Selling a home in a tight economy can been difficult and costly. Additionally, home sellers often set unrealistic expectations that can delay the selling of their home. Don’t be one of them! The following is the first of a two part series of common mistakes to avoid.
- Not Hiring a REALTOR®
Believing that you will save money by not hiring a Realtor® may end up costing you more. By hiring a Realtor®, you will be getting a professional that has knowledge of pricing, marketing, pre-qualifying potential buyers, access to the multi-list, knowledge of the legal documents, etc.
- Setting an Unrealistic Price
As part of their services, REALTORS® will help you determine a realistic price for your home by pulling comparable market data of other homes in your area that fit the same criteria and specifications as your home. This will help you determine a competitive price for a house similar to yours in the same area. If your house is put on the market at a price that is felt to be too high, it will not be shown to potential buyers, and you will have missed your opportunity. It will sit on the market with the rest of the inventory.
- Expecting to Get Your Asking Price
A REALTOR® will also assist you with having the correct expectations in terms of receiving the appropriate price for your home. A common misconception is that you should receive your asking price or higher. That may have been the case in the past, but not today in the buyer’s market. Don’t reject an offer because it is not your asking price; that is what negotiations are for.
- Not Preparing Your Home for Sale
An experienced Realtor® can make suggestions on how to make your home marketable and will do so before ever posting your home for sale. Look at your home as a potential buyer pulling up to the curb, walking to the door and into the home. At this point, it becomes necessary not to be defensive, but to listen to your Realtor’s® advise. In the end, it may help to sell your house faster and at a higher price.
- Not Accommodating Potential Buyers
It is important to know when to accept an offer “as is” and when to accommodate a request from a potential buyer in order to close the deal. It is important to know when to accommodate a serious buyer and when you will just be wasting your time. Price isn’t always the reason people don’t buy. Additionally, making too many concessions can leave you spending more than you make.
Can you add to this list? What have been your experiences with home selling?
Be sure to check back next week for the second part of this blog series!
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