5 Home Selling Mistakes to Avoid
You may think that selling a home is as simple as cleaning, showing, and selling. But in reality it is more complicated than that. There are many practical and legal considerations that you are not perhaps aware of. Even a simple mistake from the seller’s side may jeopardize it all.
Setting the listing price on subjective terms.
Some homeowners instantly fix a price adding the amount they paid, the cost of investment, and the realtor’s fee. From a buyer’s perspective, that kind of list pricing rationale is not objective.
Present market value should be determined on the basis of a comparison between recent home sales and current listings for similar homes. While it doesn’t always meet your expectation, sentimental overpricing and price testing may keep far from selling your home.
Selling a home as soon as possible is not just preferable, but logical. The longer it takes to sell a home, the more buyers will wonder what is wrong with your listing. And, other sellers will make their offers look like a real deal, comparing theirs to yours.
Doing expensive upgrades before selling.
The distinguishing line between getting a home ready for sale and implementing a series of upgrades to increase the value is so broad. Though the former may get you some return, the latter is less likely to result in anything good.
Regardless of the budget you should only consider upgrades that can increase return by manifold.
Answering incorrectly on seller disclosure.
While making a sale, you have to complete a lot of paperwork, most of which are of legally binding in nature. So complete paperwork with utmost attention.
On the seller disclosure, you have to reconfirm your knowledge of the certain aspects of the home. Typically the options are something like “Yes”, “No”, and “Do not know”.
If you are thinking about marking “No” to bypass things that you are not sure of, it will definitely backfire and may cost you even more. If you knowingly answer incorrectly, the buyer can seek for a remedy even after a closing.
Selling without hiring a realtor.
Some homeowners tend to sell their homes without hiring a realtor first. It burdens them with a lot of responsibilities.
When you hire a real estate agent, you have to pay a portion of the selling price as commission. However, against this payment you are getting services and support that make it easier for you. Moreover, a no sale means the agent is not getting a “penny”.
In some cases, other realtors or buyers will find it difficult to engage with you, because they have confusion arising from the fact that they are not working with a professional.
Ignoring expert real estate advice.
The service of a real estate agent is necessary to make knowledgeable decisions on your behalf; decisions that would make your life easier. You should remain an active participant in any discussions regarding the sale; however, you should also consider any advice seriously.
There are many advantages of hiring a local realtor. A local agent knows everything in particular about your neighborhood. They can certainly tell you what buyers exactly look for in listings like yours.