The 2019 U.S Home Sales Report indicated a 34% return on investment on home sales, making it the highest average since 2006. What’s more, a 2021 Statista research indicates that there is a demand for homes, making it an excellent opportunity to seize. However, a lot could go wrong if you don’t know the proper steps to take. That said, here are common mistakes to avoid when selling your home.
Not planning for home-selling costs
It’s imperative to expect real estate agent commissions, major home improvement projects, home staging, inspection, moving, and closing in your bid to sell your home. However, these expenses could amount to approximately 15% of your sale price, which can be overwhelming if you don’t budget for them. Therefore, it’s best to prepare for home-selling costs to avoid unplanned expenses and financial strain. You may prepare a savings account to cater to these expenses and set realistic budget goals for the best results. It’s also prudent to understand how these fees work, so you don’t pay more than required.
Avoiding any repair work or fixes required
When selling your home, you want it to be in the perfect condition for potential buyers to walk in and say ‘yes, we’ll take it!’ So with that being said, you want to ensure all repairs and fixes are sorted before you start taking viewings. Avoiding roofing repair or fixes to internal areas of the home is going to reflect negatively on the viewer’s perception of the property and whether or not they want to live in it.
Choosing the wrong real estate agent
While countless agents are out there, you may easily pick the wrong one and ruin your home sales. Often, an unprofessional agent doesn’t communicate or listen effectively, lacks confidence and experience. What’s more, they lack negotiation skills and seem oblivious to the real estate market, causing you significant loss. Therefore, you may ditch phony agents for credible, experienced ones. It’s best to look out for their experience and marketing trends knowledge. You may also observe relevant certifications, commitment levels, marketing skills, and availability to make an informed decision.
Not getting the pricing right
Your pricing will determine how quickly and profitable you’ll sell your home, making it necessary to determine the right one. You may lose good money or sabotage your sales if you price too low or high. Therefore, it’s prudent to determine your home’s value to get the best price range. For instance, if you wish to sell your home in Tennessee, you will need a comparative market analysis to reveal how much your home type sells in the area. Fortunately, reputable local agents such as Nashville Home Guru can help you with this vital information. By all means, avoid going with all information on the internet, and stick to real estate professionals for the best results.
Ignoring significant repairs and renovations
You’ll need to keep your home in top shape if you wish to sell it quickly. Most buyers opt for homes with fewer repairs to reduce costs, making it imperative to fix any damages in your home. Besides, you can boost your home value and attract willing buyers when it requires little to no repairs. For instance, you may repair your windows and doors to improve your exteriors and fix damaged flooring to create a flawless indoor appearance. You can also improve your curb appeal with a landscaped yard, new painting, and outdoor lights. Perhaps, you might undergo a bathroom and kitchen remodeling to appeal to your buyers and update indoor lighting to improve your home’s ambiance.
Selling your home can be stress-free and profitable should you know what to do. Hopefully, you’d avoid these mistakes to achieve the best results.