Selling a house is a significant milestone that may be challenging to undertake. But anticipating problems before they come up can help you enjoy a stress-free house selling experience. You need to keep in mind that there are many steps involved, including making repairs, taking good pictures of the house, listing the home, finding a buyer, and navigating the selling process.
Making a mistake during a house selling process can cost you your finances and even negatively impact your peace of mind. that is why you should avoid the following mistakes when selling your home.
Choosing the wrong agent or way to sell
One of the costly mistakes many homeowners make when selling their houses is picking the wrong agent or choosing the wrong way to sell the house. If you decide to go the real estate agent way, ensure you do your due diligence to identify an agent who has your best interests at heart.
Take time to check their credentials and talk to their past clients to know their experience working with real estate agents. You may also review their marketing plan, negotiation style, and current listing.
The same applies when you decide to work with companies that buy houses for cash. You must do your due diligence to ensure the prospective companies you consider negotiating with are reputable. Remember there are house flippers, buy and hold investors, local real estate investors, and trade-in companies, and you have to pick one that will offer a reasonable cash offer for the house.
Overlooking the costs of selling a house
The costs of selling a house can amount to more than you assumed. You have to factor in repairs, agreement processing fees, closing costs, moving costs, and other concessions. The truth is, the costs of selling a house can even amount to up to 10% of the sale price.
But that depends on your situation. For instance, when you move out of the house before selling it, you may have to rent a temporary place or rent a storage unit to keep your stuff as you find a new place. If you have already found an ideal house, you may need to pay for both mortgages and other costs like utilities, HOA, idx feed for website, taxes, etc. Therefore you should keep all these costs in mind to avoid surprises.
Setting an unrealistic price.
Many house sellers are guilty of this mistake. Do not let your emotional attachment to the house get in the way when setting a price for the house. You must set the price according to realities such as size, location, age, condition, and other house properties.
Remember that your house may not find a buyer or sit in the market for too long if you set the price too high. You also risk leaving money on the table if you set the price low. Use a proven valuation model or engage an experienced real estate agent to help you evaluate the house.
Before selling your house, think about all that could go wrong to avoid making costly mistakes.