|
Oleg
Potemkin (RA), Partner Hawaii Realty International, LLC
Honolulu Oahu Hawaii
Tel:
(808) 398-9987 Fax: (808) 356-1737 Email:
oleg@hawaii-realty.com
7
Deadly Mistakes Home Sellers Make
Mistake #1 --
Pricing Your Property Too High
Every seller
obviously wants to get the most money for his or her product.
Ironically, the best way to do this is NOT to list your product at
an excessively high price! A high listing price will cause some
prospective buyers to lose interest before even seeing your
property. Also, it may lead other buyers to expect more than what
you have to offer. As a result, overpriced properties tend to take
an unusually long time to sell, and they end up being sold at a
lower price.
Mistake #2 --
Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a
re-finance appraisal may have been stated at an untruthfully high
price. Often, lenders estimate the value of your property to be
higher than it actually is in order to encourage re-financing. The
market value of your home could actually be 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 --
Forgetting to "Showcase Your Home"
In spite of how
frequently this mistake is addressed and how simple it is to
avoid, its prevalence is still widespread. When attempting to sell
your home to prospective buyers, do not forget to make your home
look as pleasant as possible. Make necessary repairs. Clean. Make
sure everything functions and looks presentable. A poorly kept
home in need of repairs will surely lower the selling price of
your property and will even turn away some buyers.
Mistake #4 --
Trying to "Hard Sell" While 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. Don't try haggling or forcefully selling. Instead, be
friendly and hospitable. A good idea would be to point out any
subtle amenities and be receptive to questions.
Mistake #5 --
Trying to Sell to "Looky-Loos"
A prospective buyer
who shows interest because of a "for sale" sign he saw
may not really be interested in your property. Often buyers who do
not come through a Realtor are a good 6-9 months away from buying,
and they are more interested in seeing what is out there than in
actually 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 find out 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 on your own. This will help you
avoid wasting valuable time marketing towards the wrong people. If
you have to do this work yourself, consider finding a new Realtor.
Mistake #6 -- Not
Knowing Your Rights & 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. Can the property be sold "as is"?
How will deed restrictions and local zoning laws will affect your
transaction? Not knowing the answers to these kind of questions
could end up costing you a considerable amount of money.
Mistake #7 --
Limiting the Marketing and Advertising of the Property
Your Realtor should
employ a wide variety of marketing techniques. Your Realtor should
also 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. Chances are that you have a job, too, so
you may not be able to get in touch with many potential buyers.
About the author: the
author of this article is not known. Article reprinted courtesy of
Total Real Estate Solutions http://www.totalrealestatesolutions.com
Your
Hawaii Real Estate Specialist
Oleg Potemkin (RA), Partner Hawaii
Realty International, LLC
1888 Kalakaua Avenue, Suite C-312,
Honolulu, Hawaii 96815 USA
Tel: (808) 398-9987 Fax:
(808) 356-1737 Email: oleg@hawaii-realty.com
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