Selling your home in Summit or Park County is an exciting, but oftentimes complicated, endeavor. We all wish that real estate transactions would go easily and smoothly but unfortunately, there are a lot of things that could go wrong. An experienced real estate agent can guide you through this process but let’s look at some of the most common mistakes that we see sellers make.
Not Pricing Your Home Correctly
When setting a price for your property, the listing level must strike a balance between the seller’s need to achieve the best possible return and the buyer’s need to get good value. With many years of experience, a professional Real Estate Agent can help you set a price that will accomplish both objectives.
The market value of your property is determined in exactly the same way as any other commodity – what a buyer is willing to pay for it in today’s market. Despite the price you paid originally or the value of any improvements you may have made, the value is determined by market forces. For this reason, it’s important to look at the competition. Buyers look at about a dozen properties on average before making an offer on a property. As a result, they have a good overview of the market and will compare your property against the competition. If it’s not in line with similar properties that are available, buyers won’t consider it a good value for money.
Overpricing your house in the belief that you can reduce the price back later is a strategy that can backfire badly. For example, by the time you reduce your price, you may miss out on a surge of interest in properties like yours. Also, if prices are lowered, buyers may wonder if there’s something wrong with the property that kept other buyers away. So to keep from selling your property at below market value and from wasting valuable time, don’t fall into the overpricing trap.
Not Paying Attention to the Market
How the real estate market is doing is always going to have an effect on the sale of your home. Timing can mean everything. Currently, inventory is lacking in our market. This means now would be a great time to sell your home! Keep in mind that this hasn’t always been the case and could change. Even if you’re not planning on selling your home right now, it’s a good idea to keep your finger on the pulse and know what’s going on in your area. Understanding the real estate market can be confusing. We produce a monthly Market Report to keep our clients informed of what’s going on. You can get the latest Market Report and newsletter by clicking here.
Choosing the Wrong Agent or WORSE – Not Using an Agent
Not using an agent and going the FSBO (For Sale By Owner) route is something I will never recommend to a seller. A real estate agent’s specific skills are indispensable when selling your home and will make you more money in the long run. They will negotiate with buyers on your behalf and a good local Realtor will know the market and develop a good pricing strategy for you. If you want to sell your home for the highest possible price, use a Realtor, and don’t try to list your home on your own.
It’s also important that when you decide to use an agent you are choosing the right one! You want to find someone who you can trust and who has the right credentials, experience, and expertise. It’s important that you can work well together and you need to match in personality as well. Selecting the right agent for you is an essential part of the process and it may take some time. A lot of sellers don’t really know what to look for or what to ask. Some of the most important questions are about experience, qualifications, and how they work. You may also want to clarify how you prefer to communicate or ask for references and testimonials.
It’s also important to remember that failing to communicate with your agent, mainly in reference to questions regarding the property, can prolong the selling process and make you miss out on potential buyers. Be sure that you fully disclose any material defects or recent construction on the property as well. A well-informed agent can advocate for you more effectively.
Not Adequately Preparing Your Home For Sale
There’s a lot that goes into preparing your home so it is ready for showings. The major tips are to declutter and deep clean your home. Too much furniture or junk will make a space feel smaller than it actually is. You will also want to fix any major issues because they tend to put off buyers. However, large renovations aren’t recommended as these are often personal and don’t always reflect well in the purchase price.
The idea is that you want a home to feel like a neutral space that buyers can imagine themselves in. You want the home to be decorated, but not with decor that is too taste-specific. The goal is for your home to appeal to as many people as possible and make a great first impression. Staging is a great way to achieve this and often helps homes sell for a higher price.
Underestimating Selling Costs
There are many costs that are associated with the sale and closing of a home and you need to be prepared for them. Your real estate agent will be able to give you the most accurate estimates for costs. But a few things you should prepare for are closing costs, home inspection repairs, staging costs, and moving costs.
The sale of any Summit or Park County home can be stressful. This is a complicated transaction, but you can avoid a lot of additional worry and heartache by avoiding these common mistakes. Truthfully, having the right real estate agent by your side to guide you through this process will make all the difference. They have the experience and expertise you need to avoid any of these missteps. Our goal as agents is always to give our clients the smoothest transaction possible and that includes helping them dodge any of these pitfalls.
How Can We Help?
We hope that you’ve found this information informative. If you need buying or selling guidance or help in the Summit or Park County area please reach out! We will also continue to provide you with relevant and up-to-date information here on our blog.
If you would like more information on how the Summit and Park County real estate market is doing, you can also sign up for our detailed monthly market report by clicking this link.
Best Regards,
Scott & Anne Lindblom
Broker Associates
[email protected]
[email protected]
Scott: 970-485-4065
Anne: 608-345-2734
www.LindblomGroupe.com