Half the battle of selling your home is anticipating issues before they arise. Selling your home is a huge life milestone, and it’s often complex when you think about all the steps involved
Top Home Selling Mistakes to Avoid
Dated: August 15 2019
Half the battle of selling your home is anticipating issues before they arise. Selling your home is a huge life milestone, and it’s often complex when you think about all the steps involved – getting the house ready, listing it for sale, making necessary repairs, finding a buyer, navigating through the closing process, and finally moving.
The impact of a mistake can impact your financial situation, along with your peace of mind. The good news is, by getting to know the most common mistakes that occur when trying to sell a home, you can avoid them.
Underestimating How Much it Costs to Sell Your Home
Most people don’t realize how much it may cost them to sell their home. When you factor in everything from closing costs to repairs and other concessions to the buyer, the cost of selling is approximately 10 percent of the total sale price.
For example, if you are moving into your new home before the old home is sold, you may have to rent a home temporarily, or pay both mortgages and other expenses. Make sure you are realistic about these costs to know how much selling your home is really going to cost.
Setting an Unrealistic Selling Price
The price you want and what the market is willing to pay can be very different. You may hear the phrase “fair market value,” which is in reference to the value of a home when the seller and buyer understand everything about the property and neither one is under pressure to make a move.
For a seller, this is the “happy medium” between asking too little or too much. If you can’t find this happy medium, you are leaving money on the table or having your home sit on the market for an extended period of time.
Only Considering the Highest Offer Received
While the highest offer is exciting, it’s not always the best option. It’s common to have contingencies in any sale. These are the conditions that must be satisfied for the successful close of any home sale. There may be contingencies that protect a buyer’s interests, such as an inspection or financing contingency.
Make sure you are aware of all these contingencies, as they can impact the sale’s timeline, the sale’s certainty, and overall complexity.
Ignoring the Need for Major Repairs
If there’s a long list of maintenance issues the home has, it can cause potential buyers to turn away and may even reduce the value of your home. Today’s buyers expect the home’s condition to match the description. Try to put a priority on the most obvious issues and make sure those are fixed.
A Successful Sale
If you want to successfully sell your home, it’s imperative to avoid the mistakes listed here. By doing so, you can feel confident you are receiving a fair price and that your home won’t sit on the market longer than it should. If you need further help or are confused about what to do, work with a realtor, who can help ensure the sale is successful.
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