Avoid These Common Mistakes When Selling Your Miami Home

by Isaac Benmergui, Esq on July 28, 2013

Home inspection conceptIt’s a seller’s market in Miami real estate right now. Although most homes new to the market sell at a record pace, many properties linger on the market for weeks and months. Homeowners eager to sell their property for the best possible price often overlook a few key points that could get them from listing to closing in a heartbeat. As Miami’s real estate market is competitive again with prices on the rise and inventory down, make certain you aren’t committing one of these simple mistakes that could slow down the momentum to closing:

  1. Being too eager or not eager enough to take the first offer. There is a common saying among Realtors “the first offer is often the best”. You may not agree, and as the current Miami market is experiencing bidding wars on properties, you might be well-advised to wait….. that is, until the sense of urgency with buyers goes away, and it will, eventually. You take a chance hoping for more bidders. If your property is exceptional, expect a bidding war, and to negotiate all offers.
  2. Refusal to make minor repairs. Buyers don’t want to make repairs any more than you do, but they will figure in the time and cost of the repair and offer you a lower price, as they should. If it’s a minor repair, fix it rather than being forced to give the buyer credit for the repair.
  3. Unrealistic pricing.  Your realtor will check the prices of comparable sales in your area to give you some guidelines as to setting your initial listing price. When sellers list their homes too high, their home sits on the market longer than it should, and a potential seller may wonder what’s wrong with the house that no one wants to buy it. Although most homes are currently getting more than the listing price, you don’t want to set the price so high that it is difficult to get a bidder.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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