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With mortgage rates still at historic low levels and the improving real estate market, many homeowners are considering selling their current property. There are many reasons why homes do not sell, all of which can and should be avoided. In order to get the most out of the home, sellers should consider the following costly home selling mistakes and how to avoid them with their transaction.
Putting the Wrong Price on the Home
Pricing the home too high or too low is a fast way to lose money. When the home is priced too high, buyers will ignore the property. If the home is priced too low, sellers forgo potential profit. It is for this reason that sellers need to study comparable home sales in their area in order to set the correct price. This also leads to the next point.
Failing to Use an Expert
Selling a home without a licensed real estate agent can be a really difficult process. Statistics show that people who sell their home without an agent normally take a longer time to get the property sold and also end up getting a lower price for the home. A real estate agent can pull together a list of homes similar to yours that have sold within the past few months. This will give you concrete evidence of the best price for your property. Be sure to read up on how to choose a real estate agent too. That single extra step of research could save you a lot of headaches down the road.
Forgetting to De-Clutter the Home
One of the cheapest ways to improve a home and increase its value is to remove clutter from every room in order to develop a sense of space. This applies to countertops, closets, and tops of cabinets in every room. The stuff can be put away in temporary storage, or at a relative’s home until it is time to move.
While you de-clutter, it may be time to start thinking about staging your home to sell. It’s not necessary for everyone, but can have it’s benefits which are worth exploring.
Ignoring Needed Repairs
Ignoring things that obviously need repairing will cost much more money. Getting it fixed before the home sells will be cheaper, and less embarrassing, then waiting for a potential buyer to point out the issue. If the buyer points out the issue, they will significantly lower the offer price on the home. Even worse, the buyer may rescind their offer based on the required repairs.
Using Poor Quality Pictures
Many potential buyers will use the power of the internet to begin looking for homes. You don’t get a second chance to make a first impression. This is why it is such a bad idea to use cell phone pictures of a home in order to try and sell it. Professional images, taking with good light, will do a much better job of showcasing the home and attracting buyers. These pictures should not be confined to the exterior of the home. Quality images of the kitchen, living room and remaining rooms of the house should also be top quality photos.
Trying to Sell an Empty Home
Earlier it was mentioned that it is very helpful to get rid of the clutter in a home when it is time to sell. However, that does not mean everything should be removed. A few pieces of furniture in each room, along with artwork and accessories, can help a potential buyer to see a home’s best features. Otherwise, buyer’s are looking at empty rooms with no idea how their stuff could look in the home and it seems like a big project.
Allowing Ego to Block the Sale
Some people think that negotiating the sale of their home is a personal thing, but that is only true for the seller. The buyer is simply trying to buy a good home for a fair price.
Sellers need to understand that the new owner does not value the memories and valuable life events that have occurred in the home. Those moments and memories should not cause a seller to dig in their heels and hold out for an extra $1,000 and eventually lose the sale.
Concluding Costly Home Selling Mistakes To Avoid
Getting your home ready to sell can be a daunting task, especially knowing thousands of dollars could be left on the table if things do not go perfectly. By taking heed to these costly home selling mistakes and taking the steps to avoid these errors, most sellers should be able to price their home correctly and end up selling the home for a better price.
Additional Home Seller Resources:
Make an Awesome First Impression on Home Buyers via Xavier De Buck
Make Your House Look Expensive (On A Budget) via Joy Bender
Do Open Houses Work or Not? via Jeff Nelson
Mistakes Made When Pricing a Home to Sell via Eileen Anderson
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