3 Mistakes of Novice Sellers

Sharing is caring – I found this article from Realtor.com most interesting….

With soaring home prices and high demand, homeowners are finding it a great time to sell. But some sellers—particularly first-timers—may be so caught up in the headlines about the rosy market that their expectations may become clouded.

Real estate professionals shared with realtor.com® some of the mistakes of rookie home sellers in the current market:

Unrealistic price expectations: It’s a seller’s market, but that doesn’t mean a sky-is-the-limit pricing strategy will still work. “First-time sellers often erroneously believe that the list price means the desired purchase price,” Lindsay Reishman, founding partner at The Reishman Group in Washington, D.C., told realtor.com®. “In fact, the list price simply indicates an approximate appropriate price, and its purpose is to drive interest in the property.”

Accepting the highest offer: Buyers can make some giant bids to beat out the competition, but those offers can fall apart. Real estate pros say sellers can become so focused on a number that they overlook the reliability of a bid. Home offers can fall apart for a number of reasons, including financing, appraisals, or inspections. “In this market, it’s not uncommon for a buyer to submit an offer for a home, sight unseen,” Deborah Ann Spence, a broker at Fierce Real Estate Corp. in Bala Cynwyd, Pa., told realtor.com®. “Then, if the buyer doesn’t like what he eventually does see, the offer can be withdrawn and the property is likely to lose traction.”

Trying to FSBO: “For sale by owner” may be tempting to homeowners who believe the seller’s market offers them an opportunity to DIY their home sale. However, the FSBO route could limit the home’s exposure to larger pools of buyers since FSBOs can’t be listed on the multiple listing service. Also, even if the home does get buyer attention, a real estate agent by the seller’s side is critical to navigating the process and paperwork and sorting through multiple offers.

View more common slip-ups of first-time home sellers at realtor.com®.

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Sabrina Caton - The Caton Team - Realtors

Sabrina & Susan are native Californians - born and raised in the Silicon Valley with a passion for Residential Real Estate. A mother and daughter-in-law duo called - The Caton Team. With over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time. Call | Text at: 650-799-4333 | Email Info@TheCatonTeam.com The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true. The Peninsula is our backyard - let us help make it yours. We represent Buyer’s and Seller’s throughout the Bay Area. The Caton Team – Susan & Sabrina A Family of Realtors Effective. Efficient. Responsive. What can we do for you?

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