20 Seller Mistakes (Part 6)
18. Wanting to Get Out What You Put In
You can not create a balance sheet of all your improvements and add it to your selling price – it just won’t happen. An experienced agent can educate you as to what return you can expect from your improvements. You may get additional value from a renovated kitchen or bathroom (depending on the colours/materials you choose) but not from a new roof. Having said that, a roof which needs replacing will prompt the buyer to reduce the purchase price to compensate for the cost and hassle of replacing the roof, so it makes sense to replace the roof. The less issues a buyer can find with a home, the easier a sale you will have. The bottom line… Talk to your agent and ask their advice before assuming dollars in will get you more dollars out.
19. Focusing on Small Details vs. The Big Picture
Love your dining room chandelier and your living room draperies? Let them go! Don’t let small details ruin the sale. Look at the comparables, look at the competition. Focus on the big picture.
20. Making Emotional Decisions About Offers
So a low offer came in. Listen to your agent and don’t panic and get your back up. As an experienced agent, I have, in certain circumstances, negotiated a sale price up by $30,000 or $40,000.
If the market is low, don’t “blow off” a buyer who is coming in with a decent offer. Keep in mind, a good offer has multiple components – price, conditions, financing, home inspection and closing date to name a few.In a bidding war, overzealous buyers may put forward an offer that looks to good to be true. Note to self – they may not have the bank’s approval if the offer is above the appraised value of the home. Be realistic, listen to your agent so that you are ensured the best offer.