MOST COMMON SELLER MISTAKE

Over-pricing your home. Lets say that you interview two agents to sell your home. One shows up with comparables that show what has sold in your neighborhood and the prices they sold for. 

That agent then shows you a range of listing prices for your home. There's the low side which is what you should list it for if you are in under time constraints which could happen if you have a contract on your next home, the middle range which should sell in a reasonable amount of time and the high side which will take the longest to sell, but will sell eventually.

You think you'd like to test the market and list it 25,000 over the highest range of listing prices. The agent should at that time counsel you on the effects of doing so and give you time to think it over. The next agent shows up with the same comparables but says, sure we'll list it for what you think the home is worth and test the market. DON'T DO IT! Especially in todays Jacksonville market.  Properties are not moving as fast as they did a year ago and there is alot of new construction and desperate builders inventory that you have to compete with.

That agent is not acting in your best interests and is only after the listing. What will happen is that your home will be shown frequently for the first week or so and then after all of the agents in the area realize how over-priced your home is, will not show it anymore. In fact, you'll be selling all of the other homes in your neighborhood because they will become much more attractive due to their lower price. That agent  knows that eventually you'll have to lower the price and will just wait you out.
 
Your home will sit on the market and become stale. People will start wondering whats wrong with the home when they see how long its been on the market. If by chance you do get someone to put in an offer on the home for asking price, it still has to appraise for that price. The appraisal comes back showing that the home is only worth 80% of  the purchase price. What happens then is that the buyer would have to come up with the extra 20% of the purchase price in cash or walk away from the deal. What do you think the buyer will do? Almost 100% will walk away leaving you to start the process all over again. In the end you will either have to lower your price and more than likely sell for less than your home is worth out of desperation or not sell at all.
              
Please don't fall into this trap. It's a no-win situation all the way around and can cause great stress for you and your family. Also please keep in mind that 99.9% of Realtors are good honest people.                   

If you are thinking of selling and want an honest realtor who will look out for your best interests, give us a call at (904) 874-0405 or (904) 874-3569 or  e-mail me . We'll be happy to come out and discuss your options.

 Thanks and Happy Thanksgiving!

Tara Painting

Real Estate Marketing 

Silverman Realty Inc.