Selling Key West Real Estate - What is your home worth?

Selling Key West Real Estate - Preparing your home for sale

Seven Selling Mistakes You Don't Want to Make!

Mistake #1 - Pricing your Property Too High

Every seller obviously wants to get the most money for his or her home. Ironically, the best way to do this is NOT to list your home at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer and will be disappointed when they see it. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price. There is no need for you to have to be a seller that has to learn this history lesson over again.

Mistake #2 - Mistaking Re-finance Appraisals for the market Value

Unfortunately, a recent re-finance appraisal may have been stated at an untruthfully high price. It is an accepted practice that, often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your Realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value. It is the same information that an appraiser will use to justify the sales price of your property to the new lender. For this reason, appraisers will not consider a re-finance appraisal that you may have when doing an appraisal for a sale.

Mistake #3 - Forgetting to "Showcase Your Home"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away many buyers. If possible, have your home 'staged' for showing.

Mistake #4 - Trying to "Hard Sell" While Showing

Buying a home is an emotional and difficult decision. You should try to allow buyers to comfortable examine your property with their agent. Do not try to sell. Instead, be friendly and hospitable and take a walk when your home has a showing.

Mistake #5 - Trying to Sell to "Looky-Loos"

The only time an Open House works to sell a home is when the property is first on the market. It will catch buyers and agents with buyers that have been waiting for a property to come available in your area.

Most people that go to Open Houses are 6-9 months away from buying and they are more interested in seeing what is out there than in actually making a purchase. Others are future sellers trying to see what their competition will be and get an idea what they can get for their own house. Most serious buyers are out looking 'seriously' with an agent because they have a job to get done and that is the most effective way to do it. In our area, many Open House lookers are folks that are still unsure as to whether or not they want to relocate.

If your agent suggests holding frequent Open Houses, you may feel that this is an aggressive agent trying hard to sell your property. In actuality, Open Houses help the agent to identify buyers needing real help or other future sellers that they can list more homes with. Don't be pushed into holding Open Houses often. It is very hard to keep your property "Open House" clean every week and you have to spend the day away from your home on the weekend when you really want to be packing and /or relaxing.

Mistake #6 - Not Knowing Your Rights & Responsibilities

It is extremely important that you are well-informed of the details in your real estate contract. These are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Your agent's knowledge of legal requirements and contracts alone can save you thousands of dollars in unnecessary costs and prevent after-the-sale litigation exposure.

Mistake #7 - Limiting the Marketing and Advertising of the Property

Your Realtor should employ a wide variety of marketing techniques. They all build on each other to bring a steady flow of buyers to them. Your Realtor should also be committed to selling your property. He or she should be available for every phone call from a prospective buyer. Before you list with any particular agent, call them. If they answer the phone or at least get back to you within a few minutes, you have a winner.