Selling a house is one of the most significant financial transactions you’ll ever undertake in your life. There are major mistakes that you, as a seller, want to avoid in such a transaction. While most of these things are common sense, you can easily forget the little things when selling something as big as a home.
That said, we will explore the four common mistakes that home sellers make so that you can avoid them.
Overpricing
Overpricing is perhaps the most common mistake that home sellers make. If a property has an exorbitant asking price, potential buyers will be put off and won’t have a second thought about it. Pricing a home for sale takes a mixture of psychology, economics, and science.
You should realize that the market value of a property is typically determined by sales of comparable properties. However, some other factors, like the location of the property, also play a significant role. For example, if an area is known to have social problems, it could negatively impact the price of the house.
Before you put your house up for sale, it’s advisable to compare it with similar properties in your neighborhood. You should also be ready to accommodate any differences between what you want and want the market dictates.
Failure to Properly Fix Up the Property
An experienced home buyer can discern underlying problems that you’ve tried to hide under a fresh coat of paint. Before you put your home up for sale, you should take the time to fix various problems, such as replacing worn-out hardware and upgrading outdated fixtures and features.
This can make your home attract a much higher price than you envisioned. An investment that transforms a house from fixer-upper to move-in ready will generally deliver an impressive return on investment.
Choosing The Wrong Buyer
It is important to be careful about who your prospective buyer is. Be sure they have a recent qualifying letter from a bank. Also, be wary of buyers who suggest that you include some clauses in the selling contract.
A common clause is one that says that the deal will only go through after the buyer sells their own home. You would rather find a first-time home buyer or someone who has already sold their property.
Not Hiring an Agent
Real estate agents command huge commissions, generally at least 5% of your property’s sale price. Nonetheless, it’s not a good idea to try to sell your house by yourself, especially if you’re doing it for the first time. A reputable agent will help you set a reasonable and competitive asking price for your home that will raise your chances of a quick sale.
Moreover, an agent will have more experience in negotiating property sales than you. This can help you make a more significant profit than you otherwise could. If any issues arise during the sale process, an experienced professional will know how to handle them without aggravating the situation.
So, if you are looking to sell your home, you can get in touch with Team Couch, one of the leading real estate professionals that can help you with your home sale.