Mistakes to Avoid when Selling your Home
1. Not Hiring A Professional To Sell Your Home
The numbers don’t lie! Homeowners who try to sell themselves often end up taking longer to sell and sell for far less than homeowners who work with an agent. The latest data shows the typical FSBO (for sale by owner) home sold for $200,000 compared to $265,000 when sold by an agent. That’s a $65,000 difference! Most sellers already know it’s a waste of time and money to defer working with a professional. Last year, less than 10% of all sellers sold their homes by themselves compared to the 90% who used an agent.
2. Ignoring Major Repairs And/Or Making Costly Renovations
Pricey repairs and maintenance issues can turn buyers off and potentially decrease the value of your home. More importantly, buyers expect the condition of your home to match the description. Prioritizing the most glaring issues, particularly those that are likely to turn up during a home inspection. Items to consider are those that are broken or in poor condition that can affect the safety, structure, or functionality of the home. On the other hand, renovations can be costly and you may not always recover the cost in the purchase price. Some buyers prefer to make renovations to personalize their new asset.
3. Using Bad Photos
I can’t tell you how many awesome homes have horrible camera phone photos in their sale listings, which is detrimental to the ability to market your home. It is also just completely unprofessional on the agents part. Today, more than 90% of all buyers start their home search online. The agent’s job is to nail your home’s close up! As we all know, first impressions are everything.
4. Lack Of Staging
Staging a home gives buyers an idea of what it’d be like if it became their home. Overlooking this step is a huge home-selling mistake. Most sellers’ agents report that staging a home has a dramatic impact on your home selling faster. Staging a home increased the dollar amount of buyer offers by 1–5%, while others said it kicked that amount up by 6–10%. In other words, showing an empty house to potential buyers can potentially cost you thousands at closing.
5. Limited Showings
Once you’ve put your home on the market, you’ll have to try to cooperate when your agent wants to show it. The goal is to accommodate as many buyers as possible. Making your house accessible to show will, in turn, make it easy to sell either. While interruptions and added weekend planning may feel inconvenient, just remember the end goal is a good return on your investment. The more the agent can show your home, the more offers that come to the table to maximize your profit.
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