5 home-selling mistakes that may come back to haunt you
Fall is in the air and for some home sellers, it's the perfect time to try and find a buyer. Selling a home in October or November can work in your favor since there's less competition. But it's important to be diligent if you want to negotiate the best deal. With Halloween on the horizon, here's a look at some home-selling mistakes that can leave you feeling tricked rather than treated.
Find out now: How much house can I afford?
1. Choosing the Wrong Sale Price
It's important to price your property correctly during a slow buying season. If you undervalue the home, you could sell yourself short.
If you're struggling to pick an asking price, it's a good idea to get a professional appraisal and find out what similar properties have sold for. If your house is still on the market after 30 to 45 days, you may need to rethink your pricing strategy.
Also see what house features homebuyers are searching for:
2. Putting No Effort Into Staging
If doesn't matter how affordable your home is if it doesn't look its best when prospective buyers visit. Making necessary repairs, re-painting walls and eliminating clutter may cost you a little time and money. But it could help you sell your home more quickly if you want it off the market by the spring.
Related Article: 5 Cheap Ways to Stage the Home You're Selling
3. Attempting to Hide Major Problems
When a home has a major flaw – such as a leaky roof or a cracked foundation – it can present sellers with a unique challenge. You might have to work hard to assure buyers that your home is worth purchasing. Trying to cover up any problems may only make your situation worse.
Anything that's wrong with your property will probably come to light during the home inspection. Disclosing issues up front can help you weed out uninterested buyers. It can also help you avoid a lawsuit since a buyer could sue you if he or she discovers that you weren't transparent about the home's problems before completing the sale.
4. Playing Hardball When It's Time to Negotiate
Negotiation is often part of the home-selling process. Finding a buyer who will pay the price you listed without asking for concessions may be difficult.
When it comes to negotiating you might have to be more cooperative, especially if you're selling during the fall or winter. You don't have to give up too much ground. But you might have to bend a little if you want someone to buy your home.
Related Article: A Guide to Selling Your House
5. Underestimating the Cost of Selling
Selling a home is about making a profit. But you'll likely have to cough up some cash along the way. A buyer may ask you to cover a portion of the closing costs. You'll also have to pay your real estate agent, the buyer's agent and the real estate attorney (if you hire one).
If you're not prepared to cover the cost of selling your home, you could end up with more debt before you get to the closing table. Talking to your agent about fees and expenses in advance can make finalizing your home sale less frightening.
Final Word
Selling your home might not be as much of a hassle if you have a good strategy in place. Ensuring that your property is in tip-top shape and picking an appropriate listing price can make the home-selling process easier to navigate.
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