Selling your home in a divorce
COMMON MISTAKES SELLERS MAKE
Carefully read this list of mistakes so you don't make them yourself.
If setting a price was simple and straightforward, you would not need assistance in pricing your home correctly.
Save yourself time and money by avoiding these pitfalls.
Guessing Instead of Researching
Basing your home price on what the neighbor down the street has listed his home for is not a reliable way to go.
The Comparative Market Analysis is still your best source for setting an asking price.
If a home in your area sells for a low price, don't assume yours is worth the same amount.
Your home might have something to offer that the other one didn't.
Let the CMA be your guide with the advice of a real estate professional.
Hiring a Realtor Because They Suggest the Highest Listing Price
Choosing a real estate agent simply because they want to put a high price on your home is not in your best interest
They should know more about the market for your home than you do.
Pick an agent who can provide you with real numbers and solid marketing plans for your home.
The professional you hire to sell your home should be knowledgeable, trustworthy, and quick to answer any questions or concerns regarding the entire selling process.
Avoid this mistake by interviewing agents and selecting the one who offers sales data and a strategic listing price.
Selling your home is a business transaction between a qualified buyer and yourself.
If you have enjoyed living in your home for years but have decided to move on, then don't let emotional attachments to the home affect how you price it.
The most objective price will come from the CMA provided by your real estate agent.
Memorable moments spent in your home are priceless, but they don't add more to the selling price.
It is also unrealistic to add dollars because of the labor spent making the house into your home.
By focusing on the CMA results and maintaining a "strictly business" attitude, you can keep emotions at bay.
First Day High-price Blues
The most crucial time for your home are the first 10 days on the market.
Once your home is on the MLS, you will see how much interest is generated.
If your price is too high, buyers will pass you by because the home is out of their price range.
By the time you decide to lower the price, they have moved on to other properties.
As your home sits on the market, buyers will wonder why the home hasn't sold, concluding that it is undesirable in some way.
Price it correctly from the start to generate interest and gain attention from buyers to sell faster.
Unrealistic pricing costs you more money in the long run.
Unrushed High Pricing
Even if you are not in a hurry to sell, it is not a wise move to "test" the market by listing your home at a high price to see how it goes.
Serious home shoppers may take months to find a new home, so they are continually looking for new listings, not ones that have been sitting on the market.
Thinking that the market will turn in your favor may not be reliable, either.
If prices in your area are dropping, you may lose money.
By pricing your home based on current market values, you can sell your home more quickly and for more money.
Another pricing trap to avoid is insisting on a high price for your home far above other homes in the area.
If your home does not sell after three months, you might decide to lower the price.
That is okay in a stable or increasing market. But what if the market in your area is declining?
In that case, you may be forced to reduce the price even more in order to catch up to the falling market.
Price competitively from the first.
Don't hesitate to reevaluate your local market.
Work with your real estate agent to determine the fair market value of your home.
Next chapter to follow in a few days