Home Selling Mistakes You Can Avoid
Recently, we offered some tips for buyers looking to steer clear of a few of the devastating blunders that unprepared home shoppers may find themselves trying to recover from. Particularly now, when many places are experiencing record-high home values, it might seem difficult to understand what could go wrong for sellers.
However, there are still plenty of problems to watch out for on their side of the transaction. If you’re hoping to capitalize on the demand for homes in your area, be sure you’re also taking the time to avoid unforced errors that could lead you to regret the decision.
Stories of bidding wars and quick, cash sales may be accurate but not necessarily relevant to your home or market. While it can be hard to know precisely how much your home is worth when you plan to sell, an experienced Realtor should be able to give you a reasonable idea and show you the comparable sales it is based on.
It’s a mistake to inflate the listing price based on anecdotal evidence or wishful thinking. Setting a reasonable price can increase the interest and the chances of multiple offers. On the other hand, reaching for a sky-high deal might derail your plan before it even begins.
Put in the Effort
Along the same lines, it’s not wise to just go through the motions of selling a home without making a serious effort to put your home’s best foot forward. Just because demand is high doesn’t mean you aren’t competing against other listings. If the market is very competitive, you may only have a few days to attract the best offers. And buyers will likely be choosing the one house they want to pursue during that time as well.
While major renovations to increase value are probably not worthwhile, some fresh paint, cleaning, and staging can go a long way toward impressing home shoppers. In addition, you may benefit by addressing any repairs you know are needed or having an inspection to identify issues before listing. Being upfront about the home’s condition can result in more serious offers and less late-stage negotiating.
Most importantly, you should never list your home without having a plan in place for after the sale. The same market conditions motivating you to sell could make buying a replacement home in the same area challenging. And the gains you make by selling at peak value could be offset when you become the buyer.
It’s also necessary to remember the costs that can accompany the sales process. For example, how do current interest rates compare to your existing mortgage? What closing costs will you be expected to cover? How much will your real estate commissions reduce your profit? These are all questions that need to be answered before you join even the most seller-friendly market.
Before you buy your next home, don’t make the mistake of using the wrong lender. Speak to a specialist from Open Mortgage today or utilize our website to get started.