Mistakes To Avoid When Selling Your Home

July 16, 2011

Part 1 in a series of 7:

Selling your home is a complicated process. It is natural to feel overwhelmed by the magnitude of details involved, but the experience can be very manageable, and educational, when broken down into its component parts and plotted out into steps. Over the course of the next 7 weeks, I will be touching on 7 common pitfalls encountered during the home-selling process. Here is the 1st:

Faulty Pricing

It is essential you determine the asking price of your home based on its market value. Too many times home-sellers let emotions or needs influence their asking price, drawing from numbers based on the price paid for the house originally, or the amount of money they’ve invested in the home. This mistake may prove to be a costly one. If your home is priced significantly higher than what the market is bearing at the time, prospective buyers interested in your style of home will reject it for larger homes listed at the same price. And, those buyers who do see your house may have significantly higher expectations than what you have to offer. Ironically, over-pricing your home actually increases the chances that your home will sell for less than it is worth. Driving prospective buyers away will increase the amount of time your home stays on the market, which raises an additional red flag for buyers. They become wary of the reasons your home has not sold, thinking, “If no one else has bought it, there must be something wrong with it.” The bottom line: price it correctly, and they will come.

Be vigilant, too, of pricing your home too low: a lack of market value awareness could result in selling your home for much less than it’s worth.


It’s The Right Time To Buy A Home…And The Wrong Time!

October 28, 2008

Is it the right time to buy real estate right now? Yes. Is it the wrong time? Yes. How about selling? Right time? Yes. Wrong time? Yes. It really depends on you and your particular situation. For example, if you are looking to upgrade right now then take advantage of the current market conditions. The gap between what you have and what you want is considerably less then it was 6 months ago. Strike while the iron is hot. However, let’s say you are looking to downsize. It could be both the wrong time and the right time. The argument for “wrong” would be that the money you are putting in the bank after the two transactions is less than it would be in a rising market. Maybe you want to wait. The argument for the “right” would be that while you may not be putting quite as much money in the bank, that would be offset by the benefits you would derive from turn-key living. Lock the door of your new condo and travel worry-free. Everything depends on you personally, on your situation. I would love to discuss your situation with you. Contact me anytime.