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Five Mistakes Homeowners Make

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Thu, Mar 06, 2008 at 11:05AM

1) REDUCING THE PRICE:

This can be the death of a sale.  By initially listing you home at too high of a price that is not comparable to other properties in your area, you may be forced to continually reduce the price repeatedly. When sellers drop the list price too often, it makes people think there is something wrong with their homes, so no one is interested. The smartest option is to find the comparables in the area and price yours below theirs. The most interest you’ll have on a property is when it is newly listed with a good price.  You may even start a bidding war and end up with more than you list.



2) HIRING THE WRONG BROKER:

You want a broker who is motivated and professional. Make sure your broker keeps in touch with you and is easily accessible.  Ask how they intend to market your property and review what they implemented.  If they will not return your calls and the MLS is missing information how are they helping your sell the home?



3) SHOULD I SELL NOW?

Talk to a local realtor and ask them if now is the best time to sell your home.  Many factors should be considered including current real estate market trends, your home equity, and your credit situation.  Qualifying for a second mortgage today might be more difficult due to recent Option ARM issues.



4) SHOWING YOUR HOUSE TOO SOON:

Never show a home before your declutter.  Find a temporary place for all your extra furniture and clutter so people can see the home and picture themselves living there.  Clean carpets and curtains and air the house out. Remove any pets and there products. A fresh coat of paint can do wonders.  Consider hiring a professional stager.



5) FIRST OFFER:

Don’t rule out the first offer it may be the best and allow you to move on. The longer a house sits the price and interest in the house will go down.


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