CHAPTER 12 Avoid Costly Mistakes
How can you keep from selling your house for less than it is worth? How do you avoid losing money on your sale? The first thing that you need to learn from is the mistakes of those who came before you. Below are some examples of costly mistakes made by all kinds of sellers, including those made by a bank. The final story demonstrates how crucial it is to price your home right the first time in a changing market.
EXCESSIVE OVERPRICING IS THE EASIEST WAY TO MAKE BUYERS PASS YOU BY
The number one reason people lose money on their home sale is overpricing and becoming a low-ball target when buyers see the home sitting longer than others and with price reductions EVEN IN A PANDEMIC! Sellers assume their home is worth ‘x’ dollars without researching the value, put their house on the market, watch the others sell, and never realize their mistake. That is why it is so critical to have a true understanding of the value of your home in today’s market.
Tim and Sue appear to have priced their home competitively for the market. Over the next month, their home sits.
Comparable Home A: Expired Tim and Sue’s Home: $845,000
Comparable Home B: $799,000 (Reduced Price) Comparable Home C: $789,900 (Reduced Price) Comparable Home D: Sold 76
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