Selling your home is a big decision. If you want to make a profitable sale, you need to prepare a smart plan and avoid committing costly home selling mistakes along the way.
Here are some tips for selling your home and how to avoid making the 7 most common mistakes when selling your home:
Underestimating the cost of selling your house
There are costs involved in selling a house. For example, around 5% to 6% of the total sale price covers real estate agents' commissions. Another cost is the repairs you do in the house before you put it up on the market. The possible concession you may give the buyer during the negotiation phase is yet another cost you need to factor in.
Pricing your home incorrectly
If you price it too high, you may end up making your home sit on the market for what feels like an eternity. On the other hand, if you price it too low, you are likely to sell it quickly, but at a risk of losing a significant amount of money.
To avoid making this mistake, it is a good idea to discuss a good price and a pricing strategy with your real estate agent.
Not getting a pre-listing home inspection done before selling your house
Getting a pre-listing home inspection done is important because you get to know whether your home is in good condition or not.
You can carry out the essential repairs accordingly, thus lowering the bargaining power the potential homebuyers can have during the negotiation phase.
Skimping on repairs
Small issues like loose doorknobs or leaky faucets can be a major turn off for your buyers. Get all the repairs done and clean the house for the next owner to enjoy.
Not staging your home for a quick sale
Staging your home allows your potential homebuyers to imagine a life living in your space. It highlights your home's best features, appeals to the buyers, increases its sale price, and sells faster.
Although staging gives great ROI, traditional home staging can cost a fortune. An effective and affordable option alternative is virtual staging.
Virtual staging not only offers the same benefits as traditional home staging, but it also saves your time and money.
Letting emotions interfere with your home sale
Selling your home can be an emotional experience, but don't let it get in the way of a real estate business transaction.
It's important that you learn to separate your emotions for your home from the details of the transaction. It can be hard, but be realistic and, most importantly, be a professional.
Selling your home on your own
Many people think they can sell their home and save money on commissions. But this is a big mistake on many levels. When you try to sell it on your own, your home tends to stay on the market for long. Even if you manage to sell it, you'll probably sell it at a price lower than most agent-listed homes. This means, in the long run, you end up losing your precious time and money.
Hire a real estate agent. They have the right resources, tools, expertise, and experience to get the job done.