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Ed Bailey | Six Real Estate Mistakes to Avoid

Each of these can lead to a lower selling price, longer on the market, and a smaller net return when selling your home.

1. FSBO – You need the exposure that the Multiple Listing Service gives you. California Regional MLS is now available to more than 100,000 member agents throughout California. Besides research shows that the median purchase price for homes sold by owner is lower than the median purchase price of those sold through a broker, by more than twice what the customary real estate commission would have been.

2. Price – Overprice it and it will not sell, but grow stale on the market and buyers will start to wonder, “What is wrong with it that has kept it on the market so long?” Agents are likely to pass it up and spend their time and gasoline showing properties that are priced in line with market value. Even if you get an over market value offer, the appraisal could be a real problem. If you want to sell it, price it to sell. Ask your agent for a Comparative Market Analysis (CMA)

3. Negotiate lower commission – A lower commission rate equates to lower incentive for thousands of potential selling agents to show it and to sell it for you. Ask your listing agent to list it at one percent above the going rate for your area, with the extra one percent going to the selling agency. That’s a higher incentive for selling agents! If a lower commission is an incentive for the seller, it is also a lower incentive for selling agents

4. Difficult to show – Agents prefer to show properties that are easy to show; property listings that do not say things like “by appointment only,” “24 hours notice,” “call listing agent for key, “listing agent must be present at showings, ”or other such restrictions. Make your showings as easy as possible. The properties most likely to be shown are the ones noted, “Vacant – Go Show.”

5. Out of the area agents – can be bad news because they are not likely to know the local market as well as an agent who lives and works in the area. You may wind up pricing it too high or too low.

6. Too much stuff – in the home can make it appear cluttered, and make the rooms appear smaller than they really are. You may want to rent a storage.

Ed holds the Prestigious Graduate Realtor Institute (GRI) professional designation, and the Seniors Real Estate Specialist (SRES). He is a former part time Real Estate teacher for State Center Community College District.

www.EdBaileyRealty.com License: 01479711

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