When you are ready to put your home on the market, it’s important to set things up so that the transaction goes smoothly and there are no unnecessary delays. In order to accomplish this, you will need to avoid some common mistakes that people frequently make when they sell their home. 

Here are a few common mistakes you will want to avoid: 

  • Not knowing the selling costs

When people put their homes on the market, they typically focus on how much they will make from the sale. But it is also important to understand how much the sale will cost them. Typically, you will have to pay a realtor about 5-6% in commissions, however there are other expenses as well. These include the costs of repairs you may have to make, closing costs, etc. By the time the sale goes though, the costs are likely to be closer to 10% of the sale price. 

  • Setting an unrealistic price

Oftentimes the price a seller puts on their home and fair market value are two very different things. If the price is set too high, you could find your home sitting unsold on the market for a longer time than you would like. If you are not sure how to value your home, a skilled real estate agent should be able to recommend a fair price that will help you sell your home. 

  • Only considering the highest offer

While the highest offer may be the most appealing offer at first glance, it may not be the best offer for your circumstances. Often home offers come with contingencies on them such as a home inspection or a financing contingency. 

The more contingencies there are in place, the longer it could take for the sale of your home to close. You may therefore have to decide between a lower offer with no contingencies and a higher offer that has contingencies. 

  • Ignoring necessary repairs and/or making renovations that don’t pay off

When homeowners prepare their homes for sale, they will often do some home maintenance or renovations to make their home more attractive to potential buyers. Some of these will help you to increase the price that you can get for your home, while others will not make much difference and you’ll end up losing money on them. 

If there are several maintenance issues, potential buyers could be deterred from buying or will offer a lower price.  On some renovations however, you may not be able to recover your investment. Before you start any repairs and maintenance, it is a good idea to consult with a real estate agent to see which changes offer the best ROI. 

  • Not preparing your home for viewings

One thing you want to be sure to do when showing your home to prospective buyers is to show them a home they can imagine living in. Generally, the cleaner and less cluttered your home is, the better. Removing personal family photos and any evidence that you have had a pet living in the home is also highly recommended. 

And remember the importance of curb appeal as well. Having the yard neatly kept and perhaps some planters on the front step will help make your home attractive and inviting. 

Contact Sure Loan for You Today

If you are moving soon and need a mortgage, or if you require bridge funding while your home is on the market, we can help. Contact Sure Loan For You for more details. 

 

Posted in Commercial Mortgage