Preventing potential problems is half the battle when selling a house. It is a significant life event. Selling a house can be difficult because of all the steps involved in listing, repairs, finding a buyer, closing the deal and moving into the next place.
A mistake can have serious consequences for your finances, and even more importantly, your peace of mind. Selling House sells thousands homes each month and offers sellers an alternative to traditional sales. We are sensitive to the difficulties that many of our customers face, particularly in slower markets.
These are the top mistakes to avoid when you’re selling a house.
- Underestimating the selling costs
The total costs to sell a house may be higher than the 5 and -6% agent commissions that most people expect to pay. The costs of selling a home can exceed 10% if you include closing costs, repairs and any other concessions the buyer may have to pay.
If you are moving into your new house before you sell your existing one, you might need to rent a temporary home or pay both mortgages and other costs such as utilities, HOA fees, taxes, storage, and utility bills. To avoid these expenses, learn more about trading in your home.
To estimate your net proceeds, you can use our house sale calculator. This will show you how much money you will make after all costs have been accounted for. This information will help you determine the best way to list your house and provide you with an estimate of how much money you’ll spend on it.
– Selling without hassle? Selling House offers you a fair offer and allows you to move quickly.
- Set unrealistic prices
You may want to pay a higher price than the market, but they can be very different. Fair market value is a term that describes how a property is valued when the seller and buyer are both reasonably informed about it and there is no pressure to sell or buy. Looking to sell your house fast for cash? We beat the other guys’ offers this article
It’s the balance between asking too much and too little for the seller. You could lose money or have your home go on the market longer , which could have serious consequences.
Based on similar homes that have sold nearby, you may get an idea of what your home might be worth. Many real estate agents use these comparable sales to determine a listing price. It’s important to remember that not all comps are equal so you would need to adjust for every difference in home features. This is known as making adjustments and is incredibly difficult to do manually.
To compare the individual features of hundreds of homes, we use a robust value model. This allows us make a competitive offer that is based on market data and inputs from the sellers.
– Want to know how much your house is worth? Selling House To price your home competitively, get your home’s value. It’s free.
- Only consider the best offer
While the highest offer is exciting, it may not be the best deal for your needs. In traditional sales, it is common to have contingencies. These conditions must be met in order for the sale of property to close. There may be contingencies to protect the buyer’s interest, such as a financing contingency and an inspection contingency.
These contingencies can have a significant impact on the timeline, certainty, and complexity of the sale. You might receive an extremely high offer, but it is contingent upon the buyer selling their house.
It’s important to weigh the additional timing and uncertainty against a lower offer with no contingency. Another scenario is where you might have a buyer willing to accept repairs at a lower price, but offering repair credits. This article will provide more information about and how to select the best offer.
- Avoiding major repairs and expensive renovations
A long list maintenance problems can put buyers off, and possibly lower the home’s value. Buyers expect your home to be in the same condition as the description. Prioritize the most obvious issues, especially those that may be discovered during a home inspection. Many buyers will require an inspection prior to closing.
We look for broken or in poor condition items when we do home assessments. These items can also affect safety, structure, and functionality. These are the most common repairs we find. Use our home maintenance checklist to inspect every space before you prepare your home for sale.
Sellers may also be considering making improvements or renovations to their homes in order to increase the home’s market value. Renovating a home can be expensive and you may not always be able to recover the costs. Some buyers like to do their own renovations in order to personalize the space. If your goal is to increase the value of your home, you should carefully consider any renovations.
– To find out which projects will add the most value, use our home renovation calculator.
- Do not prepare your home for sale
Listing your home for sale is not easy. Prospective buyers will need to see your house. The more appealing your home is, generally speaking, the less clutter it has and the better its appearance. Moving.com warns that clutter can make your house appear smaller, making it harder for potential buyers to imagine themselves living there. According to Realtor.com, staging homes can increase the sale of homes by 88% and sell for 20% more.
You must consider curb appeal. Moving.com says that a home’s exterior sets the tone for what lies inside. Buyers may be less likely to accept a home that is in disarray or is otherwise unsatisfactory.
- The wrong agent, or the wrong selling method
You should ensure that you work with a professional real estate agent. Realtor.com states that some agents charge flat fees while others charge a percentage, which is usually 5 percent. Sellers have the option to negotiate their commission.…