Selling a house can be a very emotional experience for many people. After all, your home is often where you’ve raised a family, made lifelong friendships with neighbors and put down roots in a community! But selling is also a necessity for many due to job transfers, the need to downsize after the kids are gone or a financial hardship situation. Whatever it is that is prompting you to sell, PLEASE remember these common mistakes that homeowners make when pricing their home:
The number one mistake is of course, OVERPRICING your home. While you may think it is worth “X” amount, the reality may be very different. Rely on your Real Estate Professional to help you determine what a realistic sales price is; one that will NET you the most money but will still bring a quick sale. Your Realtor has access to the Multiple Listing Service in your area and can easily pull comps to support an accurate value for your home.
Which brings me to mistake number two: relying on bad or inaccurate data! Think ZILLOW…while Zillow has become THE “go to” online tool for many Buyers and Sellers, it doesn’t replace a real-life Real Estate Professional! Quite often those “Zestimates” that many outside of the Real Estate industry rely on are completely wrong, as they are based on wide range trends and geographical data! And since Texas is a non-disclosure state, no one outside of the Texas real estate community of licensed REALTORS® has access to the actual sales price of a particular property.
Third: a 3 bedroom/2 bath/2,000 square foot property in Prosper, Texas is quite different than a 3 bedroom/2 bath/2,000 square foot property in Uptown Dallas! In other words, avoid comparing your home with the wrong property. Again, Sellers need to rely on their Real Estate Professionals who are familiar with the market in the area of their expertise! Your local REALTOR® should know their geographical market inside and out…and will have a laser focus on what properties should sell for based on location, condition, size, and neighborhood amenities.
Lastly, and this is a tough one for both the Seller AND the Real Estate Professional: It is letting a Seller’s emotions, or their financial need dictate the sales price of a home. Just because you (as a Seller) need to NET a certain amount of money, or you have a sentimental attachment to your home because you raised your children there, should have NO effect on the sales price or value whatsoever. It should be based solely on the facts, which are: location, condition, features and benefits and type of home that you are selling!
Call us at Castle Hills Real Estate today! We are experts in the Castle Hills subdivision in Lewisville, Texas and the surrounding communities in far North Dallas. If you are located outside of our area of expertise, we’ll be happy to refer you to another REALTOR® who can serve your needs.