While you know what goes into buying a home, selling one isn’t exactly the same. There are different things to consider, and the process can be a lot longer and emotionally taxing. Trying to sell a place that’s become more than just four walls to you and your family is harder than it seems, and it’s easy to make mistakes. Thankfully there are a few steps you can take to ensure that you get the best price for your home.
Incorrect Pricing
The price that you want or think your house is worth usually isn’t what you should be asking for. You need to be realistic about the worth of your property, as this plays a major role in attracting buyers. According to Zillow, 57% of homes sell for asking price within the first week, then it drops to 32% by the fourth week, and down to 18% by the eighth. You can check local listings and compare prices to determine if you’re asking a fair price. If you’re working with a real estate agent, they will usually run a CMA, comparative market analysis, to get an estimate of your home’s value. It’s all about finding that sweet spot, between asking too much and too little.
Skipping the Repairs
When you purchased your home, the lending company most likely required you to have homeowners insurance. Having some kind of insurance for your home will keep you from having to cover the cost of any major repairs that might prevent potential buyers later. To get an idea of what repairs might pop up later, you can hire an inspector and get a pre-inspection. Unfortunately, sellers aren’t always prepared for those big-ticket items that can add up. For example, a new roof can get into the $6,000 range, and a new driveway is around $4000. Instead of fixing these repairs, the listing price can be dropped, or a repair credit can be offered.
Not Prepping
Sellers that don’t prep or stage their homes are just throwing money away. You should make the effort to make your home look it’s best! Cleaning doesn’t sound like the best part of selling a home, but it’s not something to overlook. If you don’t have the time to do it yourself, you can hire a service. You don’t need to hire a professional to stage your home, though.
- Store away personal property and items, such as family portraits or mementos.
- Donate unnecessary clutter, or have a yard sale!
- Stage each room as it’s intended use, for example, the home office that’s been turned into a home gym would definitely look better as an office.
- Refresh rooms with a new coat of paint or having the carpets cleaned.
Taking the steps to present the best version of your home will impress potential buyers, and help you get the fair price you’re asking.
Underestimating Photography
Just like any consumer, people do their research online. Listing your home with high-quality professional photos will give buyers a great first impression. Most real estate companies will provide a photographer, but if you aren’t working with one, it’s worth investing in. They usually charge a couple of hundred dollars, and you’ll have crisp, clear photos. There are even photographers that use drones and can take breathtaking photos!
Not Hiring a Real Estate Agent
The process of selling a home requires a lot of work and time. Chances are you’re still working and dealing with your normal day to day activities. Working with a real estate company can take a lot off your plate. They have expertise and insight into buying and selling homes. They will help you with paperwork, and overall process, which can be a huge help if you’re a first-time seller.
Skip the Hassle
Instead of trying to stage your home perfectly, settle on a fair price, or trying to find the perfect real estate agent that has your best interest at heart, you can forgo all of that! You can opt for a company that will buy your house, like those “we buy houses” places that give you a cash offer. It’s an easier option to selling your home than taking the traditional way.
