From the moment you decide to sell your home, the events that follow can seem like an overwhelming storm of projects and paperwork. In this state of business, it’s easy for stress to grow and, ultimately, for critical mistakes to be made. As such, home sellers need to ensure that they’re making all the right decisions in order to get the most out of the process. These are some common mistakes you need to avoid when selling your home.
Pricing the Home Incorrectly
Though the objective is to get as much money as possible from the sale of your old home, it’s important that the listing price is reasonable. Setting prices that are too high can greatly deter interested buyers, leaving the property to sit unsold for longer than you’d like. Because of this, market prices are determined by the home’s general value and the work you’ve done to it over the years. If you need help identifying the proper range for your location and property, consider reaching out to a real estate professional.
Selling When You Still Owe a Mortgage
If you’re aiming to make a profit off the sale of your old home, having your mortgage already paid in full is crucial to making that happen. Otherwise, what you do make from the exchange will need to go towards paying off the rest of that loan. For those who don’t understand this, it can be a harsh reality that greatly impacts how much they can spend on their new place of residence. For this reason, make sure that your home is properly paid off and your ownership paperwork is in order before you sell.
Ignoring Essential Fixes and Renovations
Another common mistake you need to avoid when selling your home is neglecting to perform necessary repairs, renovations, and maintenance before putting it on the market. There are a series of projects to do before selling your home that make it more appealing to potential buyers and increase its overall value. As the value increases, you can raise the listing price and make more of a profit. Failing to do this, however, can actually deter buyers, as that would mean that they need to perform those tasks themselves upon buying the property.
Failing to Hire a Relator
Relators make it their mission to sell your home quickly and for the highest price possible. For a cut of the profit, these professionals help you navigate the confusing market by supplying you with their knowledge and experience. They also help calculate realistic listing prices, assist with the tedious paperwork, and give you advice on staging your home. They know the market like the back of their hands so that you can feel better about the intimidating process.