The Top 5 Ways to Ruin Your Home's Listing - It's good to have options, right? If you're a prospective homebuyer looking to make a purchase in a flooded market, you probably agree with that statement. But what if you're trying to sell your home? If you live in a city where there are more homes for sale than buyers interested in purchasing them, chances are you feel frustrated with the amount of competition. You probably don't like that buyers have all of those other options! Making the competition worse – there are several mistakes you can make with your home's listing that can actually scare away prospective buyers! Here are 5 of the most common mistakes made on a home's description:
1. No photos
Ever since the housing market collapsed in 2007, buyers have been more skeptical about purchasing a home, so the last thing you want to do is increase that level of skepticism. Sometimes, though, it's accidental! Some sellers don't include pictures of their home with the listing because they want some privacy, or have valuable possessions that they don't want displayed in photographs. The problem here is that with no photos, buyers think you're trying to hide something from them. A lack of photographs may make them second guess coming to take a look at your home, and if they never see it in person, it's unlikely they'll purchase it.
2. Lack of details
This is mistake that can definitely cause problems, especially if the listing is a short sale. All too often, sellers of distressed properties mention that the home is a short sale in their listing, but fail to address whether or not the listing price has been approved by the lender. Also, vague language like “third-party approval” can signal red flags for a buyer because if a third-party (the lender) is involved, you should identify them by name in the listing.
3. Pricing too low
Some sellers (and their seller's agents!) will tell you that you should list your home well below the market value so that multiple prospective buyers will be interested in purchasing it, and therefore, enter into a bidding war. The problem with this theory is that the possibility of a bidding war may scare off the right buyer! Or, even worse, it may attract unqualified buyers who can't afford the home but are searching for a bargain. Either way, you don't want the gamble to backfire, so it's best to list the home at a reasonable price where all parties involved will be satisfied when it sells.
4. Forgetting to mention that your renovations were done professionally
Every potential buyer likes to see that a home was recently remodeled or renovated, but only if the work was done by a professional. While do-it-yourself projects can be a great way to make upgrades and save money in the process, not all homeowners who do the repairs themselves are skilled laborers. This can lead to incomplete, or worse, unsafe renovations. So, if you've recently hired a contractor to do work on your home with all the proper permits, make sure you say so in the listing. That way, prospective buyers won't be scared off by the thought of improperly executed improvements.
5. Listing the home “as-is”
Almost all purchase contracts state that the home will sell “as-is,” meaning that the buyer agrees to purchase the home in its the current condition. So, if that will be discussed during the negotiation process, why include those words in your listing? The answer is – you shouldn't! By saying a home is for sale “as-is,” you may make prospective buyers think the worst. If they believe the home is damaged or needs major upgrades, it is likely enough to be a deal breaker.
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