Avoid These Home-Selling Mistakes
Can you imagine making a mistake that cost you thousands of dollars? Okay, this may seem a little dramatic, but it’s a scenario that could easily play out during the home-selling process if you aren’t prepared.
After all, a home sale is one of the most expensive transactions you will ever make and while some mistakes are more costly than others, wouldn’t it be nice to completely avoid unnecessary oversights? Of course it would! That’s why the team at Amy Stockberger Real Estate (ASRE) has put together a list of the most common home-selling mistakes to help protect your most lucrative asset if you’re selling your house in Sioux Falls.
Home-Selling Mistake #1: Being Unaware of Selling Expenses
Unwanted surprises are the worst. Especially when those surprises come in the form of a fee or bill. Just like buying a home, there will always be certain expenses that go along with selling a house. Everyone’s experience is different, but you can expect to pay for some (if not all) of the following: home inspection repairs, staging costs, seller concessions, a share of the closing costs, and agent commissions. Oh, and don’t forget that you’ll most likely be buying another house and moving—possibly relocating—which will also add to your selling expenses.
Home-Selling Mistake #2: Your Asking Price Is Too High
If you aren’t using an experienced real estate team like ASRE, setting the right asking price on your own can be one of the most difficult (and problematic) aspects of selling a home. You don’t want to come in too low and potentially miss out on thousands of dollars; however, too high of an asking price could have the same damaging effect. An unrealistically high price could drive away homebuyers and cause your house to sit on the market for much longer.
Your home is probably your largest investment and you want to sell it for the highest possible dollar amount—completely understandable. That’s why you don’t rely on outsider advice and Internet valuation tools to make such an important decision. Real estate professionals such as ASRE will perform a comparative market analysis to not only maximize your profit, but also sell your home faster.
Home-Selling Mistake #3: Emotions Get the Best of You
Selling your house is a business transaction and should be treated as such. Yes, your home is where you celebrated life’s highs and lows, accomplishments, and milestones, and if this was your very first home it can be even more difficult to disassociate yourself from all of the great memories you’ve made.
This is just another reason to enlist the help of a real estate expert, as they have zero attachment to your property and will keep you focused on the task at hand. It’s also important not to let emotions come into play if you receive an offer that you perceive as too low. Remember, this is a business deal and everyone is trying to maximize their dollar. Instead, stay positive and open-minded, as this can be a starting point for counteroffers and negotiations if they’re a serious buyer.
Home-Selling Mistake #4: Forgetting to Clean and Declutter Your House
Put yourself in the homebuyers shoes for a moment. You walk into a house for sale and there are countless pairs of shoes blocking the entryway, stains on the carpet, dirty dishes in the kitchen sink, kids’ (or pets’) toys everywhere, dirty laundry on the floor of the master bedroom, etc. You get the picture.
While organizing and decluttering is good practice whether you’re selling your house or not, as unsightly messes, displeasing odors, and unkempt landscape are distracting. Potential buyers need to envision themselves living in your home and that can be very hard to do with these types of obstacles getting in the way.
Home-Selling Mistake #5: Ignoring Necessary Home Repairs
From small upgrades like a fresh coat of paint or new door handles to larger projects like window replacement or fixing an electrical problem, home repairs can go a long way when it comes time to sell. Not only do home improvements increase the value of your property but they will also show prospective buyers that the house has been well taken care of.
Plus, as we discussed earlier, you want to avoid any unwanted surprises. It’s better to discover these issues before you get too far along in the home-selling process. And whatever you do, don’t try to hide major problems! Eventually, the buyer will discover the issue or it will be found during the home inspection, and this could delay your closing date or kill the sale altogether.
Home-Selling Mistake #6: Not Having Homeowners Insurance
During your own homebuying process your lender may have required you to carry homeowners insurance. If this was not a stipulation to getting your mortgage be sure to get properly insured prior to listing your house. If a potential buyer has an accident while viewing your property and happens to get injured, they could sue you for damages. Trust us, this is one home-selling expense you don’t want to have.
Home-Selling Mistake #7: For Sale by Owner
As you can probably decipher from reading this article, there are many ins and outs to selling a home, and having a real estate professional on your side can be a huge asset. In addition to their industry knowledge and experience, a real estate team will handle your home’s listing, showings, home inspection, negotiations, paperwork, and anything else that pops up along the way.
Choosing the for sale by owner (FSBO) approach may sound appealing because you don’t have to pay any real estate commissions, but if you happen to make one (or more) of the home-selling mistakes listed above those commissions will seem like a drop in the bucket compared to losing thousands of dollars on an FSBO. Protect your biggest investment and let the experts at ASRE help with your next home sale.
- Michelle Nett