It is often so easy to get caught up in the excitement or activity of buying or selling Windsor real estate. For home owners or buyers this can be a stressful time as well as mistakes can be made when your emotions get the best of you. Here are some of the biggest real estate blunders we have seen in our business. This is what you want to avoid:
1. Waiting until spring to sell your home.
As I mentioned in my previous article, there is no “best” time to sell your home. Today, buyers are looking 24/7 (thanks to the Internet), 365 days a year. There is no need to wait to sell your home based on the time of the year. Those days are long gone.
2. Buying without thinking of re-sale.
Buyers today who purchase a home without thinking of selling it one day are making a huge mistake. For some, they think they will stay in a house for many years, and while that is good in and of itself, emergencies and unexpected thing happen. If you are transferred or lose your job, you may find yourself needing to sell quickly. If you buy a home in an undesirable location or has a strange layout, be prepared to sit on it for much longer and possibly get a lot less than what you were hoping.
3. Not making your property available for showings.
Sellers who insist on “appointment only” showings or make it difficult to schedule an appointment, run the risk of losing buyers by the droves. Once a seller gets a difficult reputation, agents will lead their clients elsewhere. If possible, always have a lockbox on your home that can make it easy for your home to be shown.
4. Not setting a budget or getting pre-approved.
Buyers who have no idea what they can and can’t afford or haven’t done the research on the cost of maintaining a home often find themselves shocked at closing when the numbers are before them. Just because you can afford a 300k home, doesn’t mean you should. Sit down and make a realistic budget of what you can afford each month. Don’t forget insurance, taxes, closing costs, utility payments, maintenance, etc.
5. Making major home remodeling before selling.
Let’s say you know you are going to sell fairly soon, but you have always wanted a home theatre, so you put one in. You figure you will get your money back because, “everyone wants a theatre in their house!” Well, guess again, not everyone does and you won’t get much in return. If you are to make any home improvements, consider landscaping or curb appeal as this makes a great first impression and gets buyers in the door.
6. Ignoring a home inspection.
This really is one of the biggest mistakes a buyer can make, period. Don’t buy a home without getting an inspection no matter how much you love it! Your dream home may have a nightmare waiting to happen and you will be stuck with the expense! Buyers have literally lost their savings when they discovered a bad foundation or outdated wiring simply because they didn’t get an inspection. Hire a professional inspector (not a family friend or relative who does this on the side) and make sure you get a full written report with pictures.
7. Not hiring a real estate agent or hiring the wrong one.
This may be no surprise to read since you are reading this from a real estate agent, however, research has shown that working with a professional agent that comes highly recommended can actually save you money. You want someone who knows the area, is highly organized and knows how to negotiate.
8. Not making your first offer your best offer.
With homes sales increasing, many sellers are getting close to their asking price and receiving multiple offers. Don’t low ball an offer if you really want the property. You run the risk of offending the seller who may very well send you on your way, or you can lose the home because a more acceptable offer was received. Follow the advice of your agent, especially if the property is well priced and in a great location.
9. Not making repairs.
If you have a home that is in need of repairs, take the time to make them or you will need to price the home accordingly. It’s always better to do as much as you can as it will increase your sales price and makes a much better impression for buyers.