Gearing up to put your house on the market can be daunting. From preparing the actual listing, to inspections and repairs, to simply finding a buyer, there are quite a few steps you’ll need to take to get your home off your hands and into those of another. The process demands loads of patience; rushing to list your home and sell can result in negative consequences to your finances and your peace-of-mind.
Check out six mistakes below that you should work to avoid when selling your home.
1. Choosing the wrong agent: Set a good foundation for your sale by choosing an agent you can trust – and who is within your budget. Take time to interview potential real estate agents to ensure you’re getting a partner in the process, not someone just looking to profit from commission fees. Check their licensing, credentials, and even talk with past clients to ensure they have experience selling in your area and price point.
2. Underestimating the costs of selling: The total costs of selling a home can be up to 10 percent of the sale price. You can expect to cover closing costs, repairs, commissions, staging costs, inspection repairs, and other concessions to the buyer. Some expenses are negotiable, but sellers should go in expecting to foot the bill for a variety of costs – expected or otherwise. To get a better understanding of how much it will cost to sell your home, check out this home sale calculator.
3. Asking too high a price to start: Settling on the best listing price for your home can be a tricky feat. Nowadays, potential buyers can spot high prices easily, often having reviewed comparable homes online prior to viewing your home. On the flipside, setting the price too low can leave buyers questioning if the home has outstanding issues. Work with your broker or agent to decide on the best listing price, and do your own research by consulting valuation models and home value generators.
4. Ignoring major repairs: Unless they’re in the market for a fixer-upper, buyers – especially first-timers – will be hesitant to commit to any home in need of major renovations. When preparing to sell your home, prioritize the most glaring issues, paying special attention to those that are likely to turn up during a home inspection. Consult this home maintenance repair checklist to make sure you’ve got your house in order before putting it on the market.
5. Skimping on staging: Staging can have a dramatic impact on how fast your home sells and can help increase buyer offers up to ten percent. That sort of profit increase can easily cover the cost of staging in the first place. Additionally, good staging translates to good photos for the listing, which are also likely to speed up and increase the dollar amount of your home sale as well.
6. Using low-quality or old photos: Buyers are likely to do most, if not all, of their browsing online, making the quality of your listing photos of the utmost importance. When listing your home online, make sure the photos are recent, accurate, and high-quality. Work with an experienced home photographer that knows how to make your home shine onscreen and collaborate with your agent to develop an eye-catching written description to accompany them.
All things considered, being over-prepared is best when it comes to selling your home. Having patience when it comes to the process will give you the time to make sure you’ve attended to every detail, making it most likely that you’ll have a successful – and stress-free – sale.
Looking for a partner or have questions about selling your home? Contact us at Mariott Real Estate today.