We buy houses in {market_city]. Selling your Minneapolis St Paul house through an agent? Make sure you read this blog post that reveals 4 mistakes you should avoid when listing with an agent in Minnesota …
If you’re looking to sell your Minneapolis St Paul house and you are wondering how to find a good agent you are at the right spot, or if you’re an agent who is selling houses in Minneapolis St Paul then here are 4 mistakes you should avoid when listing the house for sale in Minnesota …
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. Even right now in the spring of 2020, the corona virus is impacting the housing market. You can make a mistake with listing with an agent thinking they know exactly how the market is going to respond. Only time will tell how the outcome of this corona virus thing is going to be.
If you are a seller, assume it will take months for the sales process to be completed – from fixing all the things that you have put off doing repairs on for years. Then its the pictures and all the house to showing buyers that want to come threw. You think you are at the end when you start to negotiating a sale price, but you still have a month or two to a closing date to moving out. If you are a newer agent, be careful not to over-promise a timeline to your sellers – set their expectations. It seems to always take longer then people think.
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. A wise seller with get the advice of someone who understands setting the values of a home for sale. A BO (Real Estate Brokers Opinion) normally gets most people pretty close.
If you are a seller, realize that the actual selling price might be different than the asking price. If you’re an agent, make sure you explain this to your sellers. If the seller does not understand this they can get frustrated in why isn’t their house selling for the price they set.
If you don’t want to wait for the retail asking price, contact us to get a cash offer on your house today These mistakes you should avoid when listing with an agent go away if you sell now to an investor.
Third, Don’t Assume All The Money Goes Right Into Your Pocket
Some people make the mistake of assuming that the selling price (minus anything they owe on their mortgage) is pure profit. But this is not true by a long shot.
If you are a seller, make sure you know that there will be agent commissions, closing costs, and other fees you’ll have to pay. If you’re a real estate agent, make sure you explain to your customers. That is a mistake you should avoid when listing with a new agent.
For example on a $200,000
- $12,000 Agents commission fees
- $330 Property taxes for remainder of half year (3 months)
- $375 Sellers close fees at title company
- $5 Conservation fee for Hennepin county
- $680 State Deed tax to Hennepin county
- $13,390 paid at closing…
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. Of even if you accept their offer, when they do an inspection they might come back and say they don’t want the place because of the inspection. Lots of crazy things can happen during this stage of the sales process.
During the time of the Corona Virus here in Minnesota we saw buyers who were getting ready to close and in the past minute lost their jobs and could not buy the house. Wow, that was a shocker.
If you are a seller, be prepared to have one or two buyers fall through before a buyer can be found who will go all the way threw to closing. 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.
Summary
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.