Mistakes to Avoid When Selling Your Home
Homeowners can save thousands when selling their homes through listing agents and real estate investors. But, according to the National Association of Realtors, just 1% of homeowners currently list their properties with brokers. This means most homeowners can’t take advantage of this strategy to get top dollar for their houses. To sell your property fast, you’ll likely need to enlist the services of a real estate investor such as we buy houses Greenville, who buys houses quickly before reselling. Here are some mistakes that you could be making right now if you want to avoid headaches as well as save thousands on your house sale!
Not Knowing Your Property Market Value
The initial step in selling is determining what your property is worth. You’ll need to do this by researching comparable properties in your area. There are many options to go about doing so:
Visit real estate websites or local newspaper classifieds. This is a great way to search for homes that have recently sold in your neighborhood. If you’re looking at houses that have been on the market for some time, contact your agent and let them help you identify recent sales in your area.
Call up friends who own their own homes and ask how much they paid for theirs.
Request your realtor to provide you with information on recent sales in your area, including the number of bedrooms and baths, parking space, lot size, etc.
Hiring or Not Hiring a Realtor
It depends on what you want to accomplish. If you’re looking for a quick sale and don’t mind paying a premium, then yes, it might make sense to go that route. But if you want to optimize your return on investment and are willing to put in some time and effort, then hiring a realtor is worth considering. Here’s why:
- You’ll get more exposure.
- You’ll have access to professional services like staging and photography.
- You’ll avoid making costly mistakes.
- You’ll have someone to call if you run into problems.
- You’ll have someone who knows the market.
When they sell their house, one big mistake is that they don’t know what it takes to get top sales for their home. Most sellers think that they need to put up some signs and wait for buyers to show up. The truth is that many things go into getting top dollar for your home. You may be surprised to learn how much time and effort goes into selling your house quickly.
The best way to find a good realtor is by word of mouth. Ask your friends and family who their favorite realtors are. You may even want to ask some of your coworkers about their experiences working with realtors.
Expecting the Asking Price
If you’re selling your home in today’s market, it is essential to understand how much time and effort goes into each process stage. This part of the process is more accessible when planning and preparing before listing. If you know what to expect as you move through the steps, you can make better decisions about hiring professionals and when to do things yourself. Moreover, if you have a plan for managing the sale of your home, you will be able to stay on track and avoid common pitfalls that many sellers do.
The best way to determine your home is worth it is by appraisal. An appraisal is a professional assessment of value based on comparable sales data for homes that are similar to yours. The appraiser will compare recent sales in your neighborhood and sales in nearby communities to come up with a number.
Hiding Major Problems
The seller is responsible for any repairs to the property and must pay all costs associated with those repairs. If the home seller does not repair or replace damaged items promptly, the buyer may do so at their expense. The property seller is also responsible for paying any fees related to the sale of the property.
You must remember: if you do not correct the problem before it occurs, you will likely lose a significant portion of potential buyers who wish to purchase a turnkey house. It’s always better to be safe than sorry when inspecting homes for sale. Many states require companies to disclose certain financial relationships between their executives.
In some states, real estate agents may be required to inform potential homebuyers about any significant defects they find during an inspection. However, in most cases, sellers don’t need to tell prospective purchasers about these problems unless they specifically ask for them.
The Bottom Line
Homebuyers need to be prepared mentally and financially for more-or-less ideal and less-than-ideal scenarios. Learn all you can about selling your own home, so you know what to do if something goes wrong. Selling a property is not simply listing it online for a few days. It’s also about getting ready mentally and financially before you list it. Be prepared to think about all possible outcomes before listing your house. Think about how much money you could lose by selling it at a low price. Sellers’ remorse can be worse than no regret at all. It’s better to plan. If you avoid the costly mistakes stated above, you’ll be a lot closer to getting your most important transaction done right.