Here are seven home selling mistakes you should avoid. Your sale depends on it!
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Today I’ll spell out seven of the most common home seller mistakes and how you can ensure your sale doesn’t suffer a similar fate:
1. Overpricing or underpricing your home. If you overprice your home by just 5% in a hot market, chances are it’ll sit unsold on the market for several months, and when your home sits, your pool of prospective buyers shrinks. And the results aren’t any better if you price too low: Your home might sell more quickly, but you’ll end up leaving thousands of dollars on the table.
2. Not properly preparing your home. According to Realtor.com, a well-staged and prepared home will sell 88% faster and for up to 10% more than its cluttered counterparts, as well as those that need renovating.
3. Limiting showings. Your willingness (or unwillingness) to accommodate buyers and their schedules will greatly affect the outcome of your sale. You must be ready to leave your property at a moment’s notice for a showing or even for a few hours while an open house is held. After all, a home that’s hard to show is a home that’s hard to sell. I’ve seen many a seller make the mistake of being inflexible. It’s not always fun, but you’d do well to work around buyers’ schedules.
4. Underestimating your selling costs. Aside from commission fees, expect to pay anywhere from 1% to 5% of your home’s purchase price for renovations, repairs, and closing costs. A good Realtor will go over each and every cost with you.
“By the time your transaction is complete, you’ll have anywhere from 12 to 20 people to thank for helping you get there.”
5. Reviewing offers with a closed mind. If you receive multiple offers on your home, don’t automatically jump at the highest one. Not all offers and contractual terms are created equal. Beyond the price, consider certain terms of the offer such as the deposit and down payment amount as well as any contingencies. Each offer should be evaluated with an open mind.
6. Not understanding the selling process. By the time your transaction is complete, you’ll have anywhere from 12 to 20 people to thank for helping you get there. They include Realtors, inspectors, lenders, appraisers, escrow officers, notaries, and more. Developing an understanding beforehand of just how involved the selling process is will allow you to better anticipate potential surprises and prepare for the change of ownership.
7. Choosing the wrong Realtor. The right Realtor (I might know a good one) will run a market analysis on your home so that you price it correctly, do a walk-through with you to identify ways in which you can add value, and go over your net sheet with you so you’re not in the dark about costs you’re responsible for. The wrong Realtor won’t.
As I always say, “To be unclear is to be unkind.” If you have any questions or you’re thinking about buying or selling a home, please feel free to reach out to me. I hope to hear from you soon!