Selling a home is complex, so it is easy to make mistakes. Many people do. Below we will outline how you can avoid these common mistakes and have a smoother selling experience.
Common Home Selling Mistakes
Underestimating Selling Costs
Closing costs that can include escrow and closing fees, agent commissions, transfer tax, prorated property tax, title insurance, HOA fees, and attorney fees typically amount to 8-10% of the home’s sale price.
It is not uncommon for people to find their move-in date in their new home doesn’t match up with the sale of their old home. This can involve the extra expense of running two homes, staying in a hotel, or renting a temporary place.
Selling Too High
Sure, we all want to make the most money from our sales, and you should try to get the most you can get in a reasonable amount of time. That often doesn’t match our ideal price.
Focusing too Much on the Highest Offer
If your buyer offering a higher price has a contingency plan that means they have to sell their home first, you could be waiting a while before you can get that money and be more likely to have to run two homes at once.
Thinking More of Exciting Features and Less About Practicality
Yes, smart renovations can add value to your home, but repairs, maintenance, and practical renovations more so than exciting ones are more likely to give you a worthwhile ROI.
Not Prepping or Staging
The less you prepare or stage your home, the less money you’ll probably get and the longer it will probably take to sell it. You don’t want it to look junky, poorly maintained, smaller than it is, or too much like you because all of these things can negatively impact the sale.
Choosing The Wrong Real Estate Agent
Real estate agents are not equal. It requires research to find one who will help you achieve your home-selling goals.
Not Being Flexible With Showings
If you put many limits on when potential buyers can see the home, they may find something else they like. It can be a bit of a pain, but prioritizing showings will make your home sale much more rewarding.
What to Do Instead
Avoid these mistakes by doing the following:
- Determining your potential costs before you sell so you can optimize your selling strategy and make the most from your home sale.
- Considering a trade-in of your home. A good home trade-in deal can help you match your move-out and move-in dates.
- Discovering how much comparable homes are selling for during the current market. This will give you a good general price for homes like yours. You then need to consider how your home differs from others. What raises or lowers its value? Consider the highest amount you could reasonably get quickly for your home.
- Balancing both the sale price and the time of the sale to receive the most money from the deal.
- Focusing on repairs over renovations. When you are making renovations, research the ones that are proven to add value.
- Staging the home, even if just a little.
- Checking a real estate agent’s licensing and credentials, and interviewing them to discover their marketing plan, their negotiating style, how they’ll communicate with you, and how you’ll pay them.
- While you’re selling your home, try to hold showings as often as possible to sell the home faster and for more money. The inconvenience is well worth it for the benefits.
Sell Your Home Fast with Wendy Gimpel
Wendy Gimpel is the #1 realtor in Stillwater, MN, specializing in luxury homes, and she’s just a phone call or message away. Contact her today.