Home selling takes time, effort, and money. And when you’re not careful, you might make mistakes that waste more of your time and resources. But don’t worry. We came up with a list of the most common mistakes sellers often make so you can avoid them. Bookmark this page on your desktop or smartphone just in case.
- Setting a high price tag
One of the main rules of home selling is to find the right price for your home. But in the hopes of earning more profit, some sellers deliberately overprice their homes to leave room for negotiating. Others put a higher price tag because they simply believe their house is worth so much more than what the market indicates.
Overpricing your home can result in several outcomes. First, you might end up selling it for less as buyers negotiate for a lower price. Second, your property might end up on the market for a longer period of time. When that happens, sellers end up chasing the market down with price reductions. In the process, you lose both time and resources.
So, the best strategy is to price your home right. Have your home appraised and compare it to similar homes in the area. Price your property based on facts and hard data. And if you want to increase its market value, consider updates and renovations that can make significant returns on your investment.
- Miscalculating home selling costs
It’s not uncommon for sellers out there to think that selling costs are limited to just the five to six percent commission paid to agents. In reality, it’s much more than that. Home appraisal and inspections add to the total expense, as do any pre-listing repairs and home staging.
Depending on what has been negotiated, you might also pay for concessions. And then of course, there are the closing costs, which include escrow and title fees, as well as taxes. Don’t forget to add moving costs to your overall budget.
- Only entertaining high offers
It’s always a nice feeling to get an offer that is higher than your list price, but don’t focus your attention only on high offers. Chances are these offer packages come with contingencies that might be challenging to fulfill. For example, you get a high, all-cash offer, but it rests on the buyer selling their current home.
So, go through all of the offers you receive and carefully consider each one based on the offer price and terms. Here’s how you can choose the best offer.
- Skipping the preparation stage
Updates, repairs, renovations, real estate photography, home staging— these are all components of preparing your home for sale. Unfortunately, some sellers underestimate the importance of this phase. As a result, their properties may have a hard time competing in the market.
The thing is, the preparation phase helps you boost your home’s appeal. And in home selling, you want to make sure your property makes a great and lasting impression on potential buyers. Deep-clean the home, declutter/pre-pack items, make repairs and upgrades, and be sure the agent you hire takes photos by a professional photographer. Some of these steps add to the total costs, but it’ll show in the bottom line.
The last mistake sellers often make is selling their homes on their own. They think there are just too many steps to selling a house with a realtor. In the end, their homes are in the market for longer and sell for less. Fortunately, we can help!
Call us today at 310.729.9726. We will help you learn more about how to sell your home properly and enjoy a seamless transaction.