Selling Your Current Home
With the recent drop in Interest Rates we have experienced an upswing in buying interest. One of the situations we are seeing buyers being confronted with is the sell of their existing home. Here are some tips we found from Smart Money.com on mistakes home sellers make.
- Asking Too Much-Now is a difficult time to set the price of your existing home. You don't want to give it away, but you also want it to sell. Most real estate agents will provide a CMA (competitive market analysis) for your existing home for free. If your home is currently on the market and you're getting phone calls but no showing traffic, your price is too high.
- Questioning the First Offer-The reality is that in any market a home's first offer is often its best, says Elaine Clayman, a real estate broker with Brown Harris Stevens. Typically, educated buyers will seize on a
property they like — with a competitive bid — as soon as it comes onto
the market, she says. Of course, given the glut of houses on the
market, sellers should expect to receive some low-ball offers. Just
don't assume that you'll get better bids the longer you hold out. As
Clayman warns, the more time a home sits unsold, the greater chance a
seller will have to reduce his price.
- Failing to Respond to All Offers-What if you get an offer that's simply too low? Don't reject it
outright. See if you can negotiate. First of all, you can't blame
someone for testing the market — after all, in today's market, many
buyers are confident that they have the upper hand. Secondly, by
entering into negotiations with one party, you'll gain leverage with
other potential buyers.
Good Luck on selling your current home.