Are you selling your Sacramento house through an agent? There are some clear advantages to listing on the MLS. Your property will get major exposure, which could lead to multiple competing offers. Your agent can also use their connections to find you highly motivated buyers.
But there are things you should avoid. Here are some common mistakes to avoid when listing with an agent in Sacramento.
First, Don’t Assume That You Can Sell Right Away
The market varies and can even shift from one day to the next, depending on a number of factors. So make sure you set realistic timelines about how long it will take to sell.
It could take months for the sales process to be completed. There are sometimes weeks of waiting between fixing up the house to showing buyers to negotiating to setting a closing date to moving out. If you are an agent, be careful not to over-promise a timeline to your sellers – set realistic expectations.
Second, Don’t Assume That The Asking Price Will Be The Selling Price
The asking price is the starting point in the sales process – it establishes what a seller wants to make… but it’s not set in stone.
If you are a seller, realize that the actual selling price might be different than your ideal asking price. If you’re an agent, make sure you explain this to your sellers. Negotiating may involve changes to the local market, issues discovered during an inspection, and the buyer’s perceived home value.
Third, Don’t Assume All The Money Goes Right Into Your Pocket
Some people make the mistake of assuming that the selling price (minus anything they owe on their mortgage) is pure profit. But this is not true.
If you are a seller, be prepared to fork over some of your selling price to agent commissions, closing costs, and other fees along the way. If you’re a real estate agent, it’s your responsibility to break down these costs in an itemized, easy-to-understand way for your client.
Fourth, Don’t Assume That The First Offer Will Go Through
Buyers often make offers and then discover that they can’t get financing for some reason. Sometimes a lender will pull out because they don’t approve of the property’s reported value, or they could notice a change in the potential buyer’s income.If you are a seller, be prepared to have one or two buyers fall through before the right buyer can be found. If you’re an agent, be diligent in finding reliable buyers who have a loan pre-approval.
Summary
Whether you’re a property owner looking to sell, or you’re a real estate agent who is representing sellers, setting appropriate expectations is key to a smooth sale. Avoid these mistakes when listing with an agent, and you can sell your home without any hard feelings.