The Biggest Mistakes Home Sellers Can Make

1. Failing to prepare a home for sale
example: selling a home "as is" in a competitive housing market
buyers tend to offer more for a home that is clean, neat and without obvious major repairs to be made

2. Not using a REALTOR
15% of all homes sold are sold by the owner
owners may overprice or underprice their home without a REALTOR whose knowledge of the housing market would be able to correctly price the home
overpricing a home may lead to it sitting on the market as the most expensive home in the neighborhood; you will also turn away qualified prospects who might be potential buyers
underpricing a home means that the owner may sell it, but net far less from the sale than they would have with a REALTOR who would have priced it correctly
becoming the "seller" of your own home is a process many people find difficult; keeping the transaction on track until closing is not something many home sellers are prepared to do

3. Choosing the correct REALTOR
the right agent will meet the seller's needs, work with similar homes in the area, present a thorough marketing plan and analysis and offer well-thought out advice based on knowledge of the area and market in general

4. Hanging around the house during showings
buyers don't want to insult a seller, nor do they want the seller to think they're too interested
most buyers tend to feel more comfortable asking an unbiased sales agent questions freely without the owner's immediate presence

5. Flexibility is important
if you limit access to your home, you may be creating a showing schedule that doesn't meet the needs of potential buyers
it might mean additional housekeeping, but it will mean additional showings

6. Play the game
during the offer situation with a potential buyer, some sellers feel insulted by how low an offer may be, but every offer is worth responding to
the seller should send back a counter-offer which suggests they are willing to entertain a serious offer, but that the current offer isn't good enough
take into account financial incentives which can attract buyers without cutting too deeply into the seller's profits: home warranties, paying some of the points or a percentage of the closing costs (make sure to factor this into the asking price for the home)

7. Miscellaneous upkeep
buyers will be turned off by all of the following: pet odors, other odors, food left sitting out, signs of insects, overgrown shrubs, dirty windows and trim, unmade beds, obvious signs of water damage, lawns that haven't been mowed, toys left in the yard or on the front porch
keep in mind that prospective buyers are looking at the home as the place where they would live!

Local Expertise from Around Town: Plumbing Edition

Before buying, test the plumbing - before the plumbing tests you!

Mr. Rooter : "The cost of plumbing repairs can add up, especially if a new homeowner isn't planning on it. So knowing about a potential plumbing problem and how much it will cost to repair can factor into the home-buying decision."

So...before buying:

1. Examine all faucets for drips.
2. Open cabinet doors and check under sinks for leaks.
3. Turn water supply valves on and off to test for leaks.
4. Look for rust and corrosion on all plumbing features (sinks, pipes, etc.).
5. Flush toilet to see how it flushes. Does it continue running after the tank is full? Is all debris cleared from the bowl?
6. Inspect the base of the toilet for signs of water damage or soft floors.
7. Run the garbage disposal to see if it is working properly.
8. Check the first four digits of the water heater's serial number (they are the month and year it was made) to make sure it isn't more than 10 years old.
   

AND NOW FOR SOME GOOD NEWS...

According to the National Association of Realtors,

Markets like Austin, Salt Lake City and Raleigh have been outperforming recently and will continue to do well next year...

Conditions in the mortgage market are improving for consumers, which should help to release some pent up demand in early 2008...

There is a historically high level of home sales taking place this year...

One out of 16 American households is buying a home this year...

Home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains...

With widely varying conditions, the best advice for consumers is to consult a REALTOR in their area to learn about local market conditions because supply and demand can change from one neighborhood to the next...

Additional cuts expected in the Fed funds rate will help to keep mortgage interest rates historically favorable.

8 Top Projects for Improving Your Home!

1 Paint can transform the look of a room.
Experiment with colors and be creative when tackling ceilings, walls, windows, doors, trim and baseboards.

2 Remove old wallpaper that can make a home look older than it is. Consider using a professional steamer to avoid harmful chemicals.

3 Add depth with wainscoting.
There are a myriad of choices in size and styles to place wainscoting part way up a wall to make a room appear larger.

4 Put down tile in the kitchen or bath.
There are many choices and price ranges. Some homeowners use tile throughout the main areas of the house for a sophisticated look that makes the house seem larger.

5 Read the directions!
Get a book that details common home improvements and repair projects. You will have a more successful outcome.

6 Get the tools you need.
Why start a project without the correct tools and equipment?

7 File for necessary permits before you begin.
Check with the homeowners' association and zoning authorities to see what permits may be necessary.

8 Get professional help when you need it.
At any time during a home project, if you feel you're in over your head, call a professional.

Call me for more ideas to enhance the value of your home investment!