Selling a home is a very exciting process. Not only does selling a home usually mean the prospect of moving somewhere new, but selling your home is also an opportunity to “cash-out” on a big investment that you made. But if you don’t do things right, you could miss on the right buyer, as well as maximizing your home’s potential. Consider some of these common BIG mistakes when selling a home–
Did you know that selling your home can actually be quite costly? And if you don’t budget for these costs in advance, you could end up losing more money than you make. Costs associated with selling a home include:
If you’re not sure how much costs will be, talk to a professional to get a solid understanding.
Pricing your home way less than it’s worth or way more than it’s worth are both big mistakes. Pricing it too high could be a major turn off for otherwise eager buyers, and pricing it too low could mean that you end up walking away with much less than you’re owed.
If your home has any major defects or needs any major repairs, you may be tempted to hide these from a prospective buyer, knowing that your honesty may drive down the cost or turn the buyer away. But this is a huge mistake. In fact, intentional misrepresentation can result in penalties being assessed against you later on. It’s always best to be honest and adhere to disclosure requirements.
If you think that just listing your home–especially if the market is hot–will result in a home sale, you may be right; however, if you think that just listing your home will result in a home sale where you find the best buyer and get the best deal possible, you’re likely mistaken. By marketing your home on the right channels and to the right people, you can improve its visibility and the chances that you’ll attract the perfect buyer.
Maybe the biggest mistake that you can make when selling your home is that of failing to hire a realtor. Your realtor can provide you with critical market information, help you to understand your duties and obligations, stage your home, price your home, market your home, screen pre-qualified buyers, and more! Of course, a realtor can also represent you when negotiating your contract, and at the closing table, too.