#1 WRONG PRICE

Every seller wants to realize as much money as possible when selling.  But a listing price that’s too high often gets the seller less than a price that is at market value. 

If your property is not priced competitively, buyers looking in the higher price range where you want to start, will reject your property in favor of other, perhaps larger or more updated properties than yours, priced similarly. 

At the same time, the buyers who should be looking at your property will not see it because it is priced over their heads! 

Over pricing  increases market time, ultimately most overpriced properties sell below market value.  If you are serious about selling, you must be competitively priced.

SOLUTION: Price it right from the beginning based on a thoroughly prepared market evaluation or a professional appraisal from a licensed appraiser for Illinois.   It will save you time and grief down the road. 

FYI:  Even if you get someone to pay you a high price for your property, if they have to get financing, it will not appraise for the price it needs to, Then you're right back to the beginning with a buyer who's more educated.  The buyer and probably their attorney will seek to reduce the purchase price to the appraised value in order to proceed with a sale.  If no agreement is reached, you're back to square one, starting over looking for a buyer.

#2  NOT SHOW-CASING HOME

Buyers look for homes, not houses, and they buy the home in which they would like to live.  Owners who fail to make necessary repairs, who don’t spruce up the house inside and out, touch up the paint and landscaping, and keep it clean and neat chase buyers away. 

If you were selling a car, you would wash it, or maybe even detail it to get the highest price.  Houses are no different!

Prepare your property for the buyers eyes, not your personal tastes.

SOLUTION: Have your property professionally "staged". Properties that are staged show better and statistics show they sell for about 18-30% more than their competition. 

#3  “HARD SELL” SHOWING

Buying a house is an emotional decision. People like to “try on” a house and see if it is comfortable for them and will go through at their own pace.  They mentally place their furniture in your house to see if it will fit their needs and lifestyle.  This is difficult, if not impossible, for them to do if you follow them around pointing out every improvement that you made.  It may even have the opposite effect you want, by making them feel they are intruding on your private space. 

Let the buyers discover things on their own, it creates excitement.  Post a tasteful sign to point out hidden amenity that they might miss. 

SOLUTION: If the temptation to hang around is too strong – in your best interests, please leave, and let the agent do their job!

#4  LOOKERS OR BUYERS?

For Sale by Owners usually often get more “activity” then a property listed with an agent. 

Why?  One reason is Realtors bring qualified buyers, and these will be fewer then if you open your front door to every one who wants to see inside your home. 

A qualified buyer is one who is ready to buy, willing to buy, and able to buy your property.  Many who look at F.S.B.O properties are not quite ready, willing or able to buy – anything!  They don’t want to bother an agent yet, so they call the “By Owner” ads to get a feel for what’s available.  They may have a house to sell, or be waiting for something to happen, or need credit repaired.  When everything’s in place, and they’re serious about buying property, they will go looking with a realtor, who have a lot of inventory to select from, and give them an abundance of help and advice.

SOLUTION: Strongly consider having a professional real estate agent help you with your real estate needs.  An trained agent is worth a fortune to a seller.

#5  NOT KNOWING YOUR RIGHTS AND OBLIGATIONS

Real estate is extensive and complex.  The contract for sale and purchase is a legally binding document.  An improperly written contract can cause the sale to fall apart, or could cost you thousands for repairs, inspections, or clearing title defects.  Could deed restrictions, local zoning or special assessments affect the transaction (to name just a few)?  You bet!  Who’s responsible for what?

SOLUTION: Have a professional REALTOR help you with the sale and purchase as well as a local real estate attorney.

#6  SIGNING A LISTING AGREEMENT WITH NO WAY OUT

First, be honest and openly communicate your thoughts or concerns with your agent - there may be very good reasons or strategies for what’s going on that make sense when you know what's behind the scene. 

There may be times or circumstances when you no longer wish to have the agent or company continue to represent you in selling your property.  If something should happen or you’re not satisfied, make sure you have the right to cancel your listing agreement, without any costs or obligation. 

Be sure this is in writing, signed, and dated by all parties involved in the listing agreement.  

SOLUTION:  This is no problem when you list your property for sale with 1st Choice Homes Realty.

#7  LIMITING THE MARKETING AND EXPOSURE OF THE PROPERTY

Calls about properties come into the office at all hours of the day and night.  More and more showings happen during the daytime in addition to evenings and weekends.  Don't make it hard for buyers to get information about your property or to get inside to see it.

The easier it is to show your property, the more exposure to buyers it receives, and the quicker it sells.  Sometimes if buyers can’t get in to see a property when they ask to, they will pass it up and go on to another. 

People work at different shifts and days of the week or they may be transferring into the area and have only a very limited time in which to look at and purchase a property.  They simply may not be able to come at another time. 

Consider a key or lockbox option to make it easier to show.

SOLUTION: 1st Choice Homes Realty uses a state-of-the-art secure lockbox system known as Sentrilock.  We'll gladly demonstrate it when we meet and discuss the many features you're sure to love.

#8 BELIEVING THAT A BANK APPRAISAL IS THE MARKET VALUE OF YOUR PROPERTY

An appraisal is an opinion of value for a certain purpose.  If the lender wants to lend you money, sometimes they are motivated to have the appraisal come higher.  A real buyer may not be willing to pay the value you were given for refinancing.  You need a market evaluation done to determine the best and probable selling price for your property.

SOLUTION: Have 1st Choice Homes Realty prepare a complimentary CMA (Competitive Market Analysis) specifically for your property.  This is a realistic value for your property in today's real estate market place.  No hype, no exaggeration.  Just facts so you can make an informed decision.  In addition, and perhaps more important, we'll prepare an estimated sellers net sheet to let you know what your walk away dollars will be.

#9 CHOOSING THE WRONG AGENT

Is selling your property one of the most important transactions you’ll ever be involved in?  The agent you select can make it a satisfying and profitable experience.  A seasoned veteran or a novice?  Is the agent focused primarily on themselves, or you?  It’s your life, your time, your property, your money, your emotional well being.  The choice is yours, make it wisely. 

SOLUTION:  Call a first class professional REALTOR who always puts you first – call 1st Choice Homes Realty today for prompt service.