- Pricing Incorrectly (too high or too low):
Make sure you determine the market value of your home correctly: If your asking price is significantly higher
than what the market is currently bearing, many potential buyers
looking for your style of home will view similar but lower priced homes
first. Not only does this limit the pool of potential buyers but it
also increases the chances that your home will sell for less than its
actual value. This is due to the "discount" often associated with
properties that have been on the market for a longer than average time.
Buyers are often overheard asking their Agent... "What's wrong with
that home? It's been for sale forever".
Alternatively, if your
asking price is too low, you are literally giving away your hard-earned
equity just because you did not know what the market would bear.
- Failing to "Showcase" your home:
A little work can improve the first impression of your home a thousand-fold. First impressions are lasting impressions
and can dramatically affect a property's perceived value.
- Mistaking a Bank's appraisal or a new Tax Assessment as your home's actual market value:
These
processes are based on general guidelines such as lot size and square
footage, not the specific qualities and improvements of your home.
Using either of these as a baseline could cause you to over-price or
under-price your property. It requires detailed background knowledge of
all recent neighbourhood sales as well as homes currently for sale in
order to estimate value accurately. Ask your Ethical Real Estate Professional for a detailed
market evaluation.
- Choosing the wrong REALTOR or choosing a REALTOR for the wrong reasons:
It
is critical that you have full confidence in your REALTOR's experience
and abilities. You want a REALTOR who can explain the whole selling
process to you, has a good feel for the market, has access to potential
buyers and offers sound advice on how to improve your chances of
selling. Try to avoid choosing a REALTOR on the basis of which one
gives the highest estimate of your home's value. In order to achieve
the best sale price within a reasonable period of time you need an
accurate indication of what the true market value of your property is.
Knowing this allows you to properly price your home, thus maximizing
your chances of selling and allowing you to make your future plans with
the sure knowledge that your goals can be attained hiring your agent througj Ethical Real Estate Services Empowers you to accomplish those goals..
- Failing to take current market conditions/trends into account:
Is
it a Buyer's market, a Seller's market, a Balanced market? What do
future trends look like? Your Ethical Real Estate Professional will provide information on the latest forecasts.
- Not taking advantage of market fluctuations: The Big Picture...
Moving
up in a market downturn? If your $150,000 home has dropped 10% in
value, so has your $300,000 dream home. Yes, you lose $15,000 on your
current home, but you save $30,000 on your next purchase! Always keep
in mind the big picture.
- Using "Hard Sell" during showings:
No one likes being pressured. As well, buyers might wonder why you are so anxious to sell. Let your home speak for itself.
- Mistaking "Lookers" for "Buyers":
Many
people who look at homes for sale may just be getting a feel for the
market, seeing how others 'showcase' their homes, or even just looking
for decorating ideas. Your REALTOR deals with these situations on a
full-time basis and has the experience needed to separate the "Lookers"
from the actual "Buyers".
- Relying too heavily on advice from the Buyer's REALTOR:
The interests of buyers and sellers are often opposing. In anagency relationship it is very difficult for one REALTOR to look out for the interests of
both the buyer and the seller. You want to make sure you are familiar
with Real Estate relationships and the difference between being a
client or a customer before accepting advice from an agent or entering
into any formal relationship with an agent.
- Limiting the marketing and exposure of your property:
Part
of what a good REALTOR does is to ensure that your property is
showcased and marketed in the best and most productive manner possible.
Not allowing a "For Sale" sign on the front yard or limiting viewing
times can dramatically reduce the number of prospective purchasers
seeing your home and have a serious impact on your bottom line.
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