8 Top Real Estate Mistakes

 

Get insider secrets to avoid costly blunders on the most important investment of your life.

SELLERS:

Failing to Showcase your Home
When you are selling your house, you have to look at it objectively from the viewpoint of the house hunter. Make minor enhancements to the house, perhaps hiring a professional stager to arrange your furniture. Staging is about decorating your house for the buyers’ taste, not yours. Home staging is designed to increase the potential selling price and reduce the amount of time the house stays on the market.

Setting a High Listing Price
To price your home, your agent will suggest a figure that is comparable to what the homes in your neighborhood have sold for, unless you have upgraded features. It’s always better to price a home this way rather than start too high and have to reduce. Once you reduce, people may think something is wrong with the home.

Doing Major Renovations Before Selling
Minor upgrades usually have a higher return on your money than tackling major renovations before placing a home on the market. The main reason? Huge construction projects always cost more than you think and take longer than expected.

Not Hiring an Agent
There’s a lot more to selling a house than just putting a sign on the front lawn. If you don’t have an agent, you will miss out on somebody negotiating on your behalf. It is really important to have someone on your side who understands all the complexities, paperwork, and legalities.

BUYERS

Buying What You Want–Not What You Need
Look at the space you already live in. It will help you realize what you have been missing and what you need in your next home. Make a list and ask your agent to start shopping based on those needs.

Overlooking Hidden Costs
Buying a home is not just about the money you spend up front. Find out what the property taxes are, what your water and other utilities might cost, possible HOA fees, insurance, and if you need to factor in furnishings or renovation costs.

Buying a Home Without an Inspection
A professional home inspection can reveal many things about a property that are not visible to the naked eye. Be sure to hire someone who comes with a good referral, who’s been in the business a while and knows what to look for. Once you find an inspector, make sure they compile a written report, complete with photos. Photographs are important because there are areas a home inspector will look at that you might not see.

Skipping the Loan Pre-Approval Process
When you are pre-approved, the bank is saying, “we will give you a mortgage of up to this amount, so now all you have to do is find your home.” Some sellers only allow real estate agents to show their house if someone has a pre-approved letter. That indicates that the shopper really is serious about buying a home.

Article courtesy of HGTV.com

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