Looking to sell your New Jersey house with an agent? Make sure you read this blog post that reveals 4 mistakes you should avoid when listing with an agent in NJ!
If you’re looking to sell your NJ house, then here are the 4 mistakes you should avoid when listing with an agent in New Jersey.
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.
If you are a seller, be aware that it could take months for the sale process to be concluded. From cleaning the house, and making necessary and cosmetic repairs, through the period you will be showing the house to prospective buyers and then moving into negotiating the sales price and closing date until you actually can move out of the house could be a really long period! 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. That doesn’t necessarily means that the house will sell for it. The real estate market can change pretty fast, and prices and demand can change right in front of our eyes!
Third, Don’t Assume All The Money Goes Right Into Your Pocket
Some people think that the selling price minus anything owed to the bank is the “profit” that they’ll make on the sale. That is not true!
If you are a seller, make sure you know that there will be agent commissions (usually 6%), closing costs (usually 2%), and other fees you’ll have to pay. If you’re a real estate agent, make sure you explain this clearly to your customers.
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, especially if the house needs major repairs. Most banks and financial institutions do not lend on properties that needs to be fixed-up!
If you are a seller, be prepared to have one or two buyers fall through before a buyer can be found. If you’re a real estate agent, prepare your sellers ahead of time by explaining this so they can be ready in case it happens.
Whether you’re a property owner looking to sell, or you’re a real estate agent who is representing sellers, these are 4 common mistakes that can happen during the sales process – so make sure you’re aware of them.