You may have your own reasons to put your house on the block, but one thing that you, as a seller, want is to get the maximum price for it. Herein lies the reason for blunders that home sellers usually make. If you can anticipate the problems before they crop up, it is half the battle won.
The first and foremost step that you should take is to hire a realtor who knows the real estate market inside out. A realtor will not only help you find a buyer but also give tips to increase its chances of getting sold.
To this end, real estate companies, such as UpNest, not only offer real estate agents but also allow you to compare agents to choose the best one. Such companies help you find a realtor, who is competent and professional, for a minimal real estate agent fees.
Despite hiring the best realtor, it is crucial to know the many mistakes that home sellers usually make. Let’s see what these are:
#1 Be sure before you put up the ‘for sale’ sign
The moment you put the ‘for sale’ sign, it will give rise to a chain of events, which can be mentally, physically, and emotionally draining, more so, if you are not prepared to sell. List out the pros and cons of relocating to another place before putting your house on sale.
#2 Jumping blindly into the housing market
It isn’t effortless for a layman to keep track of the ups and downs of the housing market. In your excitement of selling your house, you may blindly enter the market only to realize that your home is not selling. So, peruse housing market statistics of your area to know how properties are selling there. If the market is low, rethink your decision to sell.
#3 Setting an unrealistic price
In your desire to get the best price for your house, you may be tempted to raise its selling price to unrealistic levels. If you do so, your house may not sell or sit on the market for way too long with its share of consequences. You will have to adhere to the Fair Market Value of your property prevalent in your area for your type of house. To get an idea, know the worth of your type of homes sold recently in your neighborhood.
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#4 Account for everything while setting the price
Although you need to avoid being unrealistic in pricing your house, you also should not underestimate its cost. The following fees need to be included while setting the price: agent commission of five to six percent, closing costs, concessions to buyers, repairs, cost of selling that could be around 10 percent of the sale price. The latter includes rent of temporary accommodation on moving out, getting the new house done up, etc.
#5 Upgrading your house for a better price
While it is perfectly okay to upgrade your house with the latest technology to make it more saleable, don’t go overboard doing so. What buyers actually look for is an upgraded kitchen and the master bath. This is most likely to get you a higher return on investment. However, an expensive renovation will not translate into the higher asking price, so don’t waste money on over customizing.
#6 Do not ignore major repairs
If your house has a long list of repairs, it may deter buyers from going ahead with the deal. It will also decrease the value of your home. So, make sure you offer your home in decent condition. A buyer is most likely to look for issues while inspecting your home.
#7 Highest offer may not be the best offer
You may get tempted to say yes to the highest bidder, but a person bidding the highest will also expect the house to be in perfect condition and may ask you to undertake all repairs and renovations before buying. This may turn out to be costly. Look for a buyer who may bid less, but is willing to be more flexible on repairs and renovations.
A smooth and painless home selling process is what you desire. It can become so, if you know the mistakes and how to avoid them. Hiring a realtor will prove indispensable in selling your house.