To get the most out of your home sale, it pays to pay attention to the details. By avoiding these common mistakes you could save yourself thousands – even tens of thousands – of dollars by the end of the sale.
Skipping the home inspection.
Depending on the age of your home, a pre-listing home inspection could save you a lot of time and frustration in the future. The pre-inspection report will help you to address any issues or prior to listing so it can’t be used as leverage against you during the negotiation.
Overpricing your home.
One of the biggest mistakes sellers make is overestimating the value of their property. If a neighbor sells their home for $300,000 you shouldn’t automatically assume your house is worth the same; costs can vary based on recent updates, additions, multiple bids, and negotiations. Typically, the wrong listing price is the reason why a home doesn’t sell. Your best option is to hire a listing agent to get their professional opinion of your home’s worth.
Taking a low offer, personally.
Sellers have a tendency to take offense to low offers. Remember the initial offer isn’t a reflection of their opinion of your home. If they are submitting an offer, they like your home and are interested. The sale of your home is a business transaction and now is the time to negotiate. Respond with a counter offer. If they are a motivated buyer they will increase the offer.
Choosing the wrong REALTOR®.
Many times buyers don’t take the time to interview REALTORS®. Your payoff will be greater if you find a professional with local market knowledge and sales expertise. Take the time to review experienced REALTORS® who have a track record of quickly selling homes that are similar to yours and settle negotiations at price point close to the listing price.
Listing as is with no sales prep.
With competitive markets such as real estate, it’s essential to present the best possible version of your home. If you market your property without painting or making minor repairs you risk it sitting on the market and getting a reputation for having major problems. The bare minimum should be a professional level cleaning before listing.
Not being prepared for the next step.
Whether you’re waiting until your current home sells before purchasing a new home, or buying concurrently it’s important to have a back-up plan to stay financially sound. Be ready if the transaction for your sale takes longer than expected or falls through. Keep in mind the mortgage costs you will have to pay and required closing costs.
Letting pets or kid tarnish a sale.
Buyers want to imagine themselves and their families in your home. The easiest way to do that is provide a blank canvas for them to work with in each room. It’s important to keep your home as neutral looking and smelling as possible. If you have a dog, see if it can stay at a relative or friend’s house while buyers are visiting. Make sure to be diligent with kids to keep messes to a minimum.