Do yourself a favor and avoid making these six all-too-common mistakes when you sell your home.
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Here are six common seller errors that, if not avoided, might spell doom for (or severely hurt) your home sale:
1. Pricing too high or too low. Even in a market ripe with activity, homes priced 5% above their market value will sit on the market for months. At the same time, if you price too low, you’ll end up sacrificing thousands of dollars in your sale.
2. Not properly preparing your home. Per Realtor.com, 88% of well-staged homes will sell faster and for up to 10% more money. A home that’s cluttered or needs renovations won’t experience the same success, so putting in the time and effort to prepare your home ahead of its sale is key.
3. Limiting the number of showings. As a seller, it’s of the utmost importance to be ready to leave your property on short notice. Your agent will do their best to schedule showings, but it won’t matter if you make it difficult for buyers to see your home. After all, a home that won’t show is a home that won’t sell.
Be sure that the Realtor you hire covers all the bases.
4. Reviewing offers with a closed mind. A lot of sellers are quick to assume that an offer’s price is all there is to consider. Indeed price is one of the most important factors, but that doesn’t mean it’s the only factor. The offer’s terms, contingencies, down payment amount, and whether it comes with a pre-approval letter can all potentially sweeten the deal. The long and short of it is that you need to keep an open mind as you evaluate all your offers.
5. Not understanding the home selling process. A typical real estate transaction involves anywhere from 12 to 20 people, and they’re all working in concert to help you close on your home. They include Realtors, inspectors, appraisers, escrow officers, and on and on. Prior knowledge of the process will make it much easier to anticipate anything that could awry and will help you work toward the smoothest closing possible.
6. Choosing the wrong Realtor. A good agent will run a comparative market analysis on your property, so you can price it correctly from the get-go. In addition, they’ll walk through your property with you and identify specific ways you can maximize the profits from your sale. Finally, they’ll carefully go over your net sheet with you so there’s no misunderstanding about the cost you’ll be responsible for. Few things are more frustrating than getting to the end of your sale and being unclear about your net proceeds. Be sure that the Realtor you hire covers all the bases.
If you have any questions about today’s topic or if there’s a topic you’d like for us to cover in a future video, please let us know. We look forward to hearing from you soon!