YOU DON'T KNOW WHAT YOU DON'T KNOW
If it's your first time buying or selling real estate, you don't know what you don't know. There are tons of potential pitfalls and challenges along the way; they are hard to anticipate when you don't know what to expect.
But luckily for you, most of the missteps taken by first time buyers and sellers are pretty universal, which means you can learn from their mistakes and avoid falling into the same traps. Here are four common real estate mistakes to avoid the first time you buy or sell a home:
Thinking you know the right price.
The price of a home - whether you're buying or selling - is one of the most important components of a real estate transaction. But there's a lot more that goes into pricing than what meets the eye. 54. ardentforlife.net - winter 2018
Pricing a home is a kind of science. There are so many factors that come into play - time of year, current market conditions, how quickly homes are selling in the neighborhood, and the current value of the home. The real estate agent takes all of those factors into consideration when coming up with the right price for a home. Without a real estate background, it's impossible for you to understand all of those conditions and how they affect the price of a home. If you're selling, you're likely to think your home should sell for a higher price because of the value it holds for you. If you're buying, you're likely to think a property should sell for less because that means a better deal on your end. But ignoring your real estate agent's pricing advice, because you think you know what the price of a property should be, is a mistake. As a seller, you'll end up overpricing your house (which will leave it sitting on the market). As a buyer, you'll end up lowballing your offer (and losing the house in the process).
The first time you're buying or selling a home, it's your best bet to leave the pricing to the experts. Your real estate agent will always work to get you the best deal - and keep you from pricing yourself out of the deal you want.
Not budging on negotiations.
Another mistake first time buyers and sellers make is being too rigid when it comes to negotiations. Most real estate transactions require a bit of compromise. As a seller, you might need to give in on some of your buyer's demands. As a buyer, you might need to work with the seller a bit in order to close the deal. It's just the way real estate works. And if you're not willing to give an inch, the deal can very quickly go south. Now, just to be clear: you should never compromise TOO much. Don't compromise on the things that are important to you. But if a minor repair is all that's standing between you and closing your real estate deal, giving in can be much easier than walking away.
Ardent for Life Winter 2018