If you’re thinking about selling your home, there are 6 mistakes you should be aware off that can result in you missing out on great profits when you sell your home. The following are these mistakes:
1. Don’t try to sell your home when it is not ready- You must prepare your house before you offer it to the buyers. This is called “Staging Your Home”. Do whatever is needed to bring your home into good shape. This may mean cleaning, painting, repairing and even remodeling. A little investment here will bring up the value of your home, which will get you a higher price for your home and make you bigger profits!
2. Don’t set an unrealistic price for your house- Whatever you are doing to improve your home, do not set a selling price that is not appropriate for it. A much higher asking price will deter the buyers from offering to buy your home. A right price for your home (or even a slightly higher price than fair market value) will at least send the buyer the message for negotiating about the deal. A realtor can be a great resource for you because they can give you a CMA (Comparative Market Analysis) on your home so that you can price it properly.
3. Don’t overdo while remodeling home- Your home should not look like ‘something out of place’ from your neighborhood. If upgrading your home, do it in such a way that it adds to the beauty of your surroundings and does not turn off the buyers at the very first sight of it.
4. Don’t be emotional while hiring a real estate agent- Hiring a local realtor has many advantages. First, a local professional real estate agent is familiar with your area and knows what price range your house can sell for. This way you can get the highest possible price for your home. Most “For Sale by Owner” homes usually sell for less, and you could’ve gotten more for your home if you would’ve been represented by a real estate agent. Second, a local realtor can get you much more marketing exposure (e.g. MLS Listings) than just a for sale sign on the front lawn and local ad on the newspaper.
5. Don’t try to hide the problem areas- If your basement leaks or the heating system is not working right, repair them before filling up the property disclaimer form. Simply filling the form will not prevent the buyer from suing you later when they discover problem!
6. Don’t try to sell home fast- Finally, don’t ever try to sell your home quickly or in a hurry. Homes for sale is something to be well thought out, to be planned, and to be given time for getting the right price. Being in hurry only means making yourself vulnerable for the buyer to take advantage and offering you a lower price for your home.
By avoiding these mistakes this should get you on your way to selling your home at a higher price and making bigger profits.
If you’re into commercial properties, I’ll be addressing some pitfalls when investing in these types of properties in a later blog.
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