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THE TEN MOST COSTLY HOME SELLING MISTAKES & HOW TO AVOID THEM

by Rose Price

The Ten Most Costly Home Selling Mistakes & How To Avoid Them

Want to get the most money for your home?

Then avoid these costly mistakes.  

The past few years the American Real Estate Market has been marked with bad news, but it seems like most markets are have turned that around; Prices are increasing, there are historically low interest rates for buyers, and the past selling season was one of the best in recent years.  

BUT

Before you list…do a little research or list with an experienced LOCAL Real Estate Agent!  Knowledge is power!  To help you here is a list of the 10 most common sellers mistakes—avoiding these, can save you thousands of dollars!

1. Selling your Home on your own

Attempting to sell your home on your own is a brave move. Before you take that step, consider everything that you're going to need to know & do in order put your home on the market, market your home, get buyers into see your home, make sure you abide by all the regulations and state codes, negotiate possibly many things along the way, then set-up all the appropriate people who need to be involved in the sales process just to close.  You really do need the expertise of a professional. Don’t believe me?… Check the numbers, those won’t lie.  For instance, homes without representation remain on the market longer and end up selling at a lower price than those with a professional at the helm. A professional agent is also their to protect you every step of the way.  

2. Not Pricing Your Home Properly

Overpricing isn't good for you! Under-pricing isn't good either! Finding the sweet spot is what it's all about.  These can be costly errors on both ends.  It is absolutely critical to understand the local housing market. This is why you NEED the experience, knowledge and expertise of a LOCAL Real Estate Professional. And I'm distinguishing between a professional and a part-time, dabbling in real estate. A Professional, like myself, that has been working & living in the Champaign/Urbana market for 20+ years, continually works on updating their own knowledge of the Real Estate market on a whole...and more importantly, what's going on in the Champaign area. They can guide you to a successful sale and protect you & your asset along the way.

3. Neglecting Repairs

This is fairly black and white, you will lose money if you don’t remedy repairs before you list your house. It’s less costly to fix things ahead of time.  You don’t want potential buyers to see these problems during a tour of your home.  When they do, the negotiation process will begin and the price you're asking will come down. If they find something larger after the sale...they will come back to you.  

4. To Clutter or Not?

Clutter can kill a deal. So declutter...it's that simple.  Everywhere!  It will help your home feel more spacious. declutter the kitchen countertops,  declutter overstuffed closets,  declutter ALL of your shelves, declutter EVERYTHING! It wont’ cost a thing other than your time and a little elbow grease and it will have BIG benefits when it comes time to sell.  


5. Listing a Vacant House

Home Buyers generally like to see a home with furniture in it, it makes the home feel warm & lived in. If it's absolutely necessary that you list your home vacant, you may want to list the services of a Home Stager or make a small investment in a few pieces of rental furniture to make the house look "homey". Sources show that vacant homes do take longer to sell and usually sell for a lower selling price. So your small investment will most likely pay for itself when your house sells.  

6. Letting your personal feelings get in the way

Don’t take negotiating personally.  This is a business transaction, probably one of the biggest of your life.  Take your personal feelings and put them aside, or let your Real Estate agent handle the negotiations while you take a break from the room. 

7. Failing to complete a full set of disclosures

There are sellers who lose money simply because they were afraid to disclose their home’s imperfections. Always Be upfront and forthcoming about all of your home’s issues. It will save you money and time, especially if the buyers end up uncovering problems themselves, AND THEY WILL.  Don’t hide anything!

8. Timing the Sale of your Home

Even a sale that misses its schedule by one day can cost you tens of thousands in extra taxes. Don’t let this happen. Talk to your accountant in advance to determine if any long-term capital gains tax breaks apply, and then time your sale accordingly.

9. Overlooking extra Expenses at Closing

Home sellers burn thousands of dollars by not requesting and confirming a list of fees and expenses prior to closing. Review the Estimated Closing Cost statements with your real estate agent before it’s time to hand over the keys. Then, request these fees in advance of closing day.

10. Using Lousy Listing Photos

This is a big pet peeve of mine. Don’t expect to sell your home for top dollar if you’re using amateur photos in your listings.   More than 90% of all buyers start their home search online, so make sure your Listing Photos are excellent…This means A LOT OF GREAT PICTURES! First impressions are important, especially when selling a home.  You won’t get a second chance to make a GREAT IMPRESSION, so don’t skimp on your photos.  

Considering selling your home in the Champaign/Urbana Area?  If you'd like more tips on Selling Your Home give Rose Price  a call at 217.202.8843.  

Selling homes is my passion and I'd be happy to assist you with this exciting time in your life. 

Cheeseburgers and Fun in Danville Saturday

by Rose Price

The Vermilion County Conservation District Foundation is once again holding it's 2012 Cheeseburger and Fun event on Satrurday. The party gets started at 7am at the Bunker Hill Historic Area at Kennekuk Cove County Park near Danville. 

In addition to the traditional Cheeseburger meal, which goes to fund the VCCD Foundation, there will be the Howl at the Moon run/walk, and the Bunker Hill Run Show with trucks, tractors, cars and motorcycles. Music will be provided by the Big Creek Guitar Band, Ryan Ideus and the Feudin' Hillbillys and Captain Rat and the Blind Rivets.

Admission is free, but donations to the VCCD Foundation will be accepted. For more details, call (217) 662-2142 or visit the website.

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
ChampaignRose.com

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This blog is maintained by Michael of Kim Hughes & Company.
Photo courtesy L.Richarz/flickr.com

What Life Stage Is Your House?

by Rose Price

Family Portrait

I’m not asking how old your house is or what era of construction it is. Instead, I want to know, who is the ideal family to live in your house? Think about the family structure you can picture making a life in your home. 

First-time Home Buyers

First-timers want lower maintenance to ease into homeowner responsibilities. So, a newer home that doesn’t require much work, or a townhouse with some of the exterior maintenance included would be perfect. First-timers often don’t need much space, and a quick-turnover neighborhood works well as the family starts to grow out of the starter house.

Young Family

Let’s face it. Small children take over every square inch that isn’t dedicated space for something else. That’s why playroom space is nice to have to contain toys and games. Young families like yard space for kids to run, lots of storage space, and easy childproofing ability.

Mature Family 

Families with older children gravitate toward homes with plenty of room for teens to have their own space. Many families need garage space for multiple drivers, and a place for teens to have friends over that won’t disturb Mom and Dad.  

Empty Nester

Functionality is key for the retiring family. Empty nesters like a single floor, main-floor laundry, a low-maintenance yard, a quiet neighborhood, minimal upkeep and an atmosphere of relaxation.

Investor

A real estate investor, or “flipper,” buys up houses in good markets that are priced low and need some simple upgrades. As we would expect, they want to turn a profit.

If you’re not sure what life stage your house is, I can help you figure that out. I’ve heard lots of feedback from lots of buyers and I know what people are looking for. We should talk about why you bought the house in the first place. What was your family situation? What features really worked for you? Just email me some of the key features of your house, and I can let you know who to target!

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
ChampaignRose.com

Search for Homes in the Champaign Area 

Featured Champaign Properties 
Champaign Condominiums
Selling Your Champaign Home
Champaign Real Estate Market Information

Let’s Connect!

Facebook 

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This blog is maintained by Michael of Kim Hughes & Company


 

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