7 Mistakes You Should Avoid When Selling Your Home
Selling your home can be a great way to fund your life adventure. Once you’ve traded your keys for a big pile of cash you’ll have the freedom to work towards other goals. If, however, you get things wrong during the selling process you can find yourself with a massive headache and an empty nauseous feeling in your stomach. There are ways to do it right and mistakes you should avoid. Below is a list of mistakes you should avoid making when selling your home.
Seven Mistakes To Avoid
1. Not Preparing For Home Selling Costs
There is a coming misconception that when you’re selling your home it’s as simple as you sell it and someone else buys it. Wrong! There are a lot of different costs that go into selling yours that may catch you by surprise if you’re not prepared. These costs include agent commission, closing cost, staging cost, home inspection and repairs, seller concessions, your next home, and so on. It’s best to fully prepare yourself for all of the additional costs so that you’re not taken unaware.
2. Selling When Your Mortgage Is Underwater
If you still owe on your mortgage you can take the profit after the sale to pay off the balance. This is great and can work but only if you’re able to make a profit from the sale. If your house has dropped in value or it’s worth less than what you owe you won’t be able to cover the cost. It’s better to stay in the home and build your equity first before you sell.
3. Selling It By Yourself
Many homeowners try to sell by themselves. While they may make the sale they probably aren’t making the amount that an agent would be able to get the home sold for. You might be saving in agent commission but compared to what you could be making this is a small fee. Agents also help you to navigate the market much better than you can do on your own. There is also the option to go with a buy as is options from reputable buyers. You can use https://socalhomebuyers.com/ if that is an option you wish to take but remember that you should always do your research with these companies. But this is an option again where you “aren’t doing it by yourself” and getting the best possible value.
4. Pricing It Wrong
Pricing your home can be tough. If you sell it too high you run the risk of losing out on potential buyers and wasting time before you have to reduce the price. If you sell it too low you might lose out on potentially thousands of dollars in profit. It’s important that you fix that right price. This is something that you should ask your real estate agent to help with. They can help you fix the right price based on market information, making sure that you get the best deal possible.
5. Hiding Major Repairs
Hiding or not fixing major issues with your home can result in the delay or cancellation of the closing on your home. A savvy buyer will do an inspection themselves before closing out on your home. If issues are found you can kiss the deal goodbye. Do yourself a favor and have an inspector come in before you begin the sale process. Make sure everything is good for your buyer. It will also speed up the buying process.
6. Not Staging It Well
Staging your house well can be the difference between making your asking price and making an additional 2,000-20,000 on the sale. Buyers are much more likely to spend big on a home that is staged well. It helps them to see the potential in the home and in some cases, buyers may want to buy the home as-is with all the furnishings. Don’t cut yourself short, spend the money to present the home well.
7. Using Poor Quality Photos
Using poor-quality photos for your listing can cause you to lose out on potential sales. If your home isn’t well-presented, people simply won’t be interested. You want to make sure that the images have the proper lighting and that they are clean and show off the house well. Buyers are more likely to purchase homes with quality photos as they connect with the quality of the home.
These are some mistakes you should avoid when selling your home. As mentioned it is best to use a real estate agent that can walk you through the process and help with any pitfalls you might face. The faster you’re able to sell your home the faster you’ll be on your way to your new home.