Do NOT do this when selling your home!
(video transcript below)
Hi friends, If you are thinking of selling your home in the near future, this video is for you. I’m will be giving you lots of real value in this video. Please stick around to learn how to avoid the common mistakes that I see sellers make in our local market. I hope you’ll stick around.
Today we are going to talk about 10 mistakes that sellers make so you can avoid them when you sell your house.
Number one: In no particular order Im just going to list these mistakes out. Once you get your home on the market or go under contract, Don’t stop making payments. The lender and attorney will makes sure you are reimbursed for anything you might pay over due to your close date and payoff schedule.
Number two: Don’t over inflate your price. Pricing your home slightly above fair market value is generally a good idea but if you go too high, you will end up loosing money in the long run. You should price just ahead of the curve and be open minded about comparable properties. If you can avoid it, you don’t want to get caught chasing the market.
Number three: Selling your personal home can feel like an invasion on your private world. Don’t let yourself get caught up in the emotional game. Instead think of it more as a business deal. Emotions can hurt you when negotiating or trying to reason with buyers. Focus on your net profit and final figures instead. Don’t get held up on the small things because there probably going to feel insignificant after you have sold your home.
Number four: Don’t hide any relevant details about your home. Be ethical and upfront. There is a good chance that it will come up during the real estate process anyway. Put your good human face on and be proud of your honesty when you reach your goals with no regrets. Don’t give reasons for the buyers to hassle you after the sale by hiding important details on your home.
Number five: Don’t neglect curb appeal and basic staging. If your looking to get the most money when selling your home it’s a must. You don’t have to spend a bunch of money or go overboard. Just make the home look like its well-kept, clean and inviting. Outside this could mean keeping the grass cut or re-painting your entry. Inside this could be removing your personal items and I’ve never heard anyone say, this house is too clean. Go tour a few new construction model homes and take note of some simple thing they do.
Number six: Don’t get the sledgehammer out and start making renovations. Your real estate agent should be able to tell you the things that will and will not add value to your home. The truth is, most of money you spend on a house you are about to sell will not bring you 100% of what you’ve spent. Its hard to get 80% back even in a sellers’ market. It may be better to market your house at a lower price and show up in more peoples price range than making unnecessary updates.
Number seven: Don’t assume what is being sold or not sold with the house. You should prepare an itemized list of things that do not convey with the house. If its screwed, glued or attached the buyer is going to assume its part of the transaction. Its best to establish this upfront because the buyers could feel cheated, and I’ve seen a transaction fall apart over a plastic end table. And no, they wouldn’t just let the agent just buy a new one.
Number eight: If you can afford it, make repairs to any major component of your home before you list for sale. A house that has working mechanical items and appears to be in good shape gives a buyer the confidence to make a good offer. Also, you don’t fix every small thing. The home inspection will always find something. So make small repairs after the buyer ask for it in the inspection report. By you waiting to repair some small things, your showing good favor to the buyers with money you’ve really already accounted for.
Number nine: Do not trust a price from a realtor that has never been to your home. To get the most money, your price needs to be as accurate as possible. You simply cannot be confident in a sales price without walking the home and seeing it in person. At the end of the day the home is worth what a buyer is willing to pay for it. Competitive pricing is the most important factor when you sell your home.
Number ten: Failing to plan. 80% of all negotiation happens before listing your home on the market. Don’t wait to get a realtor involved. As soon as you think of selling, get in touch with a realtor. Do this so there is time to plan and go over options. Don’t call the week of and rush to get your home on the market. Plan ahead and give yourself the advantage of having a professional realtor to help guide you in the right direction.
Thank you so much for watching this video. If your thinking of selling, please reach out to me so I can help you properly plan out the sale of your home. Again, Im Gene Henry with RE/MAX Southern Shores. Have a great day!