3 TRADE UP MISTAKES TO AVOID
Unlike the experience of buying a first home, when you're looking to move up, and already own a home, there are certain factors that can complicate the situation. It's very important for you to consider these issues before you list your home for sale.
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Rose Coloured Glasses
Most of us dream of improving our lifestyle and moving to a larger home. The prolem is usually the difference between our hearts and our bank accounts. You drive by a home and fall in love with it, only to find out it's either pending or they're asking more than you are willing to pay. Most househunters get caught in this hit or miss stratesgy of househunting when there's a much easier way of going about the process. Find out if your agent offers a "Buyer Profile System" or "Househunting Service". Deryck Wilson, a RE/MAX associate, offers a VIP Buyer Program which takes the guesswork away and helps put you in the home of your dreams. This type of program will cross reference your criteria with ALL available homes on the market and supply you with printed and/or e-mail infornation on an on-going basis.
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Failing to Make Necessary Improvement
If you want to get the best price for the home you're selling, there will certainly be things you can do to enhance it in a prospective buyer's eyes. These fix-ups aren't always expensive either. But even if you do have to make a minor investment, it will often come back to you ten-fold in the price you are able to get when you sell.
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Not Selling First
You should plan to sell before you buy. This way, you don't find yourself feeling disadvantaged at the negotiating table, feeling pressured to accept an offer that is below market value only because you have a deadline to meet. If you already have sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but have not gotten significant headway into finding your next home, you might want to put a contingent clause in the contract which gives you a reasonable time frame to find a home to buy. Selling a home on your own is possible, but it's advisable to use a REALTOR and get the home sold for the most amount of money in the quickest time frame. Realtors know their markets!
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