Recent sellers typically sold their homes for 99% of the listing price. If you’re ready to say goodbye to your home in Alexandria, you have a lot of work to do.
The easiest way to begin selling your home is to know what not to do. Here are 8 mistakes to avoid when selling homes:
1. Underestimating Selling Costs
A home in Alexandria can sell fr a good price if you don’t underestimate the market. The total cost to sell a home needs to weigh in factors such as closing costs, repairs, and other buyer concessions. Most people expect to pay 5-6% in agent commissions, but the costs of selling homes can get up to 10% of the sale price.
You may move into your home before selling the old one and have to pay for two mortgages. You can use a mortgage calculator to see how much this will cost you. You should also figure out the amount you will make after all selling costs are accounted for when you finally do sell your home.
2. Setting an Unrealistic Price
Your home in Alexandria may be worth a certain price to you, but how much the market pays is usually very different. You need to find a fair house price when selling your home.
Talking to buyers beforehand is a good idea to figure out a fair price. The fair market value refers to how your home is valued after the buyer and seller know the property.
Finding the sweet spot to sell can be difficult. You run the risk of asking for too much and leaving your house on the market for longer than expected or asking for too little and leaving money on the table.
You can compare your home’s size and other features to homes in the area to get a general idea of how much your home can go for. A real estate agent will do this to suggest the right listing price. It’s important to make adjustments when comparing because no two homes will be the same size and have the same features.
3. Considering Only the Highest Offer
The highest offer may be the most tempting offer from a buyer, but it is not always the best option because of contingencies. Traditionally, the sale can only be closed when certain conditions are met. Some examples of contingencies that make only be in the interest of the buyer are an inspection contingency and a financing contingency.
Always be aware of any type of contingency you may come across, especially if you are only considering the highest offer. Contingencies can impact the certainty of a sale and can change the timeline. A slightly lower offer may not be ideal at first, but if you consider the added timing because of a contingency with a higher offer, you may find it better to take the lower offer.
4. Ignoring Major Repairs
It can be easy to ignore repairs when the house is yours because you learn to live with it, but a lot of major repairs can turn buyers away. There is also a good chance the value of your home will decrease. Make sure the description of your home matches the true condition.
Anything that can go wrong during a home inspection should be fixed before the house is put on the market. A lot of buyers will run an inspection before closing on the sale.
An inspection will look for things that are broken, can affect safety, are in poor condition, have bad structure, or just ruins the overall functionality of the home. Preparing your home for a sale includes inspecting the house thoroughly.
5. Not Preparing for Sale
Listing your home means you need to show it off to those who are interested. Preparing your home for a sale includes decluttering and cleaning out anything that could turn the buyer off. The goal of showing it off is to allow the prospective buyer to picture their things there.
This does not mean clearing out your home completely. You still want to make it look appealing with decorations. Just be sure to clear out any clutter that can make your home look smaller.
6. Choosing the Wrong Agent
Not all agents will have your best interests in mind when helping you sell your home. If you use a real estate agent, do your research on the best agents in Alexandria who are well experienced with selling homes.
To find the best agents to work with, check their licensing and credentials, and get information from past clients. You want someone experienced in the particular area you are selling your home in, not where you are moving.
7. Limiting Showings
Limiting showings is not a good idea because you want to get as many buyers as you can. This could be a difficult rule to follow as not all buyers want to see the home at a convenient time, but it is worth it to sell your home quicker.
A house that is not easy to show will be harder to sell. What may feel inconvenient at the time will get you a good return on investment in the end.
8. Not Considering Your Financial Situation
Selling is not as easy as putting the house on the market and waiting for a buyer. It can come with a lot of struggles if you don’t have a great financial situation. Before deciding to sell, assess your income, debt, and any other expenses that are coming up during the move.
Contacting your bank to understand how much you owe from your current house is a great tip to follow. They can also help you with a home selling budget.
Selling Homes Is Hard Work
Yes, selling your home is going to be hard work, but it will be worth it in the end. If you are ready to move on from your Alexandria home and onto better things, avoid these home selling mistakes at all costs.
For more information on selling homes, contact us today!