MISTAKE #1—MISUNDERSTANDING THE CORRECT MARKET VALUE OF THEIR PROPERTY
You should always know the proper market value of your property as early as possible when you decide to sell. An overpriced listing of the property will end up scaring off potential buyers; underpricing will net you a fast sale and a much smaller profit than you could have had. On the other hand, selling at the correct market value can cost you some of your hard earned equity. In order to get just the right listing price, the property needs to be evaluated carefully, from a neutral perspective. Influenced by their emotional attachment to the property in which they have spent so many days and nights, many sellers tend to add value to some distinguishing aspects of the house, its character, its quirks—not realizing that a potential buyer might consider those same things a hindrance. It might be anything from room decorations, or tapestries, or wall painting, to more substantial structural changes—whatever the case, anything that requires renovations or costs money to remove might not appeal to the client. That is why a neutral evaluation is an important thing to do before listing the property on the market—take a step back, try to detach yourself from your home and look at it as just a house. Ignore all your experiences there, and try to see it as a buyer will. There are lots of variables that can affect house’s pricing. These aspects include size, location, number and quality of services in the area, availability of reliable public transportation services, and neighborhood reputation, among many others. Pricing will also be subject to the regular house market pricing levels of the area, of course—no house is an island (or at least, not for the average buyer or seller!).
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