When it comes to Miami, FL real estate, Seattle, WA real estate, and just about everywhere in between, sellers aren’t immune from paying for their mistakes, and buyers are far from forgiving. On average, home sellers commit up to five of these home-selling “sins” and lose thousands of dollars on their home sale as a result. The good news? All of these mistakes are easily avoidable — if you know how to identify them.
1. Not hiring a professional to sell your house. Trying to sell your home by yourself is sheer madness, and many sellers who try it soon discover this. Even if you’re in a competitive market such as Boston, and you think your home will sell easily, you need the expertise of a real estate professional to score the best deal.
2. Neglecting necessary repairs prior to sale. You will lose money if you don’t take care of repairs before your house goes on the market, because they will most likely be discovered during the home inspection. Do necessary repairs before listing and save yourself the last-minute headache of trying to quickly fix issues such as a leaking roof or botched caulk job.
3. Refusing to remove your clutter and junk prior to the sale. Clutter eats equity and kills deals. With all that extra stuff in the way, homebuyers can’t see the home for its true potential, and the offer will reflect that.
4. Selling your house empty. While clutter is bad, selling an empty house makes buyers feel the same way — empty. They need to be able to visualize how the home looks with furniture and how functional it will be for their own family.
5. Mispricing your home. Overpricing or underpricing your house is a huge money-losing mistake. Work with your agent to list your home at the perfect price to make sure it doesn’t sit on the market for too long, or worse, make you forever wonder if you could have gotten more money.
6. Not setting the stage for sale day.Remember: Buyers purchase with their hearts and not their heads. Create a showplace for your buyers on sale day (but don’t go overboard with music or too much potpourri).
7. Letting your ego get in the way when negotiating. Too many sellers become emotional while negotiating and lose out on creating a win-win deal.
8. Neglecting to complete a full set of disclosures prior to closing. This one’s simple. Be honest and reveal everything (plus, what you don’t reveal will be discovered by the buyer).
9. Mistiming the sale for maximum tax benefits. Even one day can cost you tens of thousands in extra taxes. Don’t be left a day late and many dollars short.
10. Overlooking junk fees and extra expenses at closing. Home sellers throw away thousands by not requesting and confirming a list of fees and expenses long before closing day.
Face it: You can’t afford to lose money through neglect, indifference, or ignorance in the selling process. Keep these 10 “sins” in mind as you sell your own home for a clean home-selling process!
Tell us: Did we miss any home-selling mistakes? Share your home-selling sins in the comments below.