05 Apr How to Avoid 7 Costly Mistakes When Selling Your Home
When you’re getting ready to put your home on the market, there are a number of things to think about, to prepare for, and to juggle. Here’s a list of seven things that can cost you thousands of dollars when selling your home:
The good news is each and every one of these mistakes can easily be avoided. Below is a guide to help you prevent costly problems and sell your home for every bit of its worth in the least amount of time!
- Set the Right Price from The Start.
Chances are the first price you have in mind is high, but you think you can always come down. If you start high, you may literally keep buyers and other real estate agents away because they don’t want to
waste their time. If you lower your price in increments, it’ll be too late – they already see it as an overpriced home. A knowledgeable Realtor will research your area, gather specifics on recently sold homes, discuss trends, and answer questions you have about the value of your home with market facts, not opinions.
- Use an Innovative Marketing Plan to Reach More Buyers.
Putting a sign in the yard and holding an open house are just the beginning. You need to go beyond traditional methods and use all possible advertising avenues, including the Internet (quality photographs are key) and social media. Be sure to hire someone with a complete and cutting-edge marketing plan to help your home stand out from other homes for sale. Keep in mind, if more buyers are competing for your home, it can sometimes start a “bidding war” where you get to decide who buys your home and usually at the highest price.
- Stage Your Home So It Looks in Top Shape.
You don’t get a second chance to make a first impression! Homes are in the best position to sell when they are new on the market, so you want your home to be in model home shape before your first showing. Look at your home f
rom a prospective buyer’s point of view: Is your home dark, cluttered, or needing repairs? An experienced Realtor will know several easy and inexpensive things you can do to make your home more attractive to buyers.
- Use Effective Negotiating Strategies.
Know what you want from the sale and try to determine what your buyer wants, so you will make a deal that benefits you both. Don’t make the mistake of thinking the “appraisal” value of your home would persu
ade a serious buyer to pay more by talking about it during the showing.
- Protect Yourself with A Properly Written Contract.
A contract is a legally binding agreement involving laws and regulations. An improperly written contract could cause a sale to fall through and still cost you thousands in repairs and inspections. Before signing, know what repairs and closing costs you are responsible for and what you are not.
- Only Sign A Listing Agreement with A Guarantee.
A professional Realtor will have a written performance guarantee included in their listing agreement. You should have the flexibility to modify or cancel your listing agreement, so you are always in control when selling your home.
- Work with The Best Agent.
Selling your home is likely to be one of the biggest financial transactions you’ll ever make, so you need to hire a trustworthy Realtor who understands your goals and will meet your needs. Ask friends, neighbors, relatives and business associates for recommendations so you find the best agent to guide you through the home-selling process.
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