The most expensive mistake you can make in real estate selling is not preparing your home for sale. While most people focus on curb appeal, kitchen updates, and home staging, perhaps it’s time to consider your most valuable asset: your real estate selling process. Whether you plan to sell your home in the next year or so or if you plan to stay put, the following mistakes can cost you thousands of dollars.
Selling a home often comes with plenty of stress. One of the biggest concerns for sellers is ensuring that their home’s price is fair. Many homeowners believe that to get the most money for their property, they have to offer it to the highest bidder. However, that may not be the best course of action, as overpriced homes often sit on the market for an extended period while potential buyers search for something more affordable. There’s never a guarantee of when or where you’ll sell your house. But there are some things you can avoid when preparing to sell your home to maximize your profits. And to avoid costly mistakes, here are four things you must know before placing your home on the market.
Don’t rush into selling your house. Selling your home can be stressful, and you’ll want to be sure you aren’t making mistakes that will cost you thousands of dollars. Instead of selling it yourself, enlist the help of a professional. But avoid the mistakes that can end up costing you.
How to Avoid These Costly Home Selling Mistakes
The more prepared you are before putting your home on the market, the less likely you will make a mistake during the sale. Doing your research and preparing ahead of time gives you confidence, which is invaluable when negotiating a sale price with potential buyers. Here are four mistakes to avoid when selling your home.
Selling your house is a major life event. It can be exciting and nerve-wracking, all rolled into one. When selling your home, it’s important to remember that what may seem like a minor mistake could end up costing you a giant chunk of change. And unfortunately, there’s not much you can do about that. So, before you put your house on the market, look at some costly home-selling mistakes, and try to avoid them.
People may hesitate to sell their homes with the housing market still reeling from the housing crash. This could be because home prices are still low or because they don’t want to take on the expense of a real estate professional. However, homeowners still want to sell, and there are ways to avoid these costly mistakes to ensure your successful home sale.
These are the most common ways to avoid these costly home-selling mistakes:
Selling to a cash buyer
Often, cash buyers have cash reserves and won’t have to purchase your home as it’s currently configured, which may appeal to you. But be aware that many buyers with cash reserves may be purchasing the home with the idea of flipping it—meaning they want to increase its value before reselling it. So, make sure they’re not just after a quick profit but that they’re serious buyers who plan on living in the home. Cash buyers are sometimes a viable option, but do your homework to ensure they’re the ones you want.
Underpricing your home
Don’t mistake pricing your home too low because you think it will attract more buyers. You’ll likely end up overpricing your home and spending time and money on inspections and repairs that won’t help you get the top dollar.
Selling a home can feel like a full-time job. There are repairs to make, showings to schedule, and paperwork to fill out. But one of the most important parts of selling your home is ensuring you understand all the costs, including closing costs. Try to avoid the mistakes home sellers make when it comes to selling homes.