It’s both exhilarating and stressful to sell your home, especially if it is your first rodeo. However, regardless of why you’ve decided to sell your house, there are several pitfalls you may easily fall into, resulting in a less-than-ideal home selling experience. Fortunately, if you have stumbled upon this page, the article entails a list of the most common home-selling blunders to avoid so you can sell your house with confidence.
1. Underestimating The Value Of Your House
While you should benefit from the sale of your property, in the end, many home sellers overlook the costs of selling a home. To begin, you should budget five to six percent of the overall sale price of your house to cover both the seller and buyer agents’ commissions. If you sell your property for $400,000, for example, you could end up paying upwards of $28,000 in commission.
Furthermore, this high price excludes any possible concessions that homebuyers may demand during the negotiation period, such as making repairs recommended by an inspector during the home assessment.
2. Choosing To Forego A Pre-Listing Home Inspection
A pre-listing examination is highly recommended. If you have a home inspection done before you advertise your house, you can address any issues and avoid the trouble of arguing with the buyer over any problems that need to be fixed. Identifying faults at the last minute can cause delays, add costs, or even jeopardize the sale of your home. In addition, a pre-listing inspection will inform all parties about the house’s physical condition before an offer is made, giving purchasers more peace of mind. Apart from this, a pre-listing inspection performed before the property is put on the market might help it sell faster and for a higher price.
3. Only Considering The Biggest Offer
While the most significant offer is appealing, it isn’t always the best one for your needs. Contingencies are a prevalent feature of many traditional sales. These are the conditions that must be met before the deal can be completed. A finance contingency or an inspection contingency are examples of contingencies that protect the buyer’s interests.
These contingencies are crucial to be aware of since they can affect the transaction’s timeline, the certainty of the sale, and complexity. For example, you can get a very high offer if the buyer agrees to sell their current home first.
You’d have to weigh the increased time and uncertainty against a somewhat lower offer that didn’t include the contingency. In a different case, you might have a buyer willing to be more flexible on repairs versus one who is willing to pay a higher price but wants repair credits.
4. Choosing The Wrong Real Estate Agent
If everything goes right, your real estate agent can help you make the most money on your house sale, but they can also cost you thousands if things go wrong. Put yourself and your family first because this is your home and capital. Don’t feel obligated to work with a family member or a friend, and adequately vet anyone you encounter.
You might even avoid using a traditional agent completely and instead visit Team Rene to figure out the best path for your house sale and find suitable tools and ideal people to assist you.
Remember that even the most outgoing realtors want to make the most money possible, so make sure you negotiate a fair deal with everyone you work with, whether it’s a friend, family member, or stranger.
The most costly agent or the one that offers you the highest price for your house isn’t always the best choice. However, if your agent is performing an excellent job for you, you should expect a positive outcome.
5. Overcharging For Your Home
According to numerous experts, homeowners’ most common error when selling their home is setting an unreasonable price. If you set the price too high, the number of potential purchasers will be limited, and your home will likely languish on the market for a long time. In addition, it can further hinder your chances of selling since if your house remains on the market for an extended period, buyers may assume something is wrong with it.
Experts recommend that sellers investigate comparable homes in their neighborhood to get a sense of how much properties are genuinely worth.
6. Not Getting The House Ready For Sale Before It Goes On The Market
You must put your best foot forward when selling a home. There are things you can do before you place your house on the market to make it stand out, especially in a buyer’s market when there is greater competition. It’s a reality that fresh paint and simple repairs can increase the value of your home. In addition, there are home renovations that can boost the value of your property; take advantage of them, especially if you have the funds, because you will not only get a return on your investment, but your home will also stand out from the crowd. If money is a constraint, there are cost-effective alternatives to renovate your property.
7. Allowing Your Emotions to Take Control
In your current residence, you’ve amassed a wealth of fond memories. As a result, it’s difficult not to take a low-ball offer personally when it comes in. However, as a seller, you must remember that prospective buyers do not have the same emotional attachment to your home as you do. Getting emotionally involved could lose you the sale if you are not careful.
Remember that there is no such thing as a perfect buyer to avoid getting in your way. Low offers are prevalent because, like you, they will want to save as much money as possible during their real estate transaction. So while you focus on your upcoming move and finding your new home, trust your agent to negotiate a great sale on your behalf.
It can be a stressful process to put your house on the market. You may, however, sell your property successfully with some planning and expectation management.