Selling a house is similar to purchasing the first. It’s difficult, time-consuming, and emotionally draining. There’s no guarantee you can just hand over the keys to your prized home and walk away with a tidy sum of cash.
Below are the 7 most popular home-selling blunders, as well as some guidelines to avoid falling into them and losing your mind during the process:
Sorry to disappoint you, but extra costs associated with a home purchase affect more than just prospective buyers. Closing costs, contractor fees, staging costs, home inspection upgrades, seller compromises, and even moving expenses for your new home must all be factored into your budget. If you don’t plan ahead, these costs will quickly add up and overtake you.
A major home-selling error is not hiring a real estate agent or opting to For Sale by Owner (FSBO) to stop paying a fee. Just 8% of recent home transactions were FSBO still considered as an all-time low as per the National Association of Realtors’ 2019 Profile of Home Buyers and Sellers. The median price of FSBO homes sold was $200,000, compared to $280,000 for agent-assisted properties. That’s a gap of more than $80,000!
A real estate agent will assist you in establishing a fair and equitable price for your home, assist you during the home visit, direct potential buyers during viewings (particularly during this pandemic, where prohibitions and protocols are in place), deal on your behalf, manage all required documents, and much more. Moreover, any issues that occur during the property transaction will be professionally dealt. The experience and marketing skills of your agent are also important factors in a profitable and less stressful home selling.
One of the most difficult aspects of a real estate deal is selling a home incorrectly. Yes, every investor wants to get the most value for their most valuable asset. However, if you overprice your house, you risk alienating serious buyers and wasting valuable time while your house stays on the market longer.
The easiest way to determine the right price for your house is to hire a real estate agent, rather than using some online home valuation software. The agent will conduct a comparative market study to determine how much homes similar to yours are selling for in your region. A home that is overpriced can be a big turn-off for buyers, leading to low-ball deals. However, a home that was priced correctly from the start would draw smart buyers and numerous offers, potentially increasing the home’s market price.
If your home is cluttered, it will be difficult to show off its elegance. Potential customers will have difficulty visualizing their belongings if they are greeted by misplaced toys, stains on the kitchen countertops, strange odors, and other items that will make them reconsider further inspections.
As soon as you’ve agreed to put your house on the market, begin going through your belongings and getting rid of everything you don’t need. To make customers understand your valuable storage room, clean out your closets and drawers. Consider it a warm-up for the packing you’ll have to do when you finally pass.
Although minor repairs can be expensive when listing your house, they will increase your chances of a fast sale. Whether you want to sell your home “as-is” to developers or list it as a fixer-upper, many home buyers would prefer to see a home that has been well-maintained. Painting the walls and front porch, replacing light bulbs, repairing broken windows, loose locks and door handles, and other problems that need your attention are all minor cosmetic changes that you can make. Remember that many of these minor fixes will go a long way when it comes to selling your home, so you should get them done as soon as possible.
Similarly, if you’ve discovered major issues in your house, such as floor cracks, electrical wiring issues, drainage issues, microbial growth, or ceiling problems, you should begin researching your options. It’s up to you and your realtor if you’ll pay for experts to address all of these big issues or offer the buyer discounts.
You’ve spent countless years in it with your family and loved ones, celebrating countless achievements, victories, and celebrations. As a result, it’s only normal to feel strongly about your home. When it comes to selling it, though, you must keep an open mind and treat the process as a business transaction. Know that every home sale is different due to a variety of variables, so don’t get discouraged and work closely with your realtor to determine the best way to manage and compare purchase offers.
When you prepare to list your home for sale, you will face challenges and obstacles. However, the secret to going forward is to be emotionally prepared and to practice setting reasonable goals for whatever can occur during the transaction.