Forbes has reported that the real estate asking prices in America increase by 10% annually. That means home-selling can be a lucrative business venture, but if you don’t avoid costly mistakes, you will always be at the losing end. To real estate dealers, buying and selling houses is something that’s rather emotionally challenging – and also time-intensive.
For example, a buyer may just look at your property, and place a bid that’s way below the actual value. At that point, a desperate seller may end up falling for a cheap offer when they should be asking for a fair price for their home. Are you a home-owner who wants to get the best deal for your properties? Here are some costly mistakes to avoid at all costs when you are listing your property for sale.
Of course, selling a home means you want to let go while making the most out of it at the same time. However, you don’t have to let your emotions push you to make mistakes. Relax and see yourself as a business person, instead of a homeowner. When you look at the deal from the business-minded perspective, you are less likely to lower your standards concerning the expected financial returns. Reflect on how it cost you thousands of dollars to erect or acquire your property. After that, you can set a reasonable price for your property, not because you want to extort a buyer, but because the value of the house is worth it.
Ignoring real estate agents
Except that you’re a master of the game, you may not want to sell your home without hiring an agent. Many agents only take a small 5–6% of the sale price of your residential building. That said, sometimes it pays to hire an agent. Rather than claiming to know the market inside-out, work with an experienced real estate agent. That way, you only get the best offers without going through the stress that selling a home sometimes comes with. Agents can also help with the necessary paperwork involved in the sale of a home. Because they are familiar with the common mistakes in the industry, agents can also steer you clear of wrong decisions. If you want to bypass agents and avoid commission fees, that’s still fine. Just ensure that you look before you leap.
Overvaluing your property
The real estate industry has its booming seasons and market falls. Therefore, if you overprice your home at the wrong time, selling it can become a nightmare. In these turbulent times of the Covid-19 reign, buyers are very careful about their investments. So, as you strive to get the best offer for your home, be sure to set a reasonable asking price. Few buyers will want to pay an exorbitant amount of money for a home that isn’t worth it. Some smart home-owners choose to underprice their homes as a strategy to gain buyers’ attention. After all, sellers can always turn down buyers if their offers are too low.
Neglecting repair works
Sometimes it can be tempting for sellers to ignore renovations. But the big question is, who will be ready to pay high for a low property? Add extra value to your house by doing the necessary repair work before you list it for sale. You risk losing money if you play smart by ignoring must-fixes. So, re-look at your house from top to bottom, and ensure that you are not missing key amenities. For example, you may want to renovate your kitchen a bit, change your water closets, fix broken door handles, and redesign your bedroom to make it count in the price.
Failing to declutter your home
An empty house may not attract the highest returns. However, you don’t want junk to stay near your home when you are selling it. So, consider improving the aesthetic value of your home by engaging in activities like carpet cleaning and clearing away the clutter in your kitchen and living spaces. Clutter is an eyesore to buyers and can cause them to offer you a low price because of the extra loads of non-essential items that have filled up your home. So, get rid of the big and small unwanted stuff in your home to give buyers a positive impression of the property.
To summarize, if you must be a winner in the real estate world, then you need to avoid the above costly mistakes when selling your home.