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Common Selling Mistakes

Incorrect PricingEvery seller naturally wants to get the most money for his or her product. The most common mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place.

Mistaking Re-finance Appraisals for Market Value Re-finance appraisals can be very encouraging for homeowners, leading them to assume that the appraisal is the amount that they should expect to receive for their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage re-financing. The market value of your home could actually be (and often is) 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.

Failing to "Showcase" 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, and remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.

Trying to "Hard Sell" While Showing Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don’t try haggling or forcefully selling. Instead, be friendly and hospitable. Pointing out any unnoticed amenities and being receptive to questions is advisable, but this is not the time for negotiation and salesmanship.

Renovating for resale

The money invested in improving your home will not always translate into an equivalent return in the selling price of your home. So careful planning is important if you want to increase the salability of your home and make a profit from your renovations.

Sometimes the least expensive improvements yields the highest paybacks. A lot of studies have shown that a fresh coat of paint on interior walls returns an average 75 percent payback. So, a $2,000 paint job could increase a home’s selling price by $3500.

To maximize salability, choose shades of white and tame versions of popular colours. Stay away from too many personal touches and custom work if you plan to re-sell. It is unlikely that your investment will be recouped and it may prevent the quick sale of your home.

The kitchen and bathroom are key areas to focus your renovation attentions. With average paybacks of 72 and 68 percent respectively, new fixtures, cabinets and tiles could be well worth the money and/or time and effort. The 1999 Renovations and Home Value Survey by the Appraisal Institute of Canada (AIC) highlighted the top renovations and the average rate of return:

  • Interior painting and décor - 73%
  • Kitchen renovation - 72%
  • Bathroom renovation - 68%
  • Exterior paint - 65%
  • Flooring upgrades - 62%
  • Window/door replacement - 57%
  • Main floor family room addition - 51%
  • Fireplace addition - 50%
  • Basement renovation - 49%
  • Furnace/heating system replacement - 48%
  • The study also suggests you get huge returns by cleaning and removing clutter from your house.
  • Landscaping is another area where you will see good returns on your investment.

Selling your House

Completing a Listing Agreement
What is a Listing Agreement? It is a contract between you and the brokerage company that the agent represents. It is a framework for subsequent forms and negotiations. It’s important the agreement accurately reflects your property and clearly spells out the rights and obligations of all parties and what is included and what is not included in the deal. 
What happens? 
Both you and the listing agent sign the listing agreement and each receives a copy. The agreement binds both parties to its terms and conditions.Whether or not you wish your lawyer to review the agreement, you should in any case let him or her know that you’re selling your home. 


The Fine Print
Generally, in the agreement:

  • you appoint the brokerage company as your agent and give its representatives the authority to find a purchaser
  • the duration of the agreement is indicated
  • the compensation is set out (Generally, you pay this only upon closing or when the house changes hands)