1. Don’t sell before the house is ready
That is a common seller mistake that many homeowners commit that has always cost them of attractive sale deals. You should always ensure that your home is available for sale before you start advertising it to potential buyers. Making your home ready for sale entails ensuring that all the minor repairs are taken care of, the house is clean and that you have staged it properly. If you cannot afford to pay an expert to do it for you, you can do most of the preparations on your own. Forgetting to do these small repairs may lower your home value or even prevent you from making a sale at all. The importance of doing this is that, if a buyer notices that you have neglected minor repairs like a faulty door knob or a creaking window, they might wonder what other major repairs have not been addressed in the home. You may need to go an extra mile and ask a third party such as a real estate agent to point out other repairs you need to rectify that might have escaped your eyes. You will also have to declutter the house so as to give the buyer an illusion of space, repaint the house in a neutral colour and eliminate any unpleasant odors that may be lingering in the rooms. All these will help you to make a good impression on whoever is going to buy it as well as increase the home value.
2. Don’t over improve
Another mistake that you should steer away from is over-improving your home. When you are making your home ready for sale, you might be tempted to over-improve it in a bid to make it look more attractive to buyers. However, experts advise that you should do it in moderation so as to avoid scaring customers especially if the house is situated in an area where there are many other houses for sale. That is because the other houses in the surrounding might just be moderately enhanced, which will make your stand out. Therefore, buyers will prefer to buy the other houses thinking that they will cost less than yours. It is also a universal rule in the real estate circles that buyers seek to buy an affordable home in a classy neighbourhood.
There is also an unwritten rule stipulating that the improvements made should only ensure that the property becomes presentable does not entail significant capital investments and that it echoes the community culture. You will only have to ensure that the house is in a good condition by doing mechanical repairs that involve fixing the plumbing system, the flooring, ceiling, patio, lawn, doors and windows. With all things in place and perfect working order, you should be confident about getting a buyer who will be comfortable with the home value. You can also do the cosmetic improvements that entail painting, landscaping and adding wallpapers. These enhancements are sufficient; anything extra will do more harm than good to the seller. You can use this as a yardstick to help you realize how much improvement is within the range. Therefore, avoid overdoing the improvements since to the potential buyer, the house may end up being too costly to afford. If you do manage to make a sale, you might not recover the money you had spent on the improvements.
3. Hire wrong
If you are selling a house for the first time and are worried that you will be unable to do it on your own, you should enlist the help of a real estate agent. When it comes to looking for a Realtor® ask around for the one who had a solid reputation in helping buyers navigate the home buying process seamlessly. You should avoid hiring someone just because they are your friend; rather, focus on finding someone with experience and expertise in selling homes. You should also look for someone who knows the area well and has a vast knowledge of the market conditions so that they can advise you appropriately. In some states, it is even illegal to carry out such businesses without involving a real estate agent. Therefore, you have to do your homework and look for someone who will be most qualified for the job. A competent real estate agent from a reputable company will be able to do various things for you that will expedite the process of selling a home.
They will also ensure that you have peace of mind while going through it. He/she should be in a position to advise you on the best asking price based on the range of prices of other similar houses in the area. They will also help in making negotiations ensure that you get the highest price possible which will help you make a god profit out of the sale. The price that you will finally sell the house should also enable you to afford the costs involved in moving into a new home. Realtors have been known to negotiate even for a much greater price than the seller had anticipated they would gain from the sale. A professional real estate agent will also ease your burden as they can deal with the numerous paperwork involved in selling a house on your behalf as you concentrate on packing or preparing a home for sale.
They will also be with you when you will be closing the sale to guide you through the process and negotiate on your behalf. A realtor will also give you valuable advice on how much improvements you should make in your home before selling it based on their knowledge of the neighborhood. That can help your house competitive fairly with other houses in the neighborhood that are being sold at that time. All these responsibilities will take a weight off your shoulders are you go through the strenuous process of relinquishing your ownership over your property to someone else. Therefore, you should not dismiss the idea of hiring an experienced realtor or hire a less qualified one in a bid to save the money you would have paid them.
4. Don’t hide anything
Selling a home like any other business, requires mutual trust and honesty. Therefore, it will be necessary for you to reveal all the important details about your home to the prospective buyers. That will include information such as whether there are any shortcomings in the house that require repair. Failure to mention such sensitive information can be a detrimental seller mistake on your part since it may attract a lawsuit as the buyer could sue you for misleading them. Therefore, ensure that all the information that you will publish in advertisements is accurate to avoid breaching various laws. It will also discourage buyers from buying your house as they will consider you a fraud. Such a mistake can also make your house go for too long without finding a buyer, lower its home value or ultimately lead to a foreclosure. That is not the end that you had envisioned in the beginning. It could also force you to service two mortgages at a go or even end up paying more rent elsewhere. Conducting honest dealings with your customers will help you avoid all these humiliating and costly outcomes.
5. Don’t rush
Selling a home is a serious matter in which a lot of money is at stake; hence, rushing the process can be a serious seller mistake on your part. You should take time planning about the sale in order to make sound decisions. You do not want to make decisions that will make you regret later on. One of the vital things that you should consider, after you have decided to sell your house, is finding out about your mortgage status. Find out if there are any pre-payment penalties that you risk being charged by your lenders. Failure to consult with your bank on this matter may lead to significant financial losses for you. You should also take your time to research on the market conditions in your area.
That will determine the price range that you should be selling your home at to avoid setting a ridiculously high price that might deter buyers from purchasing your house. Information about the market condition will also help you know whether there is high or low demand for houses at that time of the year. You will also need time to find out the other options available to you in case you decide to sell a home in the future. Rushing will also deny you the chance to find out all the legal requirements that you will be supposed to meet as the homeowner. You will also overlook doing adequate marketing for your home in order to make a better deal. Thus, take your time to do all the requisite preparations that will help persuade the buyer to buy it. Indeed, selling a home requires a lot of patience to ensure that you get a good price for your home and avoid giving up when it looks like no buyer is interested in purchasing your house.
6. Don’t get too emotional
Selling your home can have a psychological and emotional effect on you as you may have grown to like your home so much over the years. That is where you have made many precious memories with your family or spouse. Therefore, it is easy to feel emotional about putting it up for sale. Unfortunately, these emotions might crowd your judgement and lead you to believe that your house is flawless or superbly decorated that every buyer will like it as much as you do at the first sight of it. However, that can be an appalling mistake on your part. You are just supposed to treat the whole affair as a business and put the sentimental aspects aside so that you can make rational decisions about the sale. You are primarily expected to be clear headed during the home inspection process. Be open-minded about what the home inspector will tell you about the home and be ready for any eventualities. Be reasonable in case you are required to do some repairs following the inspection’s report. Avoid arguing with the buyer over a small repair that you can fix quickly.
However, do not put it upon yourself to make every major repair in the home if you know that you are not up to it financially or emotionally. Choose the ones that are within your budget and ensure that you fix them adequately. In conclusion, selling a house can be an easy and profitable experience if you manage to avoid these six major seller mistakes. These mistakes include selling your house when you are not ready, over-improving it, hiring the wrong personnel, hiding crucial information, rushing and being emotional while selling. Avoiding these mistakes will help you to improve the home value and hence sell it at a favourable price. The Ballen group has highly skilled and experienced real estate agents who can help you circumvent the challenges of selling a house. They have a vast knowledge about the area and will give you valuable information concerning the market condition of the real estate industry in the region. You do not have to guess the next steps or mull over the legal implications of doing certain actions when our team of experts are within your reach. Home Prices have increased. Want to know what your home value might be in today’s real estate market?
Call 1-800-805-8354 or click this link to request your home value today