1) "I'll just price
my home a little higher than it should be, just to make sure I leave some room
for lower offers."
While this sounds like a
great idea, and quite frankly, common sense, this often times will keep you
from selling your home at all! Yes, low-ball offers can be frustrating, but
isn't a lower offer here and there still better than no offers? The first 30 days
your home is on the marker is what I call the 'sizzle-time.' Buyers want to see
the newest and hottest listings to hit the market. Why waste your 'sizzle-time' by overpricing your home?
2) "I'll just have
an open house! That's how most homes sell!"
Open houses are perhaps
the most misunderstood sales techniques available. What if I told you less than
2% of homes are sold during an open house? That's right, they rarely work and typically
turn into nosy-neighbors stopping by so they can see what you are selling your home
for. The 21st Century is run via electronics - true home buyers will likely see
your home for the first time via their smartphone.
3) "My renovations
will always pay-off."
In many cases, yes, your
renovations will pay-off. However, it is important to remind yourself that
your idea of improvements might be another person's turn-off. For instance, try
to stay away from cosmetic improvements, like painting your walls. If you want
to paint your walls for you, by all means, it's your home. However do not do it
just to sell your home. OK I get it, you like bright colors. What if the buyer
likes neutral colors? Don't you think the bright purple bedroom might entice move on to the next home for sale? Stick with repairs that are permanent
and consistent. For example, you have a leaking roof? Replace it! Your HVAC
unit is older than your teenager? Buy a brand new one and make sure to let
everyone know about it! Don't let your own preferences get in the way of
selling your home faster!
4) "I don't need a
profession Real Estate Agent, I watch HGTV all the time!"
OK, so I know what you
are thinking - you've literally memorized every episode of "Million Dollar
Listing," so how hard can it be to sell my $200,000 house? Well, let me
ask you this, would you ask your attorney to perform surgery on you? And would
you ever allow your doctor to represent you in court? Then why would you think
selling your home is any different? Many people think selling their home
on their own will save them money, because they will not have to pay a
professional Realtor to sell their house for them. Realtors are experts at what
they do, and more times than not, save you time, stress AND money! Not only do
professional Realtors typically sell faster, they often sell your home for a
higher price than you! Think of it like this, you try selling your home for 3
or 4 months on your own, and then have to go hire a Realtor. Not only do you
now have to pay commissions, you also made 3 or 4 extra mortgage payments while
your home was just sitting there. Time is money!
5) "I want to put
in a low offer on this home. The seller will meet me in the middle, and I will
get a great deal."
I would like to think
common sense would tell you other wise, but unfortunately there are far too
many buyers who think this is negotiating at its finest. Low-ball offers will
offend the majority of sellers. There is a fine line between a reasonable initial
offer and an offer that is just flat out offensive. That line must not be
crossed! In this case, it is important to listen to your Realtor. If you are
working with an experienced Realtor, they will know when a low-offer will most
likely result in no response from the seller of the home. Make your initial
offer on a home with the assumption you will receive a counteroffer from the
seller, but make sure the seller does not write you off as a non-serious
buyer!
