Tips for Selling Your Home: Don’t Make These Common Mistakes!
Are you thinking about selling your house? Or maybe you’ve already made the decision to sell your house sometime in the future. Whatever your plans, there are 4 MISTAKES some homeowners make when they prepare to sell their house. Don’t make the same mistakes they made. Follow these top tips for selling your home!
Their House Is Priced Too High
“If I price my house a little higher, I can always come down”
While technically true, you’re actually costing yourself more money by taking this approach. A new listing attracts the most attention during the first 30 days it’s listed. Overpricing your house leads to a series of price reductions over time, and buyers start to wonder why the house has been for sale for so long. Today’s buyers know what fair market value is, they’ve done their homework. Price your house right from the very beginning , and you’ll have a listing so attractive that you might even create a bidding war, which earns you more money in the long run.
They Think They Know How to FSBO
“I’ll make more by selling it on my own”
It’s certainly understandable you want to save money, but the truth is, the facts don’t support selling it yourself and actually saving money. The National Association of Realtors conducted a study and learned the typical FSBO house sells for $200,00, compared to $280,000 when sold through a real estate agent. Ouch, that’s a big difference! Many homeowners find that between the time that’s required to For Sale by Owner, combined with their lack of negotiating power, they end up more frustrated than ever. Not to mention the intense amount of marketing that must be done. A sign in the yard and a For Sale by Owner listing on Zillow don’t cut it. There’s so much more that’s involved. Think of it this way: when your car needs to be repaired, you take it to a professional. When you’re sick, you go to a professional. Even when your cell phone needs service, you take it to a professional. Shouldn’t your house, one of your biggest assets, get the same professional attention?
They Don’t Realize the Important Repairs to Make When Selling Their House
“I don’t have to fix anything, I’ll sell my house as-is”
The truth is, most of today’s buyers are looking for a move-in ready house. And, they’re serious about subtracting potential repair costs from your bottom line. Those buyer-estimated costs are often higher than what it would cost you to have the repairs done in advance. Small repairs left undone then make buyers wonder what big-ticket repairs might be needed, and next thing you know, they are too uneasy to even make an offer on your house, and then they go find another one.
They Don’t Understand the Best Home Improvements for Resale
“I’ve made some improvements on my house. I should get every single dollar back from the improvements I’ve made”
Unfortunately, all the improvements you’ve made might not work for buyers. They may want to make their own improvements or re-do some of the things you did to your house. Their needs are often different. And, as a result, they won’t see all the value in the money you spent. Over-improving your house could also leave you upside-down on your investment. How is that possible? If the comparable homes that have already sold don’t support the money you spent, your house will appraise for less.
Thinking about Selling Your House in Maryland?
Whether you want to sell sooner or later, there are other mistakes Maryland homeowners make when they decide to sell their house.
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