Selling your Philadelphia house through an agent? Make sure you read this blog post that reveals four mistakes you should avoid when listing when an agent in Philadelphia…
If you’re looking to sell your Philadelphia house, or if you’re an agent who is selling homes in Philadelphia, then here are four mistakes you should avoid when listing when an agent in Philadelphia…
First, Don’t Assume That You Can Sell Right Away.
Depending on several factors, the market varies and can even shift from one day to the next. So make sure you set realistic timelines about how long it will take to sell. Most people want to shoot anywhere between a month and three months. Be prepared in case it takes longer. Many heavy factors will weigh the amount of time it takes to make a settlement happen. You have to remember there will be competition in your city section. Indeed, areas of Philadelphia have quicker turnaround times on the market than others. It will also depend on how much work may need to be done to your home. If your home is fixed up with minor problems, it will save you the time it will take for a potential buyer to make an offer on your home. If your home requires a good amount of work, you may want to look into cheap ways of getting things replaced.
If you are an agent, assume it will take months for the sales process to be completed – from fixing the house to showing buyers to negotiating to set a closing date to moving out. If you are an agent, be careful not to over-promise a timeline to your sellers – set their 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 sell for.
If you are a seller, realize that the actual selling price might differ from the asking price. If you are an agent, you should explain this to your seller.
Your real estate agent will be able to pull comparables in your intermediate area. There are usually 60 or more houses in Philadelphia on each street since then. You only will have to pull sold properties for the past 180 days within a tenth of a mile to help you confirm a reasonable starting price. You want to stay as close to 6 months because your area is constantly changing every six months. It typically increases in value depending on what other homes are selling at.
What an agent will look for when they pull comparable homes in your area are homes that are duplicate square footage, bedrooms, and baths. They will also focus heavily on exceptional amenities like having a finished basement compared to a nonfinished basement. Do you have off-street parking? finding a home in your area that has recently sold that is similar to yours will give you the best number your home will sell.
Third, Don’t Assume All The Money Goes Right Into Your Pocket.
Some people assume that the selling price (minus anything they owe on their mortgage) is pure profit. But this is not true. If you are looking for how much it costs to sell your home. Then you need to know there is a fair share of the cost a seller will be responsible for.
If you are a seller, make sure you know that there will be agent commissions, closing costs, and other fees you will have to pay. If you are a real estate agent, explain to your customers. Typically this total amount will add up to about 10% of the total sales price. Make sure you know this before signing any contracts to sell your home.
Fourth, Don’t Assume That The First Offer Will Go Through.
Buyers often make offers and then discover that they can’t get financing.
If you are a seller, be prepared to have one or two buyers fall through before a buyer can be found. If you are a real estate agent, prepare your sellers ahead of time by explaining this to be ready in case it happens. There are always ways for a seller and their agent to prevent this from happening. Many agents will ask for proof of funds with a sizable earnest money deposit. It will help the agent identify if the buyer can purchase your home. Weaning out the weak not so serious home buyers.
Whether you’re a property owner looking to sell or a real estate agent representing sellers, these are four common mistakes that can happen during the sales process – so make sure you’re aware of them. You can make options to help alleviate any stress and avoid all four of these mistakes. If you are looking for who the cash buyers are in Philadelphia? Then you can quickly contact us to receive an all-cash offer on your home.