| 6 ways TO AVOID common HOMESELLER MISTAKES |
| When it comes time to list your home, you’ll no doubt have the same goal as virtually all home sellers. You’ll want to get the highest price for your home, within a reasonable timeframe, with the least amount of stress for all parties involved. When it comes to what you need to do to reach that goal, you can sometimes be your own worst enemy. Here are six ways home sellers may prevent themselves from reaching their goal and some ways to avoid them. |
| Hire an agent. You may think that if you sell your home yourself, you’ll make more money by not paying a commission. But that assumes you’ll sell the home for the same price an agent would get. However, one study found that homes listed by agents sold for an average price almost 28% higher than the average price of for-sale-by-owner (FSBO) homes—and the seller’s net profit after commission was 10%-30% higher than the FSBO’s profit. Plus, home selling is not an easy job for the inexperienced—less than 10% of FSBOs close! |
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| List your home at the correct price. Even though your agent shows you the prices of recent comps, and recommends a listing price, you may decide to list at a higher price, just to “test the waters.” But the truth is, the most important price is the one you first list at. Overpriced homes don’t draw interest, and lowering the price later invites buyers to offer even less. If you price your home from the start so it’s a good value in your market, it may invite multiple offers that could send your selling price higher than your listing price. |
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| Fix any problems. Major problems will be revealed during the buyer’s inspection. So, fix such problems, or either price the home below market value, or price normally and offer buyers a credit to fix them. If you don’t fix things, you eliminate all the buyers who want a turnkey home. Stage your home. Staging matters. If you’re unable to hire a stager, you still should make sure your home shows at its best. Make small repairs that could be buyer red flags, declutter, remove furniture and personal items, paint spaces that need freshening, and have the home completely cleaned by professionals. |
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| Leave emotions out of It. Your home is a place of wonderful memories, but keep your emotions in check. Once you decide to sell, think of yourself as a businessperson, and look at the task only from a financial perspective. Let your memories of how you first felt about the property motivate you to stage it so buyers will feel the same. Be flexible on your asking price. Always list at a price that leaves room for negotiation, because if you don’t get competing buyers, the one you get will want to negotiate. So, make sure you’d be happy with a little less than your asking price. |
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
