We all know things are moving fast and furiously in today's real estate market. When not busy helping my clients, I’ve been thinking a lot about the real estate mistakes I’ve seen throughout the years and would like to share some of the major mistakes I’ve seen, so you can be sure to avoid these scenarios while you search for your next home, or think about selling your existing home.
Avoid Falling in “love” With a House
Falling in love with real estate generally happens in two different situations. The first occurs when I take a client to see a property that is for sale or lease and, no matter how hard I have tried to caution them in advance, the client begins gushing about how the property is absolutely perfect in front of the owner or the owner’s broker. Prices or rates harden, and negotiations become much more difficult because the owner knows they have the upper hand.
Holding Out for Top of the Market
This occurs when a home seller owns a piece of property that has substantially increased in value, and they know it, and will not sell when it should (top of the market) or for the price they should, because they have a “vision” of what profit they can make.
Avoid Talking About a Deal Before It Is Under Contract
Loose Lips Sink Ships is something you need to keep in mind when buying or selling real estate. I've seen too many excited prospective buyers talk about a particular 'great home' or 'great price' with their friends before a property is under contract, only to have it scooped up by this same 'friend' or someone who hears of the deal. Got a great thing? Keep it to yourself 'til the ink is dry.
Don't Make a Low-ball Offer
Don't let this be you. It's always interesting when a client wants to make a “low-ball” offer for a property and then is surprised when the seller chooses not to respond. Then, when they are selling their property, they become insulted when someone makes a very low offer. In either case, I recommend responding, as a general courtesy. I'm heartened when I witness the low offer as just initial posturing, and the parties can easily move on to a reasonable negotiation process.
Conclusion
Most of these mistakes are ones that experienced brokers have encountered and we do our best to help our clients avoid them. That is another great reason to hire a real estate agency that has your best interest at heart.
The value of Marin's homes is at a premium for sellers looking to transition - contact me to get started today. And if you are looking for the beauty and space that only Marin can offer, I can help you find your new home! Contact me to get started - Tracy Curtis, Coldwell Banker Realty, tracy.curtis@cbnorcal.com.
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