So you have been investing the best of your efforts and energies in selling your house and want the best return on your investment. But what if you find out that some mistakes on your account are being a hindrance in achieving your goals? It’s annoying and disappointing at the same time. And it’s very much possible!
A lot of homeowners make these mistakes when they are selling their home and keep waiting for months and months until they can close a deal and that too at not-so-good-profits. You can make this exciting and stressful event a little more predictable and smooth by learning the most common mistakes made by homeowners and avoid them at your best.
Without further due, invest your precious time in learning what not to do so you can spend that time doing the right things!
Not Cutting the Emotional Ties!
Selling your first home is quite difficult because you are emotionally attached to it. It is hard not to think about the memories you had in the house. But if you are unconsciously still not ready to sell home fast in Millington TN, you will rarely succeed. That’s because you will not be making the best of your efforts.
When you let your emotions rule your head, you can never set a realistic price for your house. A feature may be your favorite spot in your home it may not appeal to your buyers. The best approach is to rearrange your house setting so that you can easily imagine someone else living in the place. And do your research about the market values.
Underestimating the Value of Your Property
Knowing the prices of comparable properties is critical for several reasons. Many homeowners underestimate the value of their houses. Maybe because they have been living in the house and know all of the shortcomings. It can harm your goal to sell your home fast or your profit goals. Some buyers ignore houses listed at very low prices assuming there is something seriously wrong with the house.
Not Considering the Cost of Selling A House
It’s normal to expect profits when you are selling a home but not considering the cost of it can be misleading. This may be a surprise for you but about 10% of the total selling price is the cost of selling a house. About 5-6% of the money goes as the commission of the real estate agent. You can avoid this by opting for FSBO (more on that a little later).
Several people do not think about the moving costs, closing costs, repairs, and concessions. As you move into a new house, you have to factor in the mortgages, taxes, and utilities of the first month at least in the selling costs. Knowing all these details can protect you from surprises down the road.
Overpricing The Property
Finding the sweet spot between asking too much or too little is something a lot of sellers struggle with. I have already listed the disadvantages of underestimating the real estate value. Setting an unrealistic high price can also put your goal at stake. The worst of them is having your home sit on the market for a longer time.
According to The National Association of Realtors, DOM is the number of days from which the property is listed. As the DOM of your home creeps, the buyers may not know the reason but they will assume that the house is not wanted!
Use robust valuation models to learn the market value of your house and set a price that gives you a better chance at selling fast!
Skipping A Home Inspection Before Listing Your Home
You should never skip hiring for pre-listing house inspection. Period. When a home inspector catches an issue like mold, cracked foundation, or pests before you meet a buyer, you have got an opportunity to fix it. If the issue is spotted by the home inspector of the buyer, you will be subject to the contingency clause which is not pleasant at all.
Not Staging the House for Fast Selling
Even the most beautiful of houses need a touch by staging professionals. These professionals make your house presentable by highlighting the most attractive features of the house. As they have worked with several homes, they know what buyers are looking for.
Working Without A Real Estate Professional
Choosing to sell the house on your own is tempting because you can save 5-6% of the agent’s commissions. Several studies conducted on real estate markets show the opposite.
Professionals real estate agents can help sell a house fast in Millington TN and at much better costs. They earn their commission on their own. Moreover, you don’t need to hire professionals for staging and photographing the house, good realtors can handle it all for you!