When the time comes to sell the family home, it’s easy to act out of emotion. Your house has so many memories wrapped up in its walls that you could end up leaving some money on the table. Don’t worry; we’re here to help! Here are four mistakes to avoid when selling your house.
Wearing Rose-Colored Glasses
Always remember, the people looking to buy your house don’t have the love of it that you do. Buyers coming in with a low offer can’t look past the flaws you’ve grown to love, so make sure you address the issues in your home that you’ve gotten used to over the years.
Forgetting Hidden Costs
The final price is never the amount of money you receive, and it’s essential you know that from the beginning. After an agent takes their percentage and you pay closing costs, the total could be around 10% less than the sales price.
You should also keep in mind that the purchase could be contingent on seller concessions; the buyer may agree to buy the house at your price but with certain stipulations. Some buyers want additional work done in the kitchen, and other buyers want to keep the living room furniture. If you agree to these concessions, that’s extra money you’ll have to account for.
Getting the Price Wrong
Setting your price too high or too low can come back to bite you. When the price is too high, buyers could get scared away, thinking that the sellers are unreasonable. When the price is too low, the house will sell quickly, but you’ll be stuck wondering if you could’ve made more. An agent and a professional appraiser will help you arrive at the perfect medium, so you make good money and keep buyers interested.
Not Hiring an Agent
It’s understandable to balk at a 5-6 percent commission on the final sale price of your home, but real estate agents exist for a reason: it’s hard to sell a house on your own. As we mentioned earlier, an agent (and a professional appraiser) will help ensure your home sells for what it’s worth, but an agent will also facilitate negotiations between potential buyers.
While you don’t necessarily know when a buyer’s offer is too low or just right, an experienced agent with your best interests in mind will set you up to make the most money possible and, most importantly, actually sell your house.
Knowing these four mistakes to avoid when selling your house means you’re well on your way to closing the best deal possible—good luck!