There are seven mistakes home sellers must avoid if they want to sell quickly and for top dollar.
Here are the seven costliest home seller mistakes you must avoid when putting your home on the market:
1. Overpricing or underpricing the home. Even in a hot market, if your home is listed at 5% over its market value, it will sit unsold for several months. If you price your home too low, on the other hand, you’ll leave thousands of dollars on the table. This is why it’s so important to price your home correctly from the get-go.
2. Not properly preparing the home for sale. According to Realtor.com, if your home is properly prepared and staged for the market, it will sell up to 88% quicker and for up to 10% more money than a home that’s cluttered or needs renovations.
3. Limiting the number of showings. As a seller, you have to be prepared to leave your property on short notice before showings happen. A home that’s hard to show is a home that’s hard to sell.
4. Underestimating your closing costs. Aside from a Realtor’s commission, you should expect to pay anywhere from 1% to 5% of the purchase price for renovations, repairs, and closing costs. When you meet with your Realtor, they will go over these costs with you.
5. Reviewing offers with a closed mind. The highest-priced offer isn’t necessarily the best one. When reviewing offers, look at the terms included, such as the size of the deposit, the down payment, and any contingencies. Be open-minded about these terms.
6. Not understanding the home selling process. A typical home sale requires anywhere from 12 to 20 people to complete the transaction. Aside from the two Realtors, there are also inspectors, lenders, appraisers, escrow officers, etc. Understanding the entire process beforehand will make it easier to anticipate anything that can go wrong and to plan for vacating the property once escrow closes.
7. Choosing the wrong Realtor. The right Realtor will prepare a market evaluation to make sure you set the right listing price, identify ways to add value to the home, and provide a net sheet so that you understand all the costs involved in selling. The wrong Realtor won’t do these things for you.
If you need help selling your home or you have any other questions about this particular topic, don’t hesitate to reach out to us. We’d love to help you.