Common Home-Selling Mistakes
We all make mistakes, but when it comes to selling your home, you need to be on point! We are going to give you a few common mistakes made when selling your home and how to avoid them. So, listen carefully and pay attention as we explain these mistakes for you to avoid!
Not Expecting Home-Selling Costs
Now, I bet you didn’t know that sellers typically use their proceeds to cover the commissions for their listing agent and the buyers agent. On average, you should expect to pay around 5-7% of your home price to cover the agent commissions.
Closing costs are usually about 1-3% of the home price and often include the sales tax, title transfer fee, attorney fees, and a fee for the final transaction on the closing day.
We all know that your home’s photos are extremely important when it comes to selling your home, but let’s dive into staging. When you hire someone to stage your home for photos or showings. These fees often depend primarily on your home’s location and size, and they can range from $525-2,000. While selling your home, these may be fees that are monthly, and it can get pretty costly depending on how long it takes to sell your home.
Home Inspections Repairs:
We can all agree that home inspections are extremely important, but these fees are usually covered by the potential buyer. However, the repairs are 100% your responsibility as the seller. It may also be a good idea to put down a couple hundred dollars for an inspection before you try to list your home.
Well, if you have officially sold your home, it’s about time to pack your belongings! Now, this expense can be easily forgotten, but can be costly depending on where you are relocating. If you are planning to hire movers, you can expect to spend anywhere from $750-2,000. Another item to think about is the storage fees if you plan to sell your home before purchasing a new one.
Selling When You Owe
If you still owe money on your current home, use a portion of your sale proceeds to pay off the remaining balance of your loan. However, if your home has gone down in value or you owe more than what it’s worth, you will obtain negative equity on your home. Remember, if you break even or still owe, it might not be a great time to sell. Give it some time or talk to a local agent.
FSBO - For Sale By Owner
Not using a real estate agent is a huge mistake when it comes to selling your home. I mean, sure, you can save a pretty penny when it comes to agent commissions, but you could be missing out on making more money than originally thought! In today’s market, you can easily make more on your home. Home values are currently increasing, but you still have a better chance of making more money when using an agent. In the current market, the majority of homes are selling in Cookeville for OVER asking price by roughly +2-4% and 98% of the asking price all in all. This is something that is statistically impossible to do on your own!
Pricing it Wrong
Pricing a home can be extremely tricky! If you price it too low, you could miss out on obtaining the full amount of what your home is actually worth! If you price too high, you will not gain very much attention, and your home will remain on the market for an extended amount of time. If your home is on the market for a while, price reductions can happen which can also prevent you from obtaining your home’s full potential! Now, if you team up with an agent who knows the current market and can help you correctly price your home, this will lead you into getting the best possible offer for your home. So, the question is, “why not?” If you are looking to nicely market your home and get the best bang for your buck, call your local agent today! Luckily, Skender-Newton Realty is ready to hear from you!
Not Clearing the Clutter:
Well, this is an easy one for you. If you do not declutter, it can be hard to show off the beauty of your home. Yes, everyone has their own decorative style, but it can be hard for a potential buyer to picture themselves in your home if you have too much of your own decor. On the other side, you will need to be sure to declutter any paperwork, toys that are in disarray, or even torn up furniture. All of these items can turn a potential buyer off from making an offer. So, make sure to keep things tidy and clean while your home is on the market.
Using Bad Listing Photos:
In today’s day and age, many buyers are searching for homes from their own home! When potential buyers look at your home, you want them to be captivated by the special features that your home offers! More than half of buyers found the home of their dreams while sitting on the couch! So, if it looks like someone took photos with a camera phone, you will immediately lose buyer interest. HDR, 4K photos are recommended when it comes to taking pictures of your home, and trust us, it causes a better outcome than originally anticipated. You will be surprised at what a good camera and lighting can do for your home!
Not Firing a Bad Agent
If you have chosen to use a real estate professional, and you notice that your home is not selling, it could be due to your agent. Just think, the potential buyer that made an offer has to like your home, right? Just remember that the sale of your home is a business transaction; it’s a process of negotiations. Be sure you are getting your money’s worth! If you feel as if the chemistry between you and your agent is off, it may be time to make a switch. Don’t be too nice, or you may have to pay for that later!
All in all, the sale of your home is important, and we want to make sure you get everything that you put into it! We know that you loved your home, and we want others to love it as well! For a great sale, be sure to NOT practice these mistakes!