7 Costly Mistakes Sellers Make

There are many inappropriate steps sellers can take when it comes time to put their house on the market. These are the 7 most common mistakes and how to avoid them.

1: Putting the home on the market before it's properly staged. Usually this happens because the seller gets impatient or is a procrastinator and has pushed him or herself up against a moving deadline failing to get any of the pre-sale work done. So then, it comes on the market with the horrible carpet (that gets replaced during the marketing of the home); or the painting is taking place after it is listing and being shown. Remember you only get one chance to make a first impression, so get the work done before marketing the property.

2: Over remodeling the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stand out amongst the other homes in the community- so much so that it's an oddity as opposed to a sleek addition to the community. The buyer will most likely only pay so much extra for upgrades, the rest will come out of the seller's pocket.

3: Pricing the home based on what the seller wants to see him or herself net. This pricing strategy always ends in nonsuccess. Remember, though the seller can control the "asking" price, they cannot control the "sales" price. It's the black and white, matter of fact reality of the market place that determines this.

4: Hiring an agent based on personal reasons. It might seem nice to hand over your largest asset to your nephew who is a state licensee, but be sure you understand the consequences and risks involved if your deal starts going south.

5: Getting emotionally tied into the sale of the home. This is one of the biggest challenges sellers face when putting their house on the market. Once you decide to sell your home, it's no longer a house, but a commodity. It should be prepared as a commodity, marketed as a commodity, and priced as a commodity. It makes no difference what you "want," only what the market can bear on pricing. Buyers and agents are going to come in to kick the tires and so you cannot get over emotional about how they may or may not appreciate the nuances of your home of six years.

6: Trying to cover up problems or avoid disclosing them. Most states have a property disclosure form; hire an agent like myself who will help you use it wisely-but remember that just because you disclaim does not mean you cannot be later sued for the leaky basement, or dilapidated heating/air system the buyers discover 30 days after taking possession. Remember, it's surprises that drive buyers to sue, and less so problems that were already adequately disclosed.

7: Putting the cart before the horse, so to speak. This would involve the mortgage financing and reading the fine print to ensure no pre-payment penalties, not listening to the particulars of your local market and so on. If your area market is dictating lower home prices, then lower it early and not later, It WILL cost you if you don't. If the local market dictates selling your home first and then buying, do it in that order or vice versa.

Avoiding these mistakes is not that difficult when you have experienced and professional representation. As your Las Palmas REALTOR®, I am here to help you step over the pitfalls.