We all know that the real estate market is still taking its share of hits, but that doesn't mean it's impossible to sell your Silver Spring home. Sellers need to be patient, and savvy, to avoid some common mistakes that may seem all-too-appealing during these rough times.
Avoid asking too much. The single biggest mistake you can make is setting your asking price too high. In today's market, homeowners need to price conservatively or they risk turning off potential buyers. Figuring out how to set the price is tricky. Gone are the days when you could expect to sell your home for as much as your neighbor did just six months ago, according to the National Association of Realtors. Instead of looking at how much homes in your area sold for six to 12 months ago, compare prices for similar properties currently on the market.
Overpaying to get your home ready to show. It's a depressed market, so it's more important than ever for your property to stand out from the competition. But unless you're selling a multimillion-dollar mansion, you don't need to pay a professional to stage your home. And you don't have to break the bank, either. There are many free or inexpensive things you can do on your own to get your house into show condition. Nothing will brighten your place more than painting the walls.
You don't always have to question the first offer! The reality is that in any market a home's first offer is often its best. Typically, educated buyers will seize on a property they like with a competitive bid as soon as it comes onto the market. Given the glut of houses on the market, sellers should expect to receive some low-ball offers; just don't assume that you'll get better bids the longer you hold out.
Be sure to respond to every offer. What if you get an offer that's simply too low? Don't reject it outright; let your realtor negotiate. By entering into negotiations with one party, you'll gain leverage with other potential buyers. Be realistic - it's crucial to set a bottom-line price you're willing to take.
If you think you may need help selling your house, we may have the solution. Ask yourself these questions:
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Are you a homeowner relocating in and out of the Washington, DC area?
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Move-up Seller: Is your current space too small for the needs of your family?
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Move-down Sellers: Is your current space too cumbersome or unnecessary for you?
If you answered “yes” to any of these questions, our Sellers webinar is for you!
Register for the next session now by clicking this link:
We'll answer all of your real estate-related questions, and we'll offer the support you need and want to make your transaction – and your transition – as smooth as possible.
Emcee Arah - "the REALTOR with Architectural Dimension" – is both a Certified Distress Property Expert (CDPE) and a Certified Investor Agent Specialist (CIAS). He is uniquely equipped to assist you in navigating the residential real estate market in DC and the Maryland suburbs. Contact us online or by phone at (301) 452-5252. And don't forget to leave your comments on our Facebook page – we'd love to hear from you!
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