Albuquerque Home Selling Mistakes
Please enjoy this great article on Albuquerque home selling mistakes.
According to National Association of Realtors (NAR) found 2015 home sellers on average lived in their home for ten years. The NAR average used to be six to seven years. Home owners have had to push out their sale due to housing market collapse. Not only is their home the biggest single asset most people own, but it’s also filled with memories. Albuquerque home sellers can get a little emotional when it comes time to sell their home.
Albuquerque home sellers need to be smart about how they approach selling their home if they want to get a return on their investment. Home owners are more likely to make mistakes that can make it difficult to find a buyer or force them into accepting a lower offer than you would like if they let emotions not logic drive their decisions.
The good news for sellers is that the Albuquerque real estate market is getting better for sellers. Average and median home prices are increasing in Albuquerque. The number of homes being sold in Albuquerque is also increasing. The typical home seller receives 97% of their final asking price, and houses are on the market 51 days according to Greater Albuquerque Association of Realtors.
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These are all great numbers for Albuquerque home sellers. Not every Albuquerque homeowner sells their property quickly or gets the price they want. You can increase your chances of a successful real estate transaction if you avoid these five Albuquerque home selling mistakes.
1. Not Being Realistic About Sales Price
What your home is worth and what home owners think they can get for their home are often two very different numbers. “What you paid for your home means nothing.” Most home upgrades do not return a positive return on investment. Your home is only worth what the market will bear.
Sellers need to be careful not to get too greedy when picking a listing price, even in tight market. Albuquerque home sellers find that overpricing their homes at the beginning, tend to eventually sell at a lower price than they would have if they’d been appropriately priced in the first place. Choose a reasonable price based on factors like how much comparable properties are selling for. You should have traffic of home buyers within the first few days of placing your home on the market. The first 30 days on the market are your most important time. “No offers within a 30-day period means the price is too high.”
2. Not Making Your Home Look Its Best
I can’t believe how many homes are placed on the market and have not been professionally cleaned. At a minimum, Albuquerque home sellers should have the home professionally cleaned, get rid of all the clutter, and make sure the home has good curb appeal. If you are selling your Albuquerque house, sellers should also make sure the home is well-lit and fix any major aesthetic issues. Albuquerque home sellers should also consider other items such as repainting with neutral colors, spruce up landscaping, and or replace flooring. According to the Real Estate Staging Association, professionally staged homes can sell five to seven times faster than non-staged homes.
3. Refusing To Negotiate
If you want to sell your Albuquerque house, you should start by setting a fair and reasonable price for your home and leave in some wiggle room. In our current market, Albuquerque home buyers will start with an offer below your asking price. Most home buyers want a good deal and want to pay as little as possible for the home they purchase. Most home buyers want to feel like they got a good a deal on what is most likely the biggest purchase of their lives.
Working with an experienced Albuquerque listing agent can help you negotiate the tricky negotiating of getting the price you want without scaring off a buyer. You can make your buyers happy while also getting the price you need by accepting slightly less than asking price for your home. You might agree to concessions like paying closing costs for the buyer, include appliances, or make certain repairs to the property in order to sweeten the deal.
4. Hiding The Truth About Your Home
If you are selling your home in Albuquerque, sellers will normally provide a seller’s disclosure about the home. The seller’s disclosure is a lengthy documents with many questions about your home. Providing inaccurate information in the seller’s disclosure can lead to lengthy and costly legal battles for Albuquerque home sellers.
Home buyers will request many different types of home inspections and will likely find all problems with your home. Your best bet is to provide information about your home to the best of your knowledge.
Price your home appropriately given its condition and document the problems you’re aware of and have your buyer sign off on them. Full disclosure is the best way to avoid a lawsuit for anyone selling a house in Albuquerque.
5. No Backup Plan
In a perfect world, you’re able to smoothly navigate the transition between selling your current home and buying a new one. Selling a home and buying a home at the same time is very difficult and can be stressful. Well prepared Albuquerque home sellers have contingency plans in place to avoid either getting stuck with two mortgages at once or not having a place to live. It is always possible for a deal to fall through.
Albuquerque home sellers may want to be prepared to find temporary housing. Such as a rental or staying with family, in case your home sells quickly. If you must move before your home sells. Make sure you’ve budgeted to afford the carrying costs of the old home. Finally, if there are multiple people interested in your home, you may be able to accept backup offers. Which involves agreeing to sell to a second buyer if the first one backs out.