Selling Your Home
Top Property Selling Traps
Don't make these selling mistakes:
When selling, avoid these pitfalls. Since most sellers want to sell for the most amount of money possible in the timeframe that works for them, it is imperative to follow the proven strategy for getting the property listed, marketed, and negotiated for the highest price possible.
If you are considering selling, Beware of the following traps that can cost you equity and precious time.
- TIME TO SELL…”I’m waiting for the right time to sell”: Sellers often delay putting their home on the market because they feel it's not the right time. Typically this means that the seller is hoping that if they wait just a while (maybe until spring) they will get a higher price. Unfortunately, or fortunately, real estate prices do not have swings similar to the stock market. Typically prices will not see-saw from one season to the next. If the market is trending one way or the other it will generally trend in that direction then even out for a period of months or even years, then begin to go the other way. The time to list is when you determine there is a desire to sell.
- CHOOSING AN AGENT...Shop Agents Before You List: Know the right type of agent in order to avoid hiring the wrong one. The right agent has written a marketing plan for your type of property. You cannot market properties for sale "right now" with a one-size-fits-all approach. You will know that you have found someone who may qualify simply by looking at their property selling track record. Agents and companies that are selling a lot of properties are more likely to get yours sold. Most licensed agents sell fewer than 10 properties per year. Agents and companies with a good track record of selling properties will allocate more money to marketing, they will have more buyer leads available, and they will often be more skilled at negotiating your offer when it comes in. Be sure to interview at least 3 agents before making a final decision.
- PRICING RIGHT...Avoid the Pitfalls of Pricing Outside of the Market Range: The most costly mistake that sellers can make is pricing the property outside of the range that will generate an offer. After deciding you want to sell, and contacting several agents to interview, you will be tasked with establishing an asking price. It is important to evaluate the property you are selling through the eyes of the buyer. Once you have established a realistic value; price your property close enough to that number so that you will get a lot of activity early in the life of the listing. This will bring an offer sooner. In fact it may create a situation where you receive multiple offers. Remember, you can turn down unrealistic offers but if you price it too high you may miss the opportunity to negotiate an offer, which could cost you time and real money in the form of carrying costs.