Top mistakes to avoid when selling a home that will save you both time and money!
Is it time to list your house for sale? Or are you considering listing for the first time?
Selling a house is an exciting process…if you are prepared! You’re already starting on the right foot by reading this article and doing your research. In this article, we will walk you through some critical things to avoid when selling your home. These steps start before you even list your house, it is never too early to prepare! Keep reading to avoid some very common home-selling mistakes!
Under Preparing for selling costs:
You are selling your home which likely means you are about to make a profit. If your sights are set on those numbers only, you will be blindsided by the other costs that come with selling a home. So let’s get you prepared, what are some costs that you can expect when selling your home?
● Staging costs: Not always a necessity but in some shape or form you will spend money to freshen up the inside of your home. These costs will vary based on what you desire to put in. Having an outside company stage your home with furniture and decor is estimated to cost between $781-$2,851, according to Bankrate.
● Real Estate Agent Commission: Real estate agents make all the difference in selling your home. They can increase your profits while making the selling process less intimidating. According to Home Light, the average real estate commission nationwide is 5.8% of the sales price. Expect this number to come out of the profits of your home.
● Cleaning Fees/Declutter: All of these prices are subjective and dependent on what your budget allows. A cleaning and decluttering fee would allow for your house to be in tip-top shape right before showings. Budgeting $300-$400 would be appropriate for this category.
● Landscaping: The outside of the house is what your buyers will see first. In photos as well as when they arrive for a showing, the exterior holds the first impression for your buyer. Taking the time and money to invest in landscaping will yield great rewards! Investing just a couple of hundred dollars in fresh mulch, flowers, mowing, and trimming can increase your profit range by a couple of thousand dollars!
● Closing Costs: According to Quicken Loans, the seller is responsible for paying 3-6% of the sale price of the home.
● Sellers Concessions: This will vary based on each buyer. A seller concession is anything you choose to throw in with the purchase of the home such as the refrigerator or washer and dryer, or helping to pay for closing costs.
Going cheap on home prep:
Investing in landscaping and staging can significantly impact the sale of your home. According to Homelight, a mere $340 spent on yard care can yield a profit of $2,173. By enhancing the outdoor appearance, you can increase the overall value and desirability of your property. Well-maintained landscaping adds curb appeal, making a positive first impression and influencing buyers’ perception of the property. While specific results may vary, allocating resources to professional yard care, staging, and cleaning is a wise strategy to maximize your home’s market value. Don’t hesitate to consult with experts to make informed decisions tailored to your situation.
Not using a realtor:
You have heard it before, realtors are a MUST when selling a house. The process from start to finish can feel completely overwhelming if you are fully responsible for guiding the ship. Choose a seasoned realtor that has a good reputation and knows the market that you are in.
Not being open to many showings:
Let’s face it, showings can be a pain. Having to load up the family and pets and leave the house at the most inconvenient times makes the entire family stressed. However, prolonging showings by spacing them out and saying no to last-minute showings can delay the selling process and cause your house to sit on the market for a longer period. Say yes to every showing possible and trust that your realtor has screened the potential buyers ahead of time. Remember if all goes accordingly, it is just a short period to be inconvenienced. Hang in there.
Ignoring necessary repairs
Check out this home repair list from Open Door to get your ducks in a row before listing your house. This list includes things like checking faucets, walls, baseboards, and appliances for repairs and maintenance. Overprepare by tackling the list before you get your home listed and on the market. The fewer demands a buyer has of you, the quicker the closing process can be.
Listing at the wrong number:
The goal of selling a home is typically to maximize the profit. This benefits the seller and the realtor. However, knowing what the right listing number is, is important. Listing too high can cause your house to sit on the market longer, which results in lower offers in the long run. The goal is to sell any house in a timely fashion. Your realtor will help you list your house at the perfect number based on market analytics.
Congrats, you now have what you need to avoid some common home-selling mistakes. Use this list as your guide throughout the home-selling process. The important thing is to be prepared and informed. We wish you the best of luck in selling your home with these tools in your pocket!