If you’re selling your house right now, you’re facing a buyer’s market. Unlike in recent years, buyers have a lot of choices, so they don’t have to grab the first property that appeals to them. To give you a competitive edge and maximize your chances of a successful sale, here are four mistakes to avoid.
Mistake No. 1: Pricing your home too high
Although you may have paid a certain amount for the house, it doesn’t mean that it’s still worth that much, or that its value has appreciated over the years. Simply put, your home is worth what the market is willing to pay, and not a penny more.
If you price your home too high, buyers may shy away from making an offer. Get a comparative market analysis or have a few realtors price the property, and listen to their advice. Even if you’ve made expensive home improvements such as stainless steel appliances, you may not make your money back in a sale if other houses in the area don’t boast similar upgrades.
Mistake No. 2: Failing to market the property right
Marketing a home is as simple as sticking a “For Sale” sign in your yard. The only way to get the best possible price for the house is to take advantage of every marketing option available to you. This includes:
- Public open houses
- Internet advertising
- Advertising in property magazines
Once you decide to sell your house, notify a realtor right away. Don’t wait until the last minute. The realtor should have at least a month of lead time to research comparable properties, set a price, and have professional photographs taken.
Mistake No. 3: Trying to sell the property yourself
Unless you know what you’re doing or you live in a highly desirable neighborhood where homes sell faster than hotcakes, don’t go the “For Sale by Owner” route. There’s a lot of money at stake, as well as disclosure laws you might not be aware of. A realtor can help you set a price that takes current market conditions into account, advise if an offer is reasonable, and help you negotiate a favorable deal.
Mistake No. 4: Taking offense at a low offer
If someone makes a really low bid, resist the urge to take offense and see it as an opportunity to negotiate. Any buyer is going to want to purchase your house for the lowest possible price. It’s not personal, and it’s not a swipe at your property presentation. Politely advise the person that the offer is too low, and ask if they’re willing to reconsider.
If you’d like legal assistance with the purchase or sale of your home, we’re available. Please contact us today to learn more!
Law Office of Ray Garcia, P.A.
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