Avoid These Seller Mistakes

You want to get the best price for your home, plus sell it in the least amount of time. In a buyers’ market such as the one emerging now, homes will take longer to sell. Therefore, it’s important that you make the right moves at the very beginning of your homeselling process to remain competitive. Here are some common traps that many homeowners fall into and how to avoid them.

1. Over-pricing — It’s easy to think your home is worth more than the current market may support, particularly after the long run-up in home prices. Since home prices have cooled in markets around the country, home sellers must be prepared to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers must also keep their emotions in check during the process. After all, your home is special to you and your family, and you’re proud of the improvements you’ve made over the years. But, how does your home really stand up to the others? And are those improvements important to a potential buyer?

To determine a reasonable listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also want a market appraisal on your property. Visit homes for sale in your area and compare what you see in terms of sales appeal.

2. Negligent Housekeeping — Buyers need to be able to envision themselves living in the home. Take a good, objective look at the condition of your home. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to buy new furniture to create charm, but you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and add a few key accessories in order to send out welcoming signals.

3. Failing to Fix-It — Buyers, unless they are looking for a fixer-upper, would prefer to move into a home that is in perfect or near-perfect condition. If they have to fix the roof, a broken tile floor, the garage door, worn carpet or just about anything, this may give them pause about buying. At the very least, it may lower the value of the home in the prospective buyer’s mind.

4. Not Identifying Exclusions — This can be a cause of contention just at a critical point in the sale. Be sure to specify any special sales considerations or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. So if you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify that the chandelier is not included in the sale price.

5. Not Understanding the Agent Agreement — Your sales endeavor will go smoothest when all parties have a clear understanding of what is expected. Understand the types of agency agreements when you sign with a real estate professional or company.

Be sure to check on fees, commission percentages, marketing plans and time frames. Most importantly, get everything in writing.

Ways to Expedite Sale

As we see the end of prime "selling season" coming in the next few weeks, getting your home sold quickly remains a trial in many markets statewide. Here is some advice, and some of it is not easy to hear, but it is reality.

Cut your list price to 15 percent to 20 percent below what comparable properties are listed for in your neighborhood or surrounding area.

Spruce up the outside. Update the landscaping. Power-wash the exterior and paint the door.Anything that looks "uncared for" will appear to today's foreclosure hungry shark of a buyer as a wounded guppy in the water.

It's all about the first-time buyers. Advertise on younger consumers' favorite Web sites, such as Facebook and MySpace. Hiring a photographer to shoot the house with a wide-angle lens, extra lighting, and even do some panned shots to get that virtual tour effect is a great idea. Video that you can place on YouTube is another great idea.

Be aware of how incrementally pricing a house can make a difference. Be aware of how people shop online. For example, a $299,000 house might have a better shot of being seen at $274,900 or $249,900 in most home searches. Think of $25,000 increments and put yourself in the shoes of a buyer to see if "you" would find your house on a given home search based on how its' priced considering your home's features.

Make the deal work. Have a pre-home listing inspection done to know of any potential deal killers that may arise, get an appraisal done to make sure you are on the money regarding price so that a future buyer appraisal has less likelihood of killing a deal, offer to pay part closing costs, and throw in everything including the kitchen sink or prepay HOA fees to make it work. If you live in a neighborhood with no community pool, but there is a pool right down the street, pay for a summer membership to set yourself different than your neighboring competition.

If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!

When Selling your Home, What Hill do you Die on?

Posted on April 27, 2009 by hankbailey

Selling a Home in Athens or in your town? What hills do you die on? I am referring to the negotiations process. What areas do buyers seem to compromise on and what areas are they going to dig in their heals and hold firm?

According to the National Assocication of Realtors, home buyers last year had some distinct areas that they would negotiate on and some that they were not so firm on in the home buying process.

As far as the top three things that both first time home buyers and repeat buyers would budge on, both sets of buyers matched in their answers. Both said that on Price and Size of Home they negotiated the most. First time home buyers in their third highest area of compromise however picked “distance from work” as their third biggest area to compromise while repeat buyers felt the condition of the home was something they were more willing to negotiate on over location to work.

Areas of little to no compromise? The number one area in which buyers would not compromise was in the distance of the home to school. The quality of schools and neighborhoods were second and third least likely to be compromised on respectively.

Which group made up the highest percentage of buyers who felt they made no compromise in their recent home purchase? Repeat home buyers. Almost 2 in 5 made no effort to compromise what they wanted in a home. I guess this means that Gen Y is more flexible and easy going than we older generations! Remember the next time you buy a home that for future resale you need to consider these areas of little to no compromise to make sure the future marketability of your home is secure.

These are probably the best buying conditions in 30 years! If you would like to search the Athens MLS please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!