If you are considering selling your home in the Valley of the Sun, here are nine of the most common mistakes that homeowners make when selling their property. Spoiler alert: these can be avoided by working with an experienced real estate agent!
Mistake #1 – Incorrect Pricing
Every seller naturally wants to get the most money for their property. The most common mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they hit the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell. What’s more, they often end up being sold at a lower price than if they’d been priced correctly in the first place.
Mistake #2 – Mistaking Refinance Appraisals for Market Value
Refinance appraisals can be very encouraging for homeowners, leading them to assume that the appraisal amount is what they should expect to receive if they sold their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage refinancing. The market value of your home could actually be (and often is) lower. Your best bet is to ask your Realtor® for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 — Failing to “Showcase”
In spite of how simple this mistake is to avoid; its prevalence is still widespread. When attempting to sell your home, do not forget to make the property look as pleasant as possible. Make necessary repairs. Ensure the home is clean, and the yard is tidy. Ensure everything functions and looks presentable; remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.
Mistake #4 – Crowding Buyers During a Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. If possible, leave the home during a showing – and take the kids and pets with you! If you have to be there (working from home for example) you should give prospective buyers and their agent space and time to view the home. Don’t follow them around and make them feel uncomfortable!
Mistake #5 – Trying to Sell to Lookers
A prospective buyer who shows interest because of a For Sale or Open House sign may not really be interested in your property. Buyers who are not accompanied by a Realtor® are often six to nine months away from buying. They are more interested in seeing what’s out there than in making a purchase. They may still have to sell their house or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate. Your Realtor® should be able to distinguish realistic potential buyers from mere lookers. Realtors® should usually be able to establish a prospective buyer’s savings, credit rating, and purchasing power in general.
If your Realtor® fails to find out this pertinent information, you should do some investigating and questioning of your own. This will help you avoid wasting valuable time marketing to the wrong people. If you have to do this work yourself, consider finding a new Realtor®!
Mistake #6 — Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details of 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 any contract. Can the property be sold “as is”? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.
Mistake #7 – Signing a Contract with No Escape
Hopefully, you will have taken the time to choose the best Realtor® for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your Realtor®, or perhaps the Realtor® has other priorities on their mind. In any case, you should have the right to fire your agent and select another of your choosing. Many real estate companies will simply replace an agent with another, without consulting you. We don’t do that.
Be sure to have control over your situation before signing a real estate contract. Sellers have the right to choose their own agent. Our brokerage would never replace an agent with another without the consent of the sellers!
Mistake #8 – Limited Marketing & Limited Realtor® Availability
Does your Realtor® have a website? There are very few successful real estate professionals who don’t, and for good reason. At the Donnelly Group, we have invested in our website and utilize an array of internet marketing strategies.
Your Realtor® should employ a wide variety of marketing techniques and should be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor® is working on selling your home during these hours because many are part-time and are unavailable while working their primary job.
Mistake #9 – Choosing the Wrong Realtor®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a Realtor® who is a good match for you. Experienced real estate agents cost the same as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time, with fewer hassles and less stress! Take your time to select a real estate agent. Interview several; ask key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.
Contact the Donnelly Group Today
If you would like to discuss the sale of your property with the Donnelly Group, please call 480-792-9700 or email us. Our experience and local area expertise can help you avoid these mistakes, reap the rewards of your property investment, and enjoy a smoother sales transaction.