Selling a home is often more difficult than most people think. Most home sales don’t go smoothly, which will often make it a stressful and lengthy experience. It’s also important to understand that the process of selling your home entails a lot of paperwork, time, and some money. Here are some things you should never do when selling your home.
- Overpricing Your Property
- Overlooking Repairs
- Failing To Account For Closing Costs
- Not Hiring a Real Estate Professional
Pricing your property correctly is one of the most important things that every home seller should do. While it may be tempting to overprice your property, doing so will deter buyers who are able to buy at your price range, which will mean that your home is likely going to sit on the market longer.
The longer your home is on the market, the less likely buyers will feel compelled to buy your home at a competitive offer. If your listing goes stale, you may end up selling it for much less than what you could have sold it for had it been priced properly.
While not all buyers will be incredibly picky, it’s safe to assume that people who are paying a lot of money for a home will want to get their money’s worth. To ensure that your home does not have any hidden issues, it’s important to get a pre-purchase home inspection. This way, you’d be able to detect and repair any issues your property may have. This will also help you price your property more accurately.
As mentioned earlier, home-selling is not as straightforward as it may seem. There are a multitude of closing costs that sellers need to account for. Closing costs for sellers can cost as high as 8% to 10% of the sale price.
Some costs to account for are: commissions, transfer tax, title insurance, escrow fees, prorated property taxes, advertising costs, and attorney’s fees. Take note that this is just the seller’s closing fee. Sometimes, sellers may even need to pay for the buyer’s closing fee, although this is optional.
Real estate professionals are your best chance of getting the best possible result from your sale. Real estate agents handle the pile of paperwork needed for the transaction to push through and they also have the local market knowledge that will help you find buyers who are most likely to buy your property.
Foregoing the help of a real estate professional doesn’t only mean that you’d be taking on a lot more work, but it may also significantly reduce your chances of a favourable outcome. However, this doesn’t mean that it’s impossible to sell your property without the help of a real estate agent.
While these mistakes will surely hurt your chances of a successful sale, this should mean that the whole task is lost. There are services such as Problem Property Pals that grant sellers a way to sell their properties quickly regardless of the condition of the property.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.