When it comes to putting a home on the market, knowing how to anticipate problems before they happen is half the battle. The home selling process can be complex, especially once you consider all of the things you need to do such as prepping the home, creating a listing, looking for potential buyers, considering offers, and dealing with your own relocation.
Making a costly mistake when selling your home can derail the entire process, and can put a dent in your finances.
To help you out, we give you some of the most common home selling mistakes you should avoid.
Miscalculating the costs involved
The costs of selling a home can reach up to about 10% of its total sale price once you consider repairs, agent fees, closing costs, and other buyer’s concessions. You may also need to rent a place temporarily or pay for the mortgages, HOA dues, and utilities of both homes while you’re transitioning into a new place.
You can use an online home sale calculator to get an estimate of your net proceeds. Doing your research before listing will help you determine the best way to sell, and give you a more precise estimate of how much you may have to spend on your next home.
Pricing your home incorrectly
Keep in mind that the price you want for your home and the price the market is willing to pay can be two entirely different things. For sellers, it’s finding that sweet spot between expecting too little or too much for the property. Failing to hit that spot can result in either ending up with a stale listing or leaving a huge amount of money on the table.
You can get a general idea of your home’s worth by taking a look at recent sales of comparable homes within your area. Also known as “comps,” these are what most real estate agents look at to suggest a realistic listing price. What makes it a bit difficult is that no two comps are the same, so you’ll have to consult your agent and ask for help to take into account every difference between the comps
and your own home in order to be accurate.
Ignoring major repairs
A home riddled with maintenance issues can drive away buyers and potentially decrease its value. More importantly, a buyer will expect your home’s condition to match the description found on the listing.
Make sure you prioritize the most serious problems, particularly those that will likely appear during a home inspection, as most buyers will want to perform a professional inspection before closing.
Accepting only the highest offer
Considering the highest offer for your home might seem obvious, but the highest offer on the table isn’t always the best. For most traditional sales, it’s common to have contingencies.
These are specific conditions that must be met for the sale to close. Some contingencies are designed to protect a buyer’s interests, such as an inspection or financing contingency.
You need to gather information on the types of contingencies you might encounter, as this can affect the sale’s timeline, complexity, and certainty.
Looking to sell your home in Merced County? Work with the top Merced County real estate professionals! Get in touch with us at Soldavi Realty today at 209.975.7653 or send an email to info(at)soldavi(dotted)com.