Friday, September 13, 2013

The 5 Best Ways to Ruin the Sale of Your Home

If you have made the decision to sell your home it’s safe to assume that you have good reason. Whether it’s to relocate for a new job or to buy that ultimate dream home that you finally found, the time has come. Obviously you want to be able to sell your home as quickly and with as little stress as possible. Unfortunately many of the problems that homeowners experience when selling their home are actually self induced. Although you can’t possibly avoid every unforeseen circumstance you can definitely prevent some of the more common problems that sellers bring upon themselves. Here’s what NOT to do when selling your home.

Don’t Base the Asking Price of your Home on the Profit You HOPE to Make
Wishful thinking is good; facts are better. We all want to make a nice profit when selling our home but the asking price should not be based solely on what would make us happy. Be realistic. Compare your home to other homes that have sold recently in the area. How does your home compare to them and what was their selling price? Having a realistic expectation of what your home is really worth in the current market will save you a lot of wasted time and heartache. Besides, if you overprice your home the chances of selling it are slim to none.

Don’t Hide the Facts
Honesty is truly the best policy when selling your home. If you “forget” to mention the termite damage in the garage or that little flood in the basement a few years back you just might be headed for trouble. If a home inspector discovers anything not mentioned the buyer(s) will certainly be told and that will definitely be the end of that. There’s also the possibility of litigation. If the new owners are injured or become ill due to a previously “unmentioned” situation you could just find yourself in the middle of litigation. Believe me, honesty is the best policy.

Follow Your Head, Not Your Heart
Although you are excited about selling your home the truth is that there is an emotional element that you will need to contend with at some point. After all, that tree in the yard is where you built the summer swing for Mary and it took weeks to build that tree house for little Johnny. You are bound to take what you consider to be a “low” offer as an insult and any criticisms that might be heard such as “The kitchen is too small” or “That garden has to go” may feel like a personal assault. The bottom line is that they are NOT. Everyone is different and has different likes and dislikes. Keep in mind that you are trying to sell your home, not win a contest. Keep your emotions separate from the process and it will all work out in the end.

You May be Ready but Your Home May Not
Be certain that your home is as attractive as possible before placing it on the market. Most homes need at least a little work before they’re ready to be shown to interested buyers. Although there’s too much involved with this topic to cover here the point is that receiving prospective buyers for a showing as the old carpet is being removed from the basement is not a good idea! Discuss with your agent what needs to be done before actually listing your home. You want to make as good a first impression as possible. This will not only help to sell your home quicker but it may even fetch a better price.

Know What to Expect
This is a big one folks. Know your market. Let’s put it another way, know your market! Check the local statistics to get at least a general idea of what the local housing market conditions are. It’s great if the average home in your state has increased in value an average of 10% over the last year but that doesn’t do you much good if the homes in your city have decreased 3%, right? There are numerous factors that affect the value of your home and they are constantly changing. Your best bet is to ask your agent about current market conditions. A well qualified agent will have a complete understanding of the local housing situation and will be able to guide you in the right direction.

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