Is it a long awaited need for change or a new job that has you looking into selling your home? Well whatever your reason you might want to lower your excitement a notch as you are in for a rather strenuous decision making process, as selling a home is nothing like the trading done in your favorite stores.
However, a little assistance such as an article as this identifying the most common problems you are likely to face in the process, will efficiently prepare you in finding solutions beforehand. Below are the top 4 challenges you are likely to encounter:
A buyer’s market setting
This means that the current market conditions in your area greatly favor the buyers in that there are many listings that is, a great number of homes up for sale to choose from. This consecutively reduces the chances of your home getting viewed and picked as it increases competition. Therefore, sellers, in this case you, have to lower their prices to attract prospective buyers. What you are hoping for is a seller’s market where buyers are in plenty and listings are few causing home prices to rocket as demand is high.
Getting a suitable realtor
This is the one person that can smoothen the selling process for you as he/she is well versed in real estate and will offer quick solutions to any arising issues. The problem comes in finding the ideal one as there are very many realtors available but only few are capable of doing what they promise. In fact, statistically, over 80% of the deals reached are brokered by 15% or less of its real estate agents. Bothering to learn a little about your local real estate market and asking relevant questions to prospects will greatly increase your chances of working with someone outstanding. It is advisable to pick someone with a greater than average success rate.
Valuing your home
This comes with two challenges, overpricing and underpricing. If you overprice your home, chances are it will receive fewer viewing than it would have had it been fairly priced. This it goes without saying will reduce the chances of your home getting a buyer and the longer it goes unbought, the more it appears less desirable. Now, if you underprice, it might land you in financial problems but depending on the circumstances for the sale, tax laws might favor you and prevent more loss. Working with qualified personnel on both issues that is a good realtor and accountant, should help you make informed decisions.
This is mainly caused by emotional attachment to the home, causing you the seller to back out at the last minute due to guilt. Selling a home will bring about many more emotions other than guilt such as frustration, anger et cetera. Emotional outbursts may cost you a great deal or unnecessary charges from your realtor in cases where you decide not to sell. Just keeping your emotions in check at least during business transactions will do the trick here.There are many more challenges you are most likely to face but these are the 4 most common and finding solutions to them will make the rest a walk over. Good luck.