Mistakes To Avoid On Your First Buy/Sell
If this is the first time you're considering buying a home, or selling your first purchase, there are a lot of possible challenges you can face. Having the right agent can ensure you're able to get through these challenges making the best possible decisions for yourself along the way. Since some of the issues are universal, let's review some mistakes you should try to avoid making.
THE RIGHT PRICE
Pricing a property is a science of it's own. There are so many many small details and different factors or components that ultimately lead to the value of a home. Although there are a lot of sites offering estimates, namely Zillow, the technology used on online sites to determine property values are simply not as accurate. Zillow even states that their numbers can be inaccurate up to a whopping 20%. Without the background of a real estate professional, it's virtually impossible for a consumer to be able to know the proper components needed to price a home. When you're purchasing a home, you're desire to find a deal, can lead to stubbornness about what you're willing to pay and what you think a home is worth. But what you DESIRE it to be worth is the complete opposite of what it could sell for. If you're a first time seller, you may want to sell your home for as much as you can squeeze out of it, but this can lead to unrealistic expectations, which ultimately leads to an overpriced home that never sells (or sit's on the market for much longer than necessary). Don't make the mistake of assuming you know what a home's value should be. Instead, partner with a real estate agent that's truly working for your best interest, and let them provide you with tools that support home values, so you can place an offer, or price your home, at a number that makes sense.
REFUSING TO NEGOTIATE
If you go into a sale, or purchase, refusing to make negotiations, hard-set on what you want without exception, you're more than likely going to cause a lot of grief and stress for yourself during the sales process. When you're looking to buy or sell a home, you have to have an open mind about negotiations. They are a common practice within the industry, with buyers waning to spend less and sellers wanting to net more. Keep in mind negotiations can be about far more than just the sales price. If neither party is willing to make negotiations, you'll find yourself with a contract time and time again, only to have it fall apart before you can finally close on the home. Having a great agent will help to ensure you make negotiations that are reasonable to lead both parties to the closing table, without compromising what important to you.
Although we all have an idea of what our dream home should be, sometimes the market, and your budget, can't check everything off of your list. Find an agent that helps you look for the most important needs in your dream house, it's important to keep an open mind. Having too many expectations for a home can become stressful and result in not finding a home that you feel really matches your needs. If a home has the major components you are seeking, get creative and see if the other things you want can be added down the road. Have a certain number of non-negotiable items, like bedroom/bathroom count, but then have a list of "wants" that you can have fun adding your own way when you're ready.
YOU'RE NOT ALONE, DON'T GO IT ALONE
Don't make the mistake of trying to handle the sales process all on your own. There is a reason that the real estate profession, and the laws around it, are as strong as ever. Real estate agents are a necessity during the sales process to ensure the right steps are taken to get a home sold. Buying and selling can be difficult and emotional process that requires knowledge and expertise from a professional within the industry. From legal terms, to finding homes that aren't even listed on the market, there are a lot of ins and outs un-experienced buyers and sellers may not think about. This can lead to losing value on your home or missing out on ever finding the right one. Avoid the stress of "learning the hard way" and find a professional that can give you the guidance you need to get the task at hand completed and ensure you're happy with the outcome.
QUESTIONS ABOUT REAL ESTATE?
I would love to be your trusted Real Estate resource! I am a licensed Chicago Real Estate Agent at Main Street Real Estate Group. Whether you live in Chicago or not I'm happy to help you in any way I can or connect you with a recommended agent in your area. Please email me directly at firstname.lastname@example.org, in the meantime for more info check out my real estate website at erinwoodrealestate.com.
Can’t wait to chat and see how I can help you, your next home could be closer than you think!