Top 5 Tips to Waste Time & Money, Not Sell Your Home, & Get In Trouble w/ The Law
The Charleston real estate market is increasingly on the rise and more and more sellers are tempted to cash in as quickly as they can. Don’t be fooled! Even though Charleston is the best city in the world and different buyers are looking for different things, rest assured that breaking one or more of these simple rules will keep your home from selling in one of the hottest markets in the United States:
- Overpricing Your Property: This is by far the #1 mistake sellers make when homes are initially put on the market. Sellers try to “test the market” to see if any
bitescome in at a higher sales price when, in reality, they’re setting themselves up for failure. Overpriced homes sit on the market for longer periods of time thereby fueling buyers into thinking something must be wrong with the property. Higher sales prices also sell a neighbor’s home first because buyers believe they are getting a better deal for the lower priced home in the same neighborhood. Bottom line? Overpriced homes do not sell and setting the correct price in the beginningis key. In fact, setting a slightly lower asking price may be a stronger tactic because it can generate multiple offers and drive up the price of the home to reflect its true market value.
- Trying to Sell Your Home Without An Agent: Most For Sale By Owners (FSBOs) want to sell their home themselves in order to save money by not paying commission to a real estate agent. Selling a home without representation can actually end up COSTING sellers money in the long run because homeowners may not be well versed on the rights &/or legal obligations required in the sale. Documents signed during the sale of a home are complicated, arduous, legally binding contracts which, if poorly written, can end up costing sellers tens of thousands of dollars in
law suitsor unnecessary stipulations which could’ve been avoided or negotiated correctly if a professional had handled the matter from the beginning.
- Showing Off Your Kids Soccer Trophies: Fact of the matter, buying and selling a home is an emotional process for both buyers and sellers. Truly serious sellers should take their feelings out of the process right out the gate. Pack up personal effects such as family photos, religious ornaments, knick knacks and personal accomplishments and put them in storage. Buyers MUST be able to picture the home as their own as soon as they walk in, and it’s difficult for them to do so when the territory has been clearly marked with someone else’s memories.
- Hoping Buyers Won’t Notice the Leaky Roof: Trying to hide major home damage is a wasted effort because these issues are bound to be uncovered during the home inspection. Not only that, real estate agents are required by state and federal law to disclose all material facts (i.e. leaks, electrical issues, zoning problems, HVAC complications) about the property to buyer’s agents. Not being upfront about issues of this nature will cast a shadow of doubt over the entire transaction once they come to light and will more than likely kill the deal immediately. If the home does have issues, the problems should be fixed before being put on the market, the home should be priced at a discounted rate, or the buyer should be offered a discount to compensate for the damage.
- Being A Stalker: It is imperative for sellers to leave the premises while the property is being shown. Staying home is a simple misstep which can open the sale to a slew of problems including making the potential buyers feel uncomfortable as they peruse cabinets and drawers, mistakenly scaring buyers away by giving
in depthdetails about the neighbor’s dog, offering personal information as to why the house is being sold thereby causing issues during negotiations, and, lastly and most importantly, it can open sellers up to fair housing laws when they see buyers in person and possibly try to exclude them based on race, color, religion, sex, national origin, disability, or familial status.
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