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What mistakes do people make when they sell their homes? Can these mistakes cost them thousands of dollars? Let's go over these mistakes to help you avoid major problems later on.
In the current market trend, sellers are at an advantage because of the low supply of homes. But despite the sellers calling the shots, it's still possible to commit mistakes that could cost them money. The good thing is that these mistakes are preventable. With thorough preparation and planning, sellers can effectively sell their homes in today's market. Here are common mistakes you should avoid when you sell your home.
First, setting the price too high
Even though we are currently in a seller's market, that doesn't mean buyers are willing to pay for more than a home is actually worth. Sellers who start with a high asking price might be skipped by potential buyers during the critical first few hours upon listing. It may even prevent their property from showing up in search results when buyers choose to filter the price range. To avoid the impression of being overpriced, it's best to set the price according to today's market and home's conditions. Good pricing can help sell your home fast, and can even possibly start a multiple offer situation which results to selling your home at a higher price than what you initially expected. Also, you want to make sure that the deposit you require is suitable for the total price of your home.
Second, spending too much money on home improvements
Sellers don't want to give an opportunity for a buyer to say "no" to their property, so it's understandable if they want to make sure there are no areas in the home that can drive away a buyer. Of course, sellers should fix in advance major issues in the home that may decrease its value. Some examples are the foundation, roofing and HVAC system. However, it is not practical to spend big money on cosmetic improvements that may or may not add value to your home. After conducting a home inspection, get ready for buyer's request for repairs and this can also help you narrow down on areas that matter to buyers.
Third, not having good listing photos
Just taking a picture? Well, everybody can do that. Many people sell their goods online just by posting a picture of the product. The same case is also happening in real estate, where people mostly rely on pictures of the home for them to decide if they're going to consider buying it. As a seller, you would definitely want your photos to look clear and show your property in the best possible light. Hiring a professional to take the listing photos is a good investment, since they are skilled in showcasing your home's top features and are experts in making use of natural light especially in dark areas or rooms in the house. Having good photos and video tour can help your listing stand out and attract more buyers who are interested for showings.
Fourth, not having an insurance
From the moment you list your home for sale until closing, a lot of unexpected things could possibly happen. For example, accidents may happen during showings such as a viewer tripping on the stairs, getting bitten by a pet, and so on. To avoid getting into trouble, you can prepare in advance by removing all potential hazards in your property and making sure your insurance is up-to-date.
Fifth, not hiring a realtor
Some people prefer to go solo in selling their homes. They think that they can save money by not hiring a realtor to help them sell the house. On the contrary, hiring an agent can actually help sellers cut costs in the selling process, and secure the best deal for their property. For example, they help to sell your home quickly by giving quality advice on market trends, setting the price and home improvements. They can also pool and filter buyers who are able and serious in buying a home. They have experience in negotiations and will handle the documents for you. Just imagine handling all the paperwork for selling a house without a realtor. So even though there are commissions, it does pay to have a good realtor on your side!
These are the common mistakes you should avoid when you sell your home. Following these advices can help protect yourself from spending unnecessary costs later on.
If you have any questions or need help selling your home, I can help. You can contact me at 647-834-9928 or send an email to email@example.com