Are you getting ready to sell your home? Selling your home is a very complicated and lengthy process and along the way, you have a lot of opportunities to make mistakes. If you are about to start the process of selling your home, take a look at some common mistakes that people make. Mistakes that can cost you a lot of frustration and/or money.
Selling A Home Yourself
Do not take for granted what a realtor does in the home selling process. This is a complicated transaction and you need the help of someone who knows what they are doing. A realtor can help you in a lot of ways. They help with getting the home listed, paperwork and setting the correct price.
A good realtor will analyze the market so that you know where your home stands and what to expect. They will also handle all of the communications with the buyers agent. In general, they will help ensure that everything goes smoothly during the entire process.
Having said all of that, there is no reason that you have to pay your realtor 3 percent commission. These days you have a lot of lower cost realtors and they do not necessarily come with less service. Selling a home is not nearly as hard these days as it used to be. Most buyers shop for themselves online so realtors do not really have to bring buyers in anymore.
These days, you can get a quality realtor to sell your home with a small set fee or a simple 1 percent commission. As far as the buyers agent commission goes though, it is still a good idea to offer the standard 3 percent. If you do not, you risk them not showing your home.
Asking Too Much
I am sure that you think your home is great, but you need to be reasonable with your asking price. If you try to get more money than your home is worth, you will lose a lot of shoppers during that oh so important “new listing” stage.
You might think that asking an overly large amount for your home will assure you a better price by giving you room to negotiate but this is not really the case. If you set your price at a much more reasonable level, you might actually get more because you might be able to get a bidding war going. If multiple bidders get involved in the process, your chances of bringing in the best price increases.
Being Attached To Your Home
When you put your home up for sale, it is time to detach from it emotionally. The moment you place it up for sale, it becomes an asset and selling it is simply a financial transaction.
Do not be offended by lowball offers or comments that the buyers agent passes on. Respond to every offer and take comments into consideration. If changes to your home need to be made in order to get the maximum return, make them. Not everyone has the same tastes that you have and you need to make your home appeal to the most buyers that you can.
Selling At The Wrong Time
Sometimes, you just have to do what you have to do. If this means selling your home in the Winter, do so. If you have time to wait, hold off the sale until the best season so that you get the biggest cash return on your home.
Most of the time, the best selling time is going to be late Spring or early Summer. This is when most people want to purchase a home. In the winter, people are preoccupied with the Holidays and kids are in the middle of a school year. Families in particular like to move during the Summer in order to avoid school year disruptions.
Not Prepping Your Home
A properly prepped home will sell quicker and for more money. Buyers in general, want a move in ready home that looks clean and well maintained. If your home is dirty or has peeling paint and other signs of neglect, people will assume that the home has problems. They will not be as willing to make a large offer and may look further for other problems.
Spend the money to get your house properly prepared. Touch up the paint at a minimum and if it needs it, do a full repaint inside and out. Use that opportunity to patch nail holes and freshen up the caulk lines. If your carpet has spots and or an odor, have it professionally cleaned. Then, once the house is clean and looks good, stage it. Get rid of the personalization and position the furniture so that it makes your home look bigger. This may also involve getting a storage room to get rid of the clutter.
Taking the time to properly prep your home can add thousands of dollars to your sales price. This is not an area where you want to try and save money.
Being Too Eager To Sell
Try not to put yourself in a position where you have to sell quickly. This might mean delaying your new home purchase until your old home sells or simply being prepared financially to make a double mortgage for some time.
If you are not in a rush to sell, you will be less likely to accept a lowball offer to get money fast, one from an unqualified buyer or one that is contingent on the buyers sale of their own home.
Not Getting Professional Pictures
This is more important than ever in today’s buying market. These days, buyers do not depend on their agents to find them homes that they might be interested. No, these days buyers do their own shopping online at places like Zillow. The most appealing listings are therefore the one with better looking pictures. Hiring a professional photographer will give you the highest quality pictures. You will have more pictures and they will have been properly edited to show your home in the best light. Don’t skimp here.