When it comes to making critical business decisions, it’s important to ensure that you’ve chosen the right professional in the real estate industry. While there are many benefits to working with a traditional real estate agent, it’s important to be aware of some potential drawbacks associated with this home sales method. Listed below are five obstacles that homeowners might face while employing an agent in Southwest Michigan:
Time on the Market
Although listing your home for sale with a real estate agent is typically the most popular method, it can take an extended period to complete. The longer a property remains on the market, the less likely you are to receive the full asking price. Unfortunately, this is one of the challenges homeowners encounter when hiring an agent in Southwest Michigan. While your agent can provide insight into the current average length of time their listings take to sell, they cannot guarantee a closing date.
Commissions
Commissions are one of the most significant drawbacks that homeowners face when hiring an agent in Southwest Michigan. It’s crucial to request that an agent clearly outlines all of the commission costs, fees to the broker, the closing costs you’ll be responsible for, and the marketing budget you’ll need to bear. In an effort to save money, homeowners may try to list their property without professional guidance, which can lead to costly and time-consuming marketing errors without a thorough understanding of real estate.
Deal Fell Through
Receiving a call from your real estate agent informing you that the buyer failed to qualify or was a new buyer and backed out of the deal is a nightmare scenario that no one wants to experience. This news can be devastating for homeowners who have invested time, money, and effort into a transaction. Regrettably, this is a frequent hindrance that homeowners face when engaging an agent in Southwest Michigan.
Repairs
Are you hesitant to list your home due to the costs and effort required for repairs? It’s a well-known fact that to successfully market your home, it must be picture-perfect. An entire industry has been established around home staging, which involves painting, redecorating, and potentially replacing countertops in neutral tones, with no personal belongings of the current owners in sight. This treatment of the home allows buyers to envision themselves living in the property, increasing the likelihood of a sale. Moreover, most buyers prefer homes that are move-in ready.
Holding Costs
While your agent is busy selling your home, your life and problems do not come to a halt. If you are compelled to relocate due to circumstances beyond your control, you will be required to maintain two households, which can be quite costly. This situation could arise due to employment changes or severe family circumstances, such as a sick family member. In such a case, the delay in selling your property could result in a pile of bills that are difficult to manage. If too much time goes by, it can become impossible to bear the expenses of running both the existing property and your new residence.
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