it hasn’t sold. Serious buyers sometimes take months to find the right home, and are usually looking for newer listings—not ones that have been hanging around for a while. Price your home correctly, with the help of a professional real estate agent and based on a CMA, and you will generate interest from buyers and sell your home more quickly and for more money.
MISTAKE #4. PRICING TOO LOW
On the flip side, pricing too low is another mistake that sellers make. Don’t insist on pricing your home lower than other homes in the area just so you can sell it faster. Buyers and buyer’s agents will wonder if something is wrong with your home because it’s priced too low. You might also decide to price-drop your home if it hasn’t sold yet at a higher asking price. This strategy might work in a stable (or increasing) market, but if the market is declining, you might have to reduce your price even more to “catch up,” leaving you with much less profit than you’d hoped for in your decision to downsize. The key is to price your home competitively from the start. This involves working in close partnership with your real estate agent.
MISTAKE #5. SELLING BEFORE BECOMING QUALIFIED
Make sure that you are actually qualified to purchase another home before you enter into a contract to sell your current home. Even though you’re likely downsizing from a larger home and moving into a smaller place, you still need to be approved. Your financial circumstances might have changed in the years (or possibly decades) since you purchased your home. Also, the requirements are considerably different today than they were decades ago.
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