Lebanon Real Estate Newsletter Vol. 3, Issue 3 - April, 2007

    Dreading the thought of selling your home with the last minute walk-throughs, inconvenient calls, and sale price adjustments? The difference between a profitable sale and a break-even, miserable experience is often a fine line.

Here are some pitfalls to avoid when selling:

1. Rushing to Put Your House Up For Sale

If you are not serious about selling, do not test the market by listing your property. Indecision will ultimately blow the sale. Transforming a house for sale is an educational process for homeowners, as sellers need to realize, "I no longer live here. We are selling our house." Considering that homes are very likely an owner's single largest investment, why not delay a few extra days, to advantageously prepare the property for sale, otherwise you may leave money on the table.

2. Not Finding Experts Who Have Experience in Your Area

Gone are the days when you decide to sell your home, call the only realtor in town, list it and find a buyer.

Real Estate marketing, particularly in Beirut, has become a little more sophisticated over the years. Deciding to offer your home for sale at a higher price just because your neighbor’s home sold for that price last week just does not cut it. Ask people you know for referrals or interview and compare. Selecting an agent and home stager should come at no cost; both will be delighted to give you their opinions for free!

3. Overpricing the business/house.

It is human nature to regard what belongs to us with the eyes of love. Aren't our children more beautiful? Aren't our mates more desirable?

Our businesses are no different. Beauty is in the eye of the beholder, and that is why most sellers are tempted to overprice their businesses. A high price is prestigious. It shows everyone how important you are. But too high a price could eliminate buyers.

Most buyers are pre-qualified. They know what range to look in. If your business is overpriced, they will compare it to other businesses in the same price range that have more to offer. The result is that they pass right over your business. Many buyers in your price range won't even consider your business because you have eliminated the ones who are willing to buy at the top of their range. 

4. Refusing to Make Profit Inducing Repairs

Hayek Group’s 2006 survey on 1000 clients stated that 58 percent of Lebanese only need to look at 10 homes before submitting an offer. It also disclosed that 63 percent of buyers preferred a higher price home that didn't require any renovations over a lower priced fixer-upper. Selling 'as is' always costs more.

5. Refusing to Make Cosmetic Changes

The way you live in your home is not the way you sell your home. Beyond completing required renovations, it also holds true that décor improvements help make a strong impact on buyers and ultimately increases a home's market value. People will pay a premium for a home with updated décor, and surprisingly more men than women will pay an additional amount for the trendier home.

People typically have two reactions when entering an unfamiliar home -- they want to see more or they've seen enough. Wowing buyers from the moment they reach the front door is therefore crucial. Holding their interest throughout the kitchen (the most significant room to influence their purchasing decision) and the living room is most essential.

Trying to sell an empty house? Buyer's biggest stumbling block is determining whether the rooms function well. It is difficult to easily comprehend the size of a room and its potential, without furniture and other objects as reference points. An empty room also allows buyers to focus on negative details instead of getting a sense of the use of the overall space and the flow of one room to the next.

By utilizing the knowledge of well-trained real estate professionals a quick, profitable sale of your home can be anticipated.

Hayek Group can assist homeowners in maximizing the sales potential of any property. Through professional advice and marketing campaigns you will not risk leaving money on the table. Contact us now!

Compiled by:

Raed Zouheiry

Hayek Group