5 Mistakes Home Sellers Make That Can Be Avoided
If you live in an area that showcases a strong seller’s market, this does not mean that you can throw your home on the market for whatever price you see fit, ignoring the best home-selling practices of days past. Even though sellers have an advantage over buyers in more recent days, it is important to avoid mistakes when selling your home.
Continue to read to find out five common home selling mistakes that you can easily avoid.
1.Skimping Out on Hiring an Agent
It makes sense that you’d like to keep as much of the profit from the equity you poured into your home over the years of living there. However, selling a home is not as simple as snapping a few pictures of your home and listing it online. If it was that easy, the whole profession of real estate agents would be extinct. Working with a real estate agent will help you to sell your home for what it’s worth and quickly. An agent is an invaluable resource during the home-selling process, who can be there to guide you, give you expert tips, and answer questions that pop up. Real estate agents are worth the investment. Don’t make the mistake of opting to do “for sale by owner” listing with the hope of saving a couple thousand dollars.
2.Hiring the Wrong Agent
You don’t always have to hire the first real estate agent you come across. It is recommended that you find and interview at least a minimum of three agents. Start by trying to find reviews or friends and family who have used the services of agents they can recommend. This will help save you the headache of hiring the wrong agent who doesn’t meet your goals, and the wasted time of finding a new agent.
3.Not Preparing Your Home for a Sale
Beata Mandell is a REALTOR in Luxury Los Angeles and offers this advice: “In a red-hot seller’s market, you need to de-clutter, deep clean, and stage your home before it can be listed. Ensure that you repair visible issues that can decrease your home’s value, like dripping faucets, chipped paint, and broken appliances. When a house is riddled with visible damages, buyers might be under the impression there are more hidden issues lingering that have been ignored. This is another area where working with a real estate agent to help you, as they are primed in what buyers are looking for, what they will walk away from, and what repairs are worth the money.”
4.Not Preparing for the Cost
You have likely heard somewhere down the line, “you have to spend a dime before you make one.” This is true when it comes to selling your house, which some sellers forget. The cost at the end of the home selling process can be as much as 10% of your sale price when factoring in closing costs, commissions, repairs, and other unexpected buyer commissions. It is also likely that you will end up having to pay two mortgages if you don’t sell your home before you pay rent, or move if you sell your home before finding another.
5.Listing at an Unrealistic Price Point
If you live in a seller’s market, this does not mean that you can ask for a high price for your home. Working closely with a trusted real estate professional can help, as they have the tools, experience, and knowledge to price your home fairly based on similar homes in the same area that are selling for, updates made to the house, square footage, and more.
Bottom Line
Wherever you reside in an area that showcases a strong seller’s market or not, chances are that, as a seller, you are bound to make a handful of mistakes along the way. However, it is easily avoidable with the help of a trusted real estate professional at your side to provide you with great information and advice, plenty of experience, and help with negotiations to make the selling process smooth sailing.
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