CHAPTER 10 Learn from Their Mistakes: Avoiding Common Seller Blunders To make sure you don't sell your home for less than it's worth, it’s helpful to learn from the mistakes others have made—including mistakes by banks. Here are a few examples of costly missteps you’ll want to avoid. Underpricing The #1 reason sellers leave money on the table is underpricing. Many think their home is worth a certain amount without truly understanding its market value. They list it, sell it for less than it’s worth, and never realize they could’ve gotten more. That’s why it’s so important to really know the value of your home. Speak with a real estate agent, get a Comparative Market Analysis (CMA), and in some cases, it’s worth considering an appraisal to be sure. Pricing Adjustments: A Real-Life Example There are times when adjusting your price becomes necessary. Let’s look at Tim and Sue’s situation: • Comparable Home A: $368,000 • Comparable Home B: $349,000 • Tim and Sue’s Home: $345,000 • Comparable Home C: $345,000 • Comparable Home D: $333,000 • Comparable Home E: $329,000 At first glance, Tim and Sue’s home is priced competitively. But a month later, the market shifts:
53
Powered by FlippingBook