Home selling is a time-consuming and complex transaction, especially for American first-timers.
There are many layers of activities involved, including home staging and back-and-forth discussions with buyers and agents.
Putting your home up for sale can leave too much money on the table if done without much thought and you don’t want that as a property seller.
Ahead, you’ll find the most common mistakes in the home selling process and how you can avoid them.
Skipping Major Repairs
After mutually agreeing to a selling price, buyers will often request a professional home inspection.
If the inspector finds no significant issues, the prospect can accept the price, and the process goes on as expected.
Conversely, in light of substantial problems, the buyer will negotiate to deduct the cost of repairs from the selling price or decide not to push through with the sale.
Such a scenario is common in most states. So, selling a house with foundation damage VA and elsewhere will likely give you the same results.
Significant home fixes can cost a few thousand dollars of your hard-earned money, but you’ll likely recoup them once you’ve sold the property.
Getting your house in tiptop shape before offering it on the market helps increase its resale value.
A major home renovation can even become a highlight when showing your home both online and in person.
Pricing Too Low Or Too High
Setting a price for your home requires the expertise of a real estate agent.
While there are home selling apps that offer to appraise your property, take their assessment with a grain of salt.
The best way moving forward is to ask professionals to perform a market analysis.
The agent will typically check the current housing market performance and review the prices of housing units in your neighborhood.
Regardless, pricing your property right is crucial in how quickly or slowly your home will sell and how much you’re going to get from the sale.
Selling your home too low can leave you in a costly and disadvantageous position, while pricing it too high may discourage buyers from looking at your home even when you’re hosting an open house event.
Failing To Prepare For Home Staging
Apart from open houses, home staging is also an effective way to convince prospective buyers to purchase your property.
When staging a home, you can either do it yourself, ask the agent to do it on your behalf, or hire professional home stagers to help you pitch your home.
Note that this activity aims to highlight the best features and amenities of the property and not to conceal its flaws.
A perfectly-done home staging significantly impacts a home’s final sale value and the amount of time it spends on the market, based on research done by the National Association of Realtors (NAR).
The same study said that of the USD$ 400 average spending for the activity, a home’s selling value could increase by up to 10%.
If selling a home for USD$300,000, you stand to receive as high as USD$ 3,000 more from the sale.
Not Knowing How To List Your Property Online
Even if you’re planning to hire a real estate agent, you shouldn’t stop yourself from posting your property online.
With that being said, think of your online listing as a way to introduce your home to potential buyers.
Work with your real estate agent to hire professional photographers or take decent snaps on your own. Make sure that the images show the true beauty of your home.
In addition, find out how to write a compelling description. Remember that an online listing can provide you with broad exposure.
Doing it right can stir buyers’ interest in your property.
Staying Unaware Of The Right Timing
If you’re not in a rush to sell your home, consider researching the trend in the housing market in your area.
Because of the current deficit, the housing market is highly competitive, with houses being snatched in a week or so after they’re listed.
If you’re planning to offer your property, now may be the best time to do it.
According to the NAR, if you’re not quite ready, wait until the spring, where the bulk of the real estate transactions are done.
Before the current uptrend, the country’s most prominent real estate professionals discovered that since the new millennium, the majority of home sales usually occur from May to August.
On the contrary, the winter season is considered the lean months, particularly November to February.
Every homeowner wants to make the most of the home selling process. For a successful transaction, don’t forget to place yourself in your buyers’ shoes.
Since a run-down home will be quite challenging to sell, make sure to perform the steps discussed above to attract more buyers.
In addition, be open to when buyers try to negotiate, especially if some of the sections of your home need additional work.