Mistake 1. And the biggest mistake, is overpricing your home. While it is tempting to test the market, the results have proven again and again that the homes priced right sell fast at the best possible price. Overpriced homes take much longer to sell and often sell at much lower price. While it OK to price a little higher in a market where the prices are going up (as the market will eventually catch up), it is a huge mistake to price higher in the market that is going down.
Mistake 2. Choosing an agent who suggests higher list price just to get the listing. Sellers make this mistake often (and I did too when I was a seller and not an agent then in 1988). We interviewed 3 agents - one told us to list for $159,900, the other $164,900 and 3rd at $199,900. Ofcourse I loved the agent who gave us $199,900 and we listed with him. One year later, we sold our home for $153,500. Only if I had listened to the agent who showed me the comps and suggested the price based on those. I could have sold my home much faster at a much higher price.
Mistake 3. Not having the option to fire your agent if he/she doesn't perform as he/she says or if they don't guide you as needed to sell your home. Infact, we suggest that this be a MUST. Don't hire anyone who won't offer this guarantee. And we suggest that you go a little further - you should have the unconditional right to terminate the listing if your needs change.
Mistake 4. Not preparing the home for sale. Your home must look clean and smell good otherwise many buyers will be turned off. Not only do you risk loosing the sale, you also invite much lower price.
Mistake 5. Not disclosing any known defects in the home. This can not only terminate the sale after inspections, it can also cause lawsuits after the sale.
Mistake 6. Hiring an inexperienced agent. There is lot a good experienced agent brings to the table. It is not just about finding a buyer, it is handling the whole deal including negotiations, inspections, etc.
Mistake 7. Hiring an agent who offers the lowest commission. We have all heard, we get what we pay for. Don't miss out on a good agent to save a little on the commission. This little saving can actually hurt your bottom line when it is all said and done.
This advise has been brought to you by the professionals at On Track Realty in Edison, NJ. http://www.ontrackrealty.com/. For any questions, please feel to call us at 732.494.2211.
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