Selling and buying a house may sound simple and easy to do. For some it's just about doing a simple search, meet and deal process. However, contrary to what we see or hear, the process requires relevant and in-depth technical knowledge. For real estate is a distinct industry, and like every industry it has its own rules and techniques which one may apply to achieve profitable results. However, some of us are not that well-versed of these terms which most of the time leads to committing of blunders. And here are some the common real estate mistakes that most buyers and seller unknowingly or even knowingly commit. As also seen on usnews the mistakes are outlined underneath.
Setting High Price
Putting your house on the market for grabs comes with the idea of having the best price when it sells. As a result you list your property at a very high price. And such move may actually net you a lower price. That is mainly because buyers in search of property together with their real estate agents are most of the time timid in checking houses which are priced above their market value. As a result your offer together with the property being marketed will stay on the market for few days or weeks. And according to Nela Richardson, chief economist for the brokerage Redfin, "buyers are highly suspicious of houses that have sat on the market for more than three weeks." You may opt to lower the price anytime but if you do it in a declining market, you might encounter offers at asking or lower price. And such mentality poses a threat in receiving multiple offers or even on your being sold.
Scratch Real Estate Agent
The idea of getting a better deal as a prospect buyer without the aid of real estate agent is totally wrong. For the house or property being listed on the market with real estate agent has been priced with commission of the agent being considered. And if still you will neglect the aid of agent, that commission would be received whole and entire by the seller's agent.
DIY or Do It Yourself
DIY usually works well if you are constructing something. But in the field of real estate, such do you it yourself mentality may not yield into something profitable. Not all stories about certain people successfully selling the house without real estate agent yielded great results. For some like in the second example, buyers having the idea of commissions being rid of might ask for a lower price. It is not impossible to sell a house or property on your own, but you need to be ready of the responsibly it entails, like listing your house online and other technical concerns.
Real estate as mentioned above is a different industry compared to our common day to day environment. That is why the aid of a person with authority is of great help, and on this particular case, real estate agents are the suitable persons to aid us.
