1. Home Is Not Priced Properly
Great Realtors should always get their Seller's "The Most Amount Of Money In The Least Amount Of Time". However, over-priced properties do not sell. Why? First, buyers will be reluctant to put any offer in writing because it will feel like "hard work" trying to bring the seller's asking price to within "market value". Also, buyers are waiting for that hot new listing, so the first week of any listing is crucial.
If a home is priced too high then reduced after a week, the damage may already be done - those buyers who were looking for a hot listing have moved on to the next house. Finally, buyers who are looking in a certain price range (ie: "no higher than $300,000") may miss your listing entirely because you've priced yours at $305,000 when the market value suggests $295,000. For more information on how to price your home, read Pricing Your Home To Sell.
2. Home Is Not Marketed Properly
3. Home Is Not Showcased Properly
The way you keep your home is a reflection on you. If you are serious about selling your home quickly and for market value, it must be ready to be showcased. This involves correct furniture placement and display, a thorough cleaning, possible painting and touch-ups, and the correcting of deficiencies. The scent of a home is just as important as the cleanliness of a home. Homes that smell musty, homes that smell like pets, and homes that consistently smell of cooked food do not create a great first impression. Even if you think you don't have a house odor problem, invest in 2 or 3 plug in air fresheners. Now that the home is clean, orderly, and functioning - you should be sure to always accept requested showings. With thousands of homes available in Mississauga, not promptly confirming an appointment can cost you a sale. Leave a daytime number, or cell phone number with your listing agent, so that appointments can be immediately confirmed.
4. Home Is Over-Improved
Improvements and builder upgrades can be extremely costly. If homes in your neighbourhood are worth $300,000, but you've put in $75,000 of builder upgrades, and finished your basement at a price of $25,000, your home is not necessarily worth $400,000. The best advice I can give with regards to improving and upgrading your home is "Improvements in homes should only be made because YOU like or want them". Buyers should not be expected to pay full price your upgrades. Examples of great Improvements that will help sell your home include carpet cleaning, fresh paint, light landscaping, and window cleaning. With that being said, getting your home ready for a sale can be done easily with less than $500. Ultimately, the cheapest and best way to improve your home is to keep it CLEAN (refer back to #3)
5. The Seller Has Chosen The Wrong Agent For The Job
Choosing an agent is an integral part of selling your home. You should choose an agent who has a strategic marketing plan, who is energetic and knowledgeable, who is familiar with your neighbourhood, and ultimately who is someone you feel comfortable with. Selling a home costs quite a lot of time and money for agents as well. Be careful when dealing with a discount brokerage agent, or an agent who agrees to do the job for much less than it is worth. Filling out a listing agreement and putting a for-sale sign on the front yard is almost free. This is the extent of a discount brokerage's marketing plan. Commissions are cut just to "get the listing". But now there are insufficient funds to prepare deluxe feature sheets for buyers who visit your home, there is not enough money to create listing announcement post cards that should be mailed out in various neighbourhoods, the discounted commission may lead to an poor quality open house (or no open house at all), and various other problems. Choosing a Realtor based on commission alone may end up costing sellers valuable time and money in the long run.
6. The Seller Is Always At Home During Showings...Selling
Hard and Frightening Buyers
"Hard sales" is synonymous with "desperate sales". There are very few buyers who appreciate the aggressive sales techniques of agents and homeowners. Desperate sales tactics make buyers feel as though they are not in control of the situation (and most will back off even if they were interested in the home). In addition, hard sales suggest to buyers that there may be something wrong with the home. Whenever possible, sellers should not be at home during showings. Arrange for a lock-box listing so that you can go for a walk, or get some shopping done during inspections. Don't worry, the buyers looking at your home are escorted with registered and insured real estate agents who are responsible for their clients. By letting buyers look at a home without external pressure, you have just increased your chances of getting your home sold.
7. Not Working With Offers That Have A Low Starting
Whether your home has been on the market for 2 days or 120 days, every offer is worth the time to work with. Put yourself in the shoes of a buyer. You like the house...you want to purchase the home...but you want the best price possible. You put in an offer that represents your "starting point". This starting point will not be the selling price, just like your list price will not be the selling price. It is only through negotiation that the final selling price is found (and this final selling price will hopefully be a price that both the seller and the buyer can appreciate). So if you get a $260,000 offer on your home listed at $300,000, don't let the offer die. Work objectively and strategically with your agent to negotiate a fair selling price.
8. Seller Doesn't Understand His/Her Obligations to
Sellers must fully disclose everything they know about the home they are selling. If the home has been used as a grow house for illegal substances in the past, if the home's supporting foundations are bowing, if there are easements or rights of way through the listed property, then buyers must be made aware of these issues. Buyers are working with agents that will be uncovering this information anyway, so be honest and helpful, and disclose all information possible regarding your home. Your agent should be taking the time to get you acquainted with the real estate contracts/paperwork. These contracts must be prepared in full, with complete honesty and without error. If not, legal consequences can haunt you in the future. Always ensure your Agent explains your rights and obligations
So, if you are thinking of selling and buying a homes this year, should you buy or sell first? I've had many clients purchase before they sell. I just want you to have all the information so you can make the best decision for yourself and your family. You may read more about buying or selling first here
Read about what happened in real estate last month.
I wish you much success, good health and happiness today and always!
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