Real Estate pitfalls to avoid
There are many issues that can hinder the sale or purchase of a home. Here's what to avoid according to our Real Deal in Real Estate Pros.
- Unreleased liens. A lien is a legal claim on a real estate property granting the holder a specified amount of money upon the sale. If they're unreleased, this can delay settlement, and affect the transaction. A mortgage lender and title insurance team do research to ensure there are none against the property, so the buyers and sellers can focus on other concerns.
- Selling your home yourself. All the real estate websites out there have made it easy to compare home prices in different neighborhoods. You may think you can get enough information to competitively price your house, but there's more to a successful real estate transaction than that. Real Estate Agents are experts at the marketing procedures, and used to the paperwork and closing procedures that come with the territory.
- Not staging your home properly. If you're still living in the house you're trying to sell, it can be difficult to get things in order. But keeping a clean, clutter-free space is essential when it's on the market. Sellers should aim to pack, store, donate, or throw out at least one third of their belongings. Pack up all personal items first (heirlooms, family photos) so potential buyers can envision themselves in the home.
- Going crazy with the upgrades. You want your house to look the best it possibly can, but expensive upgrades can set you back financially. Pay the most attention to your home's curb appeal and kitchen. Landscaping, a fresh coat of paint, and updated cabinet or door hardware will go a long way to boosting your bids.
- Pricing your home too high. We know you want the maximum amount of money for the home you've loved. But overpricing it can backfire. Once you get the property appraised, price it 15 to 20% below that amount. It may seem risky, but lowering the asking price will make buyers feel like they're getting a great deal. More potential buyers can lead to a bidding war; which will get you the price you want.
This article is sponsored by The Real Deal in Real Estate Team. Contact them for your buying and selling needs!