Hands On Real Estate Investing

When listing your home for sale, one of the biggest mistakes your Real Estate Agent can make it to overprice your home! We have a relative who listed their home for sale 30 days ago. The average days on market for that zip code is 41 days. The comparable homes in the area sell for a median price of $535k. The Real Estate Agent listed the home for $590k. The home is located in one of the best school districts in the U.S.A. In 2018, Money magazine listed this city as one of the top 5 places to live in America. After the 1st 2 weeks on the market, the sellers dropped the price $10k. The Real Estate Agent held an open house just after the price reduction. Still no offers.

When your home sits on the market for longer than the average days on market, prospective buyers begin to wonder what’s wrong with the property. After awhile, the listing becomes “stale.” At that point, it’s best to let the listing expire, wait a few months, then re-list the property with a more experienced Real Estate Agent. If you cannot afford to wait for a better price, you may have to accept a low-ball offer.

The key is to ask for “comparable sales” when determining the listing price for your property. If and when you do receive an offer, the bank will order an appraisal. The appraiser will also look at “comparable sales,” so price your property with these facts in mind.

For beginner real estate investors, work with an experienced Real Estate Agent who comes with excellent references. Do you have any home selling tips you would like to share? If so, please share your tips:

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.