The 7 Mistakes to Avoid as a Home Seller

Selling a home is complicated but it can be even more complicated if you make one of these seven rookie mistakes.

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Here are the seven mistakes that you need to avoid if you plan on selling your home anytime soon:

1. Working alone. You need a real estate professional on your side to help you out. 92% of people use a real estate professional for a reason. It’s because we know the ins and outs of the process and can get you from point A to point B safely and with the most money.

2. Trying to time the market. A lot of people want to do this, but it’s really hard to find the peaks and valleys of the market as they’re happening. Quit trying to time the market and just make your move when you need to make it.

3. Pricing too high. This isn’t the best way to get the most money. By appropriately pricing the home at or slightly below market value you can create a bidding war and increase that sale price.

Don’t skip out on good home photography.

4. Having a cluttered home. The home that we live in and the home that we sell are different things.

5. Failing to make repairs. Don’t hesitate on those necessary repairs. I see people wait until after the negotiation, and it can become a lot more costly if not taken care of up front.

6. Skipping great photography. In this day and age of digital media, you need to have fantastic photographs of your home. Don’t skip that part. Get a professional photographer there to take great photographs.

7. Not keeping your emotions out of it. I see people who get personally offended when they receive a low offer, but don’t let that affect you. Selling your home is a business decision and shouldn’t be made emotionally.

If you have any questions for me about this list or real estate in general, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.

Things for 2020 Homebuyers to Think About

If buying a home is in your future, I have some helpful advice for you today. Here’s what you need to know before you start looking at homes.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

If you’re thinking about buying a home in 2020, I have some important information for you to think about before you start the process.

The first thing I would consider is your income and spending habits. What can you actually afford to pay for a home and what are you qualified for? Those two numbers are not always going to align. Lenders can qualify you for far more than you can afford comfortably, so I would advise planning and finding a number that you can really afford before you go see the lender in person.

The down payment is another thing to consider. You’ll have to save up, or maybe look at getting a grant from a family member. Perhaps a down payment assistance program is the right fit for you.

Choosing the right agent is of the utmost importance.

Have you checked your credit score lately? The higher your score is, the better your interest rate will be on your loan. Getting that best rate will end up saving you a lot of money over time.

It’s also a good idea to ask an agent to see what the paperwork looks like for buying a home so you know exactly what information you’ll need to have on hand. The paperwork varies by state and changes every year.

Speaking of agents, it’s so important to choose the right one. There are a lot of people who have a real estate license, but there are very few people who have the decades of experience that are necessary to help you succeed. We have a great mix of agents who are newer to the business and agents who have been in business for 30-plus years like me.

If you have any questions for me or need our experience to help you get the homebuying process started, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.

Determining If We’re In a Buyer’s or Seller’s Market

Have you ever wondered how a real estate professional knows if they’re in a seller’s market or a buyer’s market? Find out right here.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

How do agents determine if it’s a buyer’s or a seller’s market?

We do this by looking at the inventory of homes for sale in the market. Let’s say that no more homes came on the market for 30 days—to determine the type of market we’re in, we’d look at how long it would take to sell every single home that is currently available and has been on the market for a while. That’s called the attrition rate.

If it would take six months or fewer to sell everything that’s available now, we would deem the market to be a seller’s market. Right now in many areas across Tennessee, we’re seeing between one and three months of inventory available.

However, there are some areas where we’re seeing inventory increasing. Does that mean we’ll instantly deem it a buyer’s market? No—typically, if there are five to six months of inventory available, that’s more of a balanced market that is fair to both buyers and sellers.

The type of market does make a difference in the price you’d sell a home for and/or the price you’d offer on a home you wanted to buy.

If it would take six months or fewer to sell everything that’s available now, we would deem the market to be a buyer’s market.

Home sales tend to slow down from the top of the price range on down. For example, $750,000-home sales will begin to slow down before, say, $350,000-home sales. As the market slows down, we usually begin to see incentives being offered by the sellers of more expensive homes. As a market comes back to life and transitions to more of a seller’s market, we see boosted activity around the cheaper homes, and the market begins to grow from the bottom on up. Why? Because the sellers of, say $100,000 homes, will then turn around and buy more expensive homes.

Currently, our market is a seller’s market, but we’re beginning to see fewer multiple-offer situations on homes and more price adjustments/incentives. These are signs that the market is shifting from a full-blown seller’s market to one that favors buyers a little more.

Whether you’re buying or selling, ask your agent what kind of market you’re currently in. Your real estate professional should know this, since it does make a difference in the price you’d sell a home for and/or the price you’d offer on a home you wanted to buy.

The Charlotte Mabry Team is full of buying and listing specialists who really understand the market and can get you the best deal depending on which side of the spectrum you’re on. We would love to speak with you! All you have to do is reach out to us, and one of our specialists will be in touch with you.