So you’ve determined that now is the time to sell your house. This decision does not come lightly, as it’s one of the biggest life choices you’ll make. However, now comes the more challenging, complex part of the process: navigating the sale of your home.
Ideally, you’ll want to sell your home as smoothly as possible, avoid stress, and ensure that all parties are pleased with the results. However, successfully selling a home is more than just tossing up a listing online and accepting the first offer. To guide you through your next property sale with as few hiccups as possible, we’ve put together several tips for selling your home that will help you avoid some of the more common mistakes we see sellers encounter.
UNDERESTIMATING THE COSTS OF SELLING
Some sellers approach the real estate process a little too optimistically, expecting their expenses to be minimal. However, you should consider the cost of selling a house. Sellers are responsible for paying several fees associated with a real estate transaction. There are a few key costs that you’ll need to prepare for when selling your home. First, you’ll need to cover the commissions of both your listing agent and your buyer’s agent. The average home seller will spend about 5%-7% of the home’s total sale price in agent commissions.
You’ll also have to pay closing costs once the sale goes through. Your share of the closing costs ordinarily comes out to 1%-2% of the home price. These charges come from sales taxes, title transfer fees, and various other sources. If you’re planning on hiring a professional home stager, videographer, or photographer, you’ll also need to factor their fees into your budget. You should also consider moving costs, such as moving vans or companies, transportation, gas, and more.
GOING AT IT ALONE
One of the most common pitfalls that homeowners find themselves in is trying to sell their home without the help of a real estate professional, such as an agent. While it might save money, this can be a good way to fall flat at the starting gate. Seller’s commissions are a relatively minor part of the total cost of selling a home, especially if you’re negotiating over the sale of a luxury home with a lot of potential on the market.
The luxury real estate market is one full of complexities and opportunities to gain or lose a lot of money, depending on the offer. You’ll want an experienced local agent at your side when the time comes to price, stage, list, market, and ultimately close on your home. After all, only a small percentage of home sales were For Sale By Owner (FSBO) in recent years, and that figure is even smaller in the luxury home market.
INACCURATE PRICING
One of the best reasons to engage the help and advice of a real estate agent when selling your home is that you’ll have much deeper insights on how to properly price your house. Using good pricing strategies is just one of the invaluable skills of a highly-qualified realtor. It can take years to properly research the local market and property value trends and reach a competitive listing price on your own, and by then, the market will already have shifted.
Your realtor will be able to run a detailed comparative market analysis of your neighborhood and arrive at a price that’s not too low nor too high. Of course, you’ll want to consult with your real estate team in advance to let them know what you want to get out of the sale. If you want to sell for speed, you’ll need a different strategy than if you want to sell for top dollar.
FOREGOING A HOME INSPECTION
Luxury home buyers are more meticulous and detail-oriented when it comes to purchasing a home. If you’re selling a luxury home, you need to ensure that your property is inspected early and often. When you sign your seller’s disclosure and list the home, be sure to include all known issues that could arise during the transaction.
If you’re selling a historic home, you’ll need to prepare a list of past repairs and renovations to the property, so the new homeowners won’t be surprised if problems arise. By conducting a thorough inspection of your home, you are ensuring your sale will go as smoothly as possible and without any unnecessary delays.
NOT TAKING THE TIME TO STAGE THE HOUSE
Selling a home can be a time-zapping process. Many sellers find themselves inundated with paperwork and financial demands, forgetting just how critical staging a home truly is. However, it’s extremely important that you consider hiring a professional stager to highlight your home’s best features, as this will attract more buyer interest and potentially lead to an offer. You’ll usually find a high return on investment by hiring these experts, as about 25% of all agents in the U.S. claimed that professional home staging boosted the final sale price by as much as 5%.
Before having your home staged, be sure to deep clean your home or hire a cleaning company. Remove clutter, dust, odors, stains, and mold damage, if present.
Many sellers only think of their home’s interior when staging. However, if you have a spacious backyard, pool, or relaxing outdoor entertainment area, consider thoroughly cleaning these areas and using high-end outdoor furniture, live plants, and lighting to garner buyer interest.
During this time, you should also consider your home’s curb appeal. Pressure wash your driveway and sidewalk, mow the lawn, and elevate your front porch by adding a new rug or a fresh coat of paint to the entryway door.
GET IN TOUCH WITH A LOCAL REAL ESTATE AGENT TODAY
Are you considering selling your own home but aren’t sure where to start? If so, contact top-rated realtor Brandon Carney for more information. His extensive knowledge of Virginia Beach, Norfolk, and Chesapeake markets will be crucial when selling your home. Give him a call, or check out his client testimonials today!
