What to Expect When Selling Your Own Home

There are a lot of hopes and expectations when putting your home up for sale. The biggest one of which is getting an acceptable offer! That doesn't come easy and there are some things to be prepared for. Here are a few of the most common things to watch for:

1) Low Offers- People putting in offers without representation of a Realtor® typically deduct the commission that you are NOT paying off from their offer. The thought is that " If they are not paying it out- I am not putting it in". So, the commission money that is thought to be saved from going on your own can be reduced from 50-100%. Be prepared. KNOW the market value of your home. Low offers negate the hard work you are doing and you often end up EARNING- not saving,  anything that is left on the table.

2) No Shows- People have the best intentions when making an appointment to see your home. However, since they do not know you and have no relationship with you, not showing up after you have been sitting and waiting is not uncommon. Things come up in their life, they forget, or they simply change their mind and are uncomfortable calling to tell you so. Don't get too upset if you forgo other plans only to have found that your time was not well invested.

3) "You'll Be Hearing Back From Me"- Those are wonderful words to hear when they are said.  Often, during a showing, people become overcome with emotion and they are feeling so good about the possibility of buying your home that they state what their heart feels at that time. However, once they get home and the "dust settles", people often revert back to a feeling of  "playing it safe" or putting the decision off due to fear.  Don't be alarmed if this happens to you. People are people.

4) Unqualified Buyers-There is nothing worse than spending your time promoting your home to someone who has no ability to purchase. Mortgages are tougher and tougher to get these days so be sure your buyer can produce a pre qualification letter, or better yet, a pre approval letter for your home. If you go to contract and the buyer is not able to get a mortgage, then your home has been off the market for all that time ( 3-4 weeks typically) and you have lost precious time plus have created a huge disappointment for yourself. Be sure the buyer has the money!

5) Advertising Expenses:  Marketing is the "name of the game" when it comes to selling your home. It's a "buyer's market" and you have to have good marketing to compete for those buyers. Good marketing, however, does not come cheap! Although there are a lot of websites to list your home for free ( zillow.com, craigslist.com etc.) people still view the newspaper as a place to find a home and  is still a "must" to let people know that your home is for sale. Be prepared-a ds can run over $100.00 per entry, depending on the number of words you use and the day you advertise. Be prepared to have money ready out of your cash flow to pay for these ads. Relying on simply a sign in your yard or a few ads here and there will most likely bring disappointment.

6) Open Houses- Lots of Activity but No Offers: Wow, you had 15 people come to the Open House that you carefully prepared for and for sure, someone is going to love this home as much as you do! Don't be disappointed if no offers are generated from your time and trouble. Statistics from the National Association of Realtors® Profile of Buyer and Sellers from 1997-2007 have shown 12% of the homes that are sold are sold from an Open House and or a yard sign.  Those are not good odds, although sales in this fashion can happen.

Why does this happens? People see your sign and have no idea of whats inside, the price nor have made a committment to themselves that they are even moving! Open Houses can be something to do for many and since your door is open, why not walk in?

Selling a home is a lot of hard work and expense but you can do it!  But remember, you often EARN any commissions that you do not pay out.

If you prefer not to sell on your own, then call me! I have a proven marketing plan in place and can eliminate or greatly reduce the pitfalls I have outlined above. Go enjoy your family- I'll go find the buyer!