How to Avoid the 10 Common Mistakes that Can Cost You Thousands When You Sell Your Home

Selling your home can be an exhausting experience. Last minute showings, inconvenient calls, price adjustments and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing thousands of dollars in profit.

The difference between a profitable, smooth transaction and a miserable experience is often a fine line. In the majority of cases it comes down to the subtle know-how of your professional agent. This is designed to arm you with knowledge to avoid the 10 common mistakes that can cost you serious money.

1. Improper Pricing. If you set the price too high, the property will sit unsold and develop the feel of a problem property. Sometimes it develops into what many real estate agents call a "stale listing". On the other hand, if you price it too low you may give away thousands of dollars in profit. Therefore, it is extremely important to set the selling price properly and there are many factors which are involved in this process.

2. Refusing to Make Repairs Necessary to Improve the Profit Potential. Many times just minor improvements can yield upwards of 4 to 5 times the repair cost. There are thousands of homes for sale and buyers buy what they see. Small repairs can have a great impact on the home selling and the price it will bring.

3. Not Following Good Showing Procedures. It goes without saying that your home should be neat and clean. However, there are many more little details that make a big difference. Vines Realty can provide a list of dozens of things that should be done to make your house stand out and be ready to sell.

4. Seller Does Not Make it Easy to Show. One major key to a home selling is to have good accessibility for the home to be shown. A lock-box is the best way. Many times it is necessary for the homeseller to go the "appointment only" route, but this drastically reduces the number of showings the home will receive. The more convenient you can make it for agents to show your home the better. In the competitive market of house selling, buyers who can not get a viewing easily will go to other homes and many times purchase the home that was easy to be seen.

5. When You Make a Selling Decision Based on Emotion. Most folks think that everyone else will love their home like they do. Do not let emotional ties to your home affect your judgement. Remember, purchasers are not buying a home, they are buying a house to make into their home.

6. Failure to Understand Market Conditions. Houses that sell and the prices they bring are determined by supply and demand. Many buyers look at dozens of homes before they make their decision to buy. During this process, they compare home against home looking for the best buy for themselves. Therefore, it is difficult, if not impossible, to find someone to pay more than market value.

7. Refusing to Make Cosmetic Changes. The first impression for the buyer is the most important. Many homes on the market do not sell because of unmowed lawns, shrubs and trees that need to be trimmed, unpleasant odors (pets or smoking), cluttered closets and rooms, bad stains and dirty carpets. These seem like little things to the seller, but to the buyer they are big. Look at your home honestly from the buyers viewpoint.

8. Wasting Time With Prospects That Are Not Qualified. Many times sellers "fall in love" with a certain buyer that has shown interest in their home. However, leave it up to the agents to see that the buyer is qualified to make the purchase.

9. Picking Wrong Real Estate Agent. The majority of homes are sold by real estate agents. However, all agents are not the same. It is important to have the services of an agent that has lots of experience, knowledge and a good marketing program. Signing up with the right agent can make all the difference in the world. Jim Vines has over 18 years experience and has the knowledge gained in selling hundreds of homes. In fact, over $18,000,000 in sales last year alone.

10. Paying Too Much Commission to Sell Your Home. Many real estate companies charge a high 6% commission to sell. 3% goes to the listing company and 3% goes to the selling company. Jim Vines offers the lowest commission of any. No matter the price of your home, the listing side is a low, flat $1195. The selling company will receive 3%. It's amazing the number of homesellers that save every dime they can, but throw thousands of dollars away on a higher realty commission than neccessary.

I certainly hope these suggestions and ideas are of value to you. Please call or email me with any questions you have, no obligation whatsoever. You can receive a FREE no obligation home consultation and an evaluation of your property's value.

Call Jim Vines at (334) 270-1500  For Great Real Estate Opportunities

Vines Realty   Montgomery, Alabama

Or email at jim@vinesrealty.com

What Can Happen if You Overprice Your Home?

1. Most REALTORS do not show overpriced homes because it undermines their credibility as knowledgeable real estate professionals.
2. When a home is overpriced, it lengthens the marketing time and this usually results in a lower selling price than might have been received.
3. A large number of potential buyers won't even look at the home, thinking it is out of their price range.
4. More than ever before, buyers are knowledgeable about home prices and have educated themselves with market comparables. If the overpriced home does not compare favorably, the buyers will spend their time looking at the homes they feel are priced right.
5. Homes become shopworn when left on the market for an extended period of time. The buyers are aware of the extended exposure and think something might be wrong with the overpriced home or just not prefer to deal with a seller that is so much out of range.
6. When the home is financed an appraisal is required. Even if a contract is received on the overpriced home it must be priced according to market value or it will not appraise for the contract price.

   Call Jim Vines at Vines Realty for Great Opportunities in Montgomery, Alabama Real Estate