Selling a home is a major decision that can be both rewarding as well as stressful. The process of selling a home can be made even more stressful if homeowners go into the process without doing their research first. Below are some of the most common mistakes sellers make when they decide to sell their home.
Not Using a Real Estate Agent/Professional
Many homeowners opt to go with the “For Sale By Owner” approach when deciding to sell their home and while they might see some benefits in this such as not paying commissions to a broker, there are also many disadvantages of not working with an agent. Real Estate agents work with homeowners to sell their homes as their job. They are well-versed in market trends and what buyers are looking for. They can provide insight on how to get the best price for your home and work to do so. Your qualified agent has local connections, will help guide you through the process, will negotiate on your behalf, and will help make the process of selling your home simpler. You will want to take the time to find the right agent and broker to help you sell your home.
Incorrectly Pricing the Home
Not pricing the property correctly is one of the biggest mistakes made by sellers. This is another reason why working with an agent can help you. Real estate agents know the neighborhoods they work in as well as what prices the homes are going for. You will want to get a comparative market analysis from your agent and understand what is a fair price for your home in today’s market. Overpricing the home can deter potential qualified buyers and will most likely keep your home on the market longer. Having to reduce the price will give buyers the indication that they can negotiate the price even lower. Underpricing the home on the other hand will make you lose out on potential profits when selling.
Not Preparing or Staging the Home for Sale
Prepping a home for sale can include making necessary repairs as well as making the home look presentable for showings. Even the smallest of issues can deter buyers from making an offer. You will want to pre-inspect the home and do a walkthrough with your agent. Agents know what to look for and will make suggestions on what to spruce up. You will want to address anything that could come up during a home inspection. Skimping on major repairs can harm the deal in the long run. Staging and cleaning the home is something else to consider, considering that the show will be shown to potential buyers.
Not Disclosing Issues with the Home
When putting your home on the market you want to avoid keeping previous issues in home a secret. These problems could appear in a home inspection and could affect your negotiations and the deal itself. Being honest and taking care of all repairs prior to selling the home is the way to go. If certain issues are not disclosed, you could also make yourself liable to a lawsuit if the issues influence the safety of the future homeowners.
Not Considering the Costs of Selling
One of the biggest mistakes you can make when selling your home is forgetting to consider the closing costs and how much they will affect the profits you’ll make on the sale of your home. Sellers can expect closing costs to be as high as 8 to 10 percent of the sale price according to Zillow. Your overall closing costs are made up of a few different items including commissions paid to the brokers, title insurance, escrow fees, HOA fees, advertising costs, and attorney’s fees. Another cost to consider is the cost of moving. You will want to figure out your housing situation prior to putting your home on the market.
Are you looking to sell your home? The DV Real Estate Group’s team of dedicated Jersey City real estate agents specializes in working with clients to help them sell their home in New Jersey. Contact the DV Real Estate Group today!
