repairs before putting it on the market. Buyers often misjudge the expected cost of repairs and will be weary of making an offer on your property if the see problems.
Using the "Hard Sell" during showings
Buying a home is an emotional decision. Buyers should feel comfortable when exploring your home. If you are constantly pointing out upgrades and improvements that are not important to them you may make them feel pressured. Bonnie Coast an experienced Realtor, knows that overselling loses many sales and will only point out features that are important to potential buyers. If buyers believe they are paying for upgrades or features unimportant to them personally, they will often choose a less expensive home without the features.
Trying to Sell to the wrong people
Many times people will see a for sale sign in your yard and stop to ask questions. You should know that some people may just be lookers that are actually six to nine months away from buying a home. They may still have to sell their current house and are just trying to see what is on the market. Bonnie will ask questions of any potential buyers before showing property. She will distinguish buyer from lookers. You should also be prepared to ask people questions when they stop by. Doing so will help you avoid wasting your valuable time trying to sell to the lookers.
Missing the seriousness of the first offer
It is not uncommon for sellers to think that the first offer received will be one of many to come. Many times, if the first offer is received very quickly, the sellers will not take it very seriously and will reject it in hopes of a better offer. Realtors have the benefit of experience to know that many times the first offer is the best offer. Homes that are on the market longer tend to bring less money; homes are most attractive to buyers when they are first listed on the market. Consider the first offer seriously or you may loose a lot of money. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer.
Choosing the wrong Realtor or choosing for the wrong reasons
Since selling your home is one of the most important financial transactions in your lifetime, it is important that your have a Realtor that is right for you. You need an agent who can communicate clearly and understand your needs and desires. Don’t choose a Realtor just because the agent suggests the highest price for your house. You will need someone who is experienced, and has the best marketing plan and excellent negotiating skills. This will increase the possibility of a higher price and less selling time.