When selling your home, the process goes more smoothly if you prepare in advance. There are many aspects of successfully selling a home and maximizing profit. While selling always involves various fees and costs, there’s a difference between standard costs and costly mistakes. By planning and considering all your options, you can avoid these costly home-selling mistakes.
Not accounting for home-selling costs
From the beginning, you should be thinking about various home-selling costs. Even if you’re not worried about them, it’s better not to be caught off guard. Before you put your home on the market, there are costs for the pre-sale inspection and the listing agent’s fees. Also, you want to make sure your home looks its best to get the best offer. This includes making any necessary repairs, possibly completing any renovations that have a high return on investment, and investing in professional staging.
When your home sells, costs include paying off the mortgage and any escrow fees. And of course, there are always taxes. This includes property taxes from the sale and there may be additional taxes depending on your situation, such as the capital gains tax. Once the sale is final, then it’s time to move. To ensure your belongings arrive at their next destination safely, it’s best to hire professional movers. If you’re not able to move directly to your new place, there may be storage costs to factor in as well.
Not making your house shine
If you really want to make sure your home sells for the highest possible price, there are some important steps you need to take. While these steps do cost money, they are worth it. The first one is preparing your home for the market. Start with a pre-listing home inspection. If the inspection reveals a list of repairs, meet with your real estate agent to decide which repairs are necessary and which have the highest return on investment. By making the right repairs, your home will be more attractive to buyers.
Also, hiring a professional stager will enhance your home’s appeal. First impressions are everything. Professional stagers know what personal items to pack away, how to highlight a home’s best features, and what photographs well and will capture buyers’ attention online. All these things work together to help potential buyers see themselves living there, which typically leads to better offers and faster sales. Yes, there are upfront costs to consider, but the investment will be worth it.
Also, if the pre-listing inspection does uncover major repairs such as issues with the foundation or the roof, the Windermere Ready Program can help cover upfront costs. This is a loan program offered by Windermere to help sellers cover much-needed repairs up to $100,000. When your home is sold, the loan is paid off in one lump sum. For more information, contact a highly-rated Bainbridge Island real estate agent.
Not working with a local real estate agent
When it comes to selling a home, it’s hard to beat working with a local real estate agent. Good local Realtors know your local market, are experts at negotiating, and have access to all the best listings. If you try the “for sale by owner” approach, you have to figure out all these things on your own and have the burden of added liability. By working with a local real estate expert, you have access to excellent local vendors, top-tier marketing resources, and experienced, data-driven guidance. They will help you avoid costly home-selling mistakes. As your greatest advocate and resource, your local agent can provide advice and insights. Local real estate agents know what houses are selling for in your neighborhood and will ensure you connect with the right buyers to get the best price possible.
Not getting a CMA
If you work with a local real estate agent, they can provide a free Comparative Market Analysis or CMA. This is a detailed report that estimates the value of your home by comparing your property to others in the area. A CMA starts with a walk-through of your home to give the real estate agent a sense of its size, condition, and best features. This information is compared to similar homes that have sold in your area. To get the full picture, the agent also looks at local market trends, the location of the home, nearby neighborhood amenities, and any other relevant factors.
Together, this information helps determine the listing price. It’s finding a balance between being competitive and getting the best offer. The CMA helps ensure your home is priced to sell. Plus, all this information helps a real estate agent determine what repairs will bring the highest return.
Not accepting the best offer
Sellers often think the best offer is the highest bid, but that’s not always true. Before accepting an offer, it’s important to discuss all the terms with your real estate agent. Cash offers or buyers pre-approved by a lender are more likely to close on time. If you’re on a tight timeline, an offer with these terms could be best for your circumstances. Also, take time to review any contingencies and how those could potentially affect the outcome. If the buyer requires a quick move-in date, you have to consider whether you can accommodate an even tighter timeline. Look at all the pros and cons of an offer to ensure it’s best for you and works for your situation.
By avoiding these home-selling mistakes, you will have the best chance of getting a great offer. And by following the above advice, you will also minimize moving-related stress.