Common Mistakes When Selling a Home

» Posted by on Oct 19, 2020 in Home Buying Services | 0 comments

In this article, we will be discussing the most common mistakes that almost all home sellers commit, which needs to be prevented at all costs. Keep on reading to learn more: 

Using the inappropriate way of selling and hiring the wrong agent 

If you’re planning to collaborate with a real estate agent, guarantee to choose a realtor whose only priority is to make the most out of your interest. For you to guarantee that you are having the most bang for your buck, take your time interviewing prospective realtors you can hire. Check and verify their credentials and licensing, guarantee that they have a lot of experience upon selling in your price point and the specific area, and talk with previous clients.  

Failing to prepare your home for sale  

Displaying your property to prospective homebuyers is one of the hardships as you list your house on the market. Basically, the more well-decorated, less clutter, and the cleaner your house is, the more appeal it can get. Moreover, you should never neglect your home’s curb appeal as well since the exterior of your house can be equated to a book cover since it sets the stage for what can be seen inside. Once your house seems to be in disrepair or disorganized, prospective homebuyers may be more doubtful regarding the condition of the property as they consider an offer.  

Making expensive renovations and neglecting major repairs 

Having a lot of maintenance problems can discourage home buyers and will more likely diminish your home value. More importantly, a lot of buyers anticipate that your home’s condition will complement what’s being described. Think about prioritizing more extreme issues, especially those that will most probably emerge while a home inspection is done given that several buyers will need to be inspected before being closed.  

Solely thinking about the highest offer 

Even if it’s exciting to get the highest offer, it’s not the best offer provided for your needs all the time. It is typical for a lot of traditional sales to get contingencies. Such conditions need to be satisfied so that the sale will close. You might get contingencies that will secure the interests of buyers such as inspection contingency or a financing contingency.  

Deciding an unrealistic price 

Remember that what the market will pay and the price you want are two varying things. You might know about Fair Market Value that’s referring to how a property is valued once both the seller and the home buyer reasonably know about the property and neither is any under pressure to sell or buy. Hiring a realtor can help you out in determining such things to decide on a reasonable price.  

Underestimating the selling cost 

A property’s overall cost can potentially amount to beyond 5 to 6 percent in agent commissions most people anticipate to pay. Once you account for closing repairs, costs, and other concessions to the purchaser, the selling cost can be approximate 10 percent of the sale price. 

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