Selling a home is a big thing, and it can be complicated, considering all the necessary steps involved. There’s the preparation, listing, making repairs, finding a buyer, closing, and you also have to move into your next home.
As much as possible you want to avoid any mistake that can be costly and also for your own peace of mind. A cash home buyer offers an alternative way of selling a house and can help you avoid mistakes, save you time and money.
Here are some of the most common mistakes to avoid when selling a house:
Underestimating the expenses that come with selling a house.
The total cost of selling a house can reach up to more than 5 to 6 percent in agent commissions that most people anticipate to pay. When you include the repairs, closing costs, and buyer concessions, the total costs can go up to 10 percent of the selling price.
To get an estimate of the value of the cost of selling your home, you can use a home sale calculator available online. Knowing this information is important before listing because doing so will help you make the right decision of what’s the best way to sell your house and if you have enough money for the expected costs. If not, you don’t have to worry because there is a way you can do away with some of the costs by selling your house as-is through companies that offer cash for houses.
Setting an unrealistic price
The price you desire and what the market will pay most likely won’t match. The fair market value is how a house is valued when both the buyer and seller are reasonably knowledgeable about the property and both are not under any pressure to buy or sell.
As the seller, it means it’s between asking too much or too little. If you can’t hit that spot in between, you risk leaving cash on the table or having your home unsold for a longer period of time, which can also have consequences.
To get a general idea of how much your home is worth, you can check the price of homes with similar sizes and features that have sold near you. Real estate agents usually use these comparable sales known as comps to come up with a listing price. However, no two comps are the same so you also need to take into consideration each difference between house features to be accurate.
Ignoring major repairs and making costly renovations
A house with a lot of maintenance issues can drive buyers away and decrease your home value. You might want to prioritize the most glaring problems that are likely to turn up during a home inspection. If your house needs major repairs, you might want to sell it to a ‘we buy ugly houses’ company. This way, you don’t have to spend a lot of money and time on extensive repairs.
Choosing the wrong agent or the wrong way to sell
If you decide on working with a real estate agent, be sure to choose the one who has your best interest at heart. Take time to interview potential real estate agents to help you make the right decision. Check their credentials and licensing. You might also want to talk with past clients. Also, make sure that the real estate agent has a great deal of experience selling in your area and price point.
While working with a real estate agent offers several advantages, it might not be the best option for everyone, especially if your house is in need of a lot of repairs or if you want to get it sold quickly. Going with a real estate agent means saying goodbye to 5-6 percent of what you’ll get in a home sale and that’s a lot if you already spend so much on repairs.
If you want to get your house sold quickly, the traditional way of selling a house is not the best option since it usually takes time. Fortunately, you can go with a cash buyer like the Cincinnati House Buyer who will buy your house as-is, shoulder the closing cost, and can have it done in less than two weeks.