Avoid These Mistakes When Selling Your Home
By Space Coast Daily // October 24, 2020
Unfortunately, many people think that selling a home is a walk in the park. Nothing could be further from the truth. Selling your home can be a grueling task.
The entire process from preparing your home, listing the property to closing the sale can take a toll on you and your family, both physically and emotionally.
Here are some of the most common mistakes people make when selling their home and how to avoid them.
Underestimating the Cost of Selling
Most people know about the 5-6% real estate agent fees that come with selling a home. However, what some don’t realize is that there are other costs involved. By the time you are done selling your home, you can expect to have expended 10% of the sale price.
You can reduce this percentage by going with a full service realtor that charges a flat fee.
First of all, your home will need some repairs and preparation before it can be listed. These repairs could be anything from patching cracks in walls, painting interior walls to repairing the roof.
Such repairs are necessary because it helps attract potential buyers, and it gives you leverage when you are negotiating the sale price. Listing Your House the Wrong Way
Other potential costs include seller’s concessions, closing costs, staging costs, and moving expenses. As mentioned earlier, these costs can easily constitute a tenth of your final sale price.
Hiring the Wrong Agent
Licensed real estate agents are trained and experienced in helping homeowners sell without all the hassle. Typically, they help in preparing your home, marketing, organizing showings, amongst others.
The wrong agent, however, can lead to drawn-out or failed negotiations and even legal pitfalls. That’s why you should ensure that you hire a licensed realtor with a proven track record.
If you don’t want to hire an agent, there is good news: you can sell your home by yourself. Start by reviewing similar homes in your neighborhood that have been sold to get an idea of a realistic and reasonable market price.
You can then list your home on listing sites and start marketing your home. Post a yard sign, host open houses, and print flyers and brochures. Here’s a comprehensive guide on how to sell your house for sale by owner (with video!)
Not Being Patient
Selling a home is like walking a tightrope. You will have people who offer unreasonable prices while others may offer fair market prices. Whatever the case, review each offer and find out if there are any conditions attached. For instance, someone may make a high offer contingent on their ability to sell their own house.
Sometimes, it may not be the right time to sell your home. Gauge the real estate market, watch the prices play your cards accordingly. There are seasons when your home will sell for much less. If there’s no urgent need to sell you home, bide your time and wait for the right opportunity.
There are specific months with a higher possibility of sales. For instance, according to Zillow, the best time to sell nationwide is May 1 to May 15. Homes that are listed in the first two weeks of May sell six days faster and for nearly $1,600 compared to the average listing.
Don’t Take it Personal
Undoubtedly, your home holds several memories and you are likely to be emotionally attached to it. However, once you decide to sell your home, detach yourself from it.
Handle the entire process with professionalism and in a business-like manner. For instance, during showings, potential buyers may be critical of your home and may touch things you ordinarily keep out of reach.
Don’t blow up or react inappropriately. Similarly, keep your cool during negotiations. Be welcoming yet firm – that will help you close sales.