While there are a plethora of online tools to assist you in the buying and selling processes, over-analyzing can leave you undecided and stuck in your tracks. Before you begin the process of selling a house, educate yourself on these 10 common mistakes and how you can avoid them.
Mistake #1 -Selling your home on your own. Like we mentioned, the internet does put a lot of information at your fingertips, but don't underestimate the need to use a professional. A broker provides numerous resources you wouldn't have access to otherwise, particularly their expertise in the real estate market. Think twice before skipping on paying that commission. More often than not, the cost of the commission offsets itself with the amount an industry professional can sell your house for.
Mistake #2 -Over or under pricing. Run the comps! Familiarize yourself with the market and with what other homes in your neighborhood are valued at. Do a little Google research on your address to gain an understanding of the range in which your house may be priced.
Mistake #3 - Disregarding important repairs. Generally, you will lose money if you don't make the repairs beforehand. Repair requests can suspend escrow and can get costly, causing you to deduct the costs from the sale price.
Mistake #4 - Not staging your home. While you may still be living in the house, understand the balance between clean and lived-in. Tidy up! Check out our tips on how to Stage Your Home Like a Pro.
Mistake #5 - Listing a vacant house. It is much more difficult for buyers to envision themselves living in an empty house than one that feels homey. Even if your decor isn't your buyer's taste, it can be challenging to make a house feel like a home when staring at blank walls and empty rooms.
Mistake #6 - Big egos. Sellers can take negotiating personally causing them to miss out on a potentially good deal. Keep calm and levelheaded and let your agent do the dirty work. That's what they are there for - to act as a third party negotiating on your behalf with your best interest in mind.
Mistake #7 - Overlooking disclosures. All imperfections should be noted. Don't wait until it is too late. An inspector will find the issues eventually. Be up front about every minor detail so nothing can be brought back against you.
Mistake #8 - Selling at the wrong time. Consult with an accountant about the best time for you financially. Look into what types of tax breaks, if any, could apply and when would be the best time to take advantage of those.
Mistake #9 - Overlooking the extra expenses. As we noted in 10 Tips for Buying a Home, there are many overhead costs associated with the closing of escrow on both the buyer's side and the seller's. Be sure to factor those in as you determine how much you'll need from the sale.
Mistake #10 - Using substandard photos. The photos used in the MLS and on ads market your home. In fact,"90% of buyers start their home search online." If the house doesn't look good in pictures, any interest in viewing it has now gone out the window.
Selling a house is a big decision, but it doesn't have to be unnecessarily stressful. Weigh all of your options and do your research before taking the leap. You may come decide that you may not want to move out before showing the house or you may discover that long-term capital gains tax breaks could apply to your sale. Make the selling process a smooth one by avoiding the mistakes most people make.
Author:Kurt Galitski DRE 01348644 Phone: 714-957-6677 Dated: December 20th 2016 Views: 21 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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