Home-Selling Mistakes: 4 Common Mistakes to Avoid When Listing Your Home for Sale
Selling a house can be a tricky process. Messing up your selling plan will make it hard for you to find a perfect buyer. In this way, it is important to protect yourself from mistakes that sellers usually make when they are listing their houses for sale. Here are the most common home-selling mistakes you should know to find a perfect buyer fast.
#1. Sell the House When You Face Negative Equity
If you want to sell your home while you still owe a mortgage, think about it again! This is true that you can use your portion of your sale to pay your loan. But this would be your lack of benefits if the property goes down in value and you owe more than it is worth. This will not provide you with enough cash to pay your mortgage. If you are in such a situation, make sure to not sell your house unless you want to avoid foreclosure. So, your option is, stay in your house and work harder to reach more equity before you sell it.
#2. Selling the House by Yourself
This is one of the most common mistakes people make in a home-selling process. The sellers think that they can get more money if they sell the house by themselves. That’s a big mistake. This is true, that avoiding using the services of an agent property will save yourself from paying a commission. But, this will skip your opportunity to earn a whole lot more cash. The latest studies reveal that a real estate agent can sell a typical home for $265,000. It is higher than the typical FSBO (For Sale by Owner) home that only costs $200,000, making it one of the most common home-selling mistakes that sellers should avoid.
#3. Hiding Major Repairs From Buyers
Do you think that hiding major repairs will be good for your home-selling? Big no! Just don’t underestimate your buyers since they will soon notice bug problems or roof leak in your house. Additionally, most buyers will invest time to conduct home inspections just before they decide to purchase a property. Hiding major repairs will potentially delay the closing date, if not terminate the buying deal once the buyers find problems with the house. In this way, make sure that you pay for a home inspection before listing your property for sale. This is to ensure that the house is in its perfect shape for the buyer.
#4. Pricing It Incorrectly
When it comes to the house pricing, a lot of mistakes are found from the sellers’ side. It is a tricky process and often leads to one of the home-selling mistakes made by sellers. If you price the house too high, you will turn away potential buyers. You will also waste months listing your home for sale only to find a fact that you have to reduce the price. Meanwhile, price the house too low will lead you to lose a huge profit. Make sure you ask for a comparative market analysis from your agent before starting the selling process.