CHAPTER 10 Learn from Others' Mistak om Others' Mistakes
To avoid selling your house for less than it’s worth and leaving money on the table, it’s helpful to find out what other people have done wrong. These are examples of costly mistakes, including mistakes made by banks. The final story demonstrates how pricing your home right the first time
is crucial in a changing market.
OVERPRICING: THE EASIEST WAY TO LOSE MONEY ON YOUR HOME SALE
The #1 reason people lose money on their home sale (as in, not getting all the money they could) is overpricing. They think their home is worth “x” dollars without researching the value. They put their house on the market, hoping to sell it for more than it’s worth, and never realize their mistake. That is why it’s so critical you have a real understanding of the value of your home in today’s market. A Comparative Market Analysis (CMA) will provide the seller with this information.
BANK AS SELLER
First, the bank overpriced the property by $100,000. Second, the hired agent didn’t market it properly. Errors were made in the REALTOR.ca listing. As a result, it did not show up in search 59
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