Selling your years old living space is an emotionally challenging and time-consuming process; especially if this is going to be your first experience. Showing your premises to some strangers, receiving their comments about your beloved home, opening closets and cabinets to display them may appear like an invasion of privacy. But when you close the deal with an awesome price, it brings all the rewards to you.
When you are selling a home for the first time, it is easy to make several mistakes that may account for big losses at a later stage. It does not just impact your finances; rather, may harm your peace of mind as well. Therefore, we advise home sellers to understand a few important aspects of this process in advance. Well, here we have highlighted a few mistakes that people make more often while selling their home. This information may help you make careful decisions about your property that is listed for sale.
Underestimating the selling cost
When you are ready to sell, the first thing in your mind must be how much profit you can make by selling your old property. But in this process, many homeowners fail to estimate the cost of selling. It doesn’t just involve the 5 to 6% commission that you will pay to the agent; rather, at the same time, it also includes the repairs, closing costs, and the concessions that you may offer to the buyer. Generally, the overall cost of selling a home can be almost 10% of the sale price. It is better to use a home selling calculator to estimate this cost in advance so that you can close the deal with confidence.
Selling your home at an unrealistic price
The price you expect to receive for selling your home and the price you will actually receive from the buyer are two different things. Here comes the term Fair Market Value into play; it refers to the value of the home estimated by both sellers and buyers by considering all the reasonable factors when neither of them is in a hurry or pressure to sell or buy. You cannot ask for a value much higher than your sweet spot. It is better to analyze the features and size of the property to set up its selling price. Experts advise using a robust valuation model that can help you compare individual features with hundreds of homes available for sale. Consider market data and collect feedbacks from experienced agents. This analysis may help you to set adequate worth of your house.
Considering only the highest offer
Although it sounds exciting to receive the highest price for selling your home. But it is not always fit for your needs. In many traditional sales, it is common to find contingencies. These are basically some essential conditions that must be satisfied in order to close the sale. You may also have to consider contingencies that protect the interests of the buyers such as inspection contingency and financing contingency. It is better to be aware of these types of contingencies as it may impact the overall sales timeline and complexity in closing the deal as well. One should always compare the higher and lower price offers without that contingency.
Not making efforts for home staging
One of the biggest challenges for selling your home is showing it to potential buyers. The first impression of your property matters a lot in this case and it demands major efforts. If you fail to prepare your home for sale, you may not receive the desired price. It is better to spare more time to remove the clutter from your home and decorate it really well to achieve the desired price. Don’t forget the curb appeal of your home. After all, people are going to judge the premise by looking at the exteriors first. You can take help from experts for home staging to close the best deals to sell house fast.
If you are selling a home for the first time, it is good to hire an agent to handle the entire process. They can help you ensure the best deals for your old property without messing with repairs, home staging, and showing. You can lock the deal at the desired price point, pay commissions to the agent, and move to your new home happily.