It’s a sellers’ market and everyone is trying to make as much money as possible off the sale of their home. Now you have to figure out who is going to sell it for you.
Many people think you just say, “Hey, my house is for sale,” and magically someone cuts you a big fat check. But unless you have a house in a really hot market this usually isn’t the case. There are many little things you should be aware of.
Are you pricing your home to sell? Trying to sell your home for $100,000 more than anything else in the neighborhood is a big mistake. Not only will people think your property is over inflated but you will also have a hard time finding a lender that will give a perspective buyer a loan on your property.
Once you have over priced your house, you have to deal with the issue of constantly dropping the price of your property, which now starts the wait-and-see game. If the price is dropping every week potential buyers now start to sit, watch and wait for your property’s price to drop as low as possible.
Many of these issues can be compensated for by doing a little research before putting your property on the market and really knowing the comparable sales prices in your neighborhood. A little homework can go a long way.
Last but not least, is ineffectively marketing your home. Putting a “for sale” sign in your front yard is not marketing. That sign is basically just an introduction to let people know your property is available for sale. And unless you plan on selling your house to one of your neighbors, how many other people are really going to see it? You would be better off posting a picture on a social media site, it will have a further reach.
The best way to avoid many of these issues is to find a listing agent that has a track record of selling properties for a fair price in a reasonable amount of time. And just because your cousin, aunt or brother in-law has a real estate license doesn’t mean they will have the skills to sell your property for fair market value.
So remember make sure you price your home correctly, don’t keep dropping the price, make sure you market it correctly, and look for an agent that specializes in listings. They generally more than make up for their fees by getting you a better price and quicker sell.
At WLM Financial, our goal and my dream is to teach people how to get into the position to be financially free and, with a little bit of hard work and endurance, you can get there.