Mistake #3

Mistake Number Three

Most Homeowners Think It’s Better To Hold Out For A Higher Offer: Is your house already on the market? Has it been more than 90 days? What is your cost associated with waiting for a higher offer? What is the likelihood that you will eventually receive a higher offer? Have you researched whether homes in your neighborhood are selling at a “premium” or at a “discount?” Some neighborhoods are indeed insulated from the market’s recent impact and still enjoy modest appreciation, but most are depreciating. Regardless, it’s anyone’s guess as to when this trend might reverse. Homeowners need to personally decide how long they are willing to wait to sell and factor this into their asking price. In other words, if you decide to list your house higher than the fair market value in your neighborhood, you should expect it to take several months longer to sell. That means you will be obligated to continue paying the mortgage until you sell. On the other hand, if you were to ask several thousand dollars less in the form of a “discount” or “subsidy” you can see how that could make your house more attractive to a potential buyer.