You should make it a point to be well-informed regarding the 8 top home selling mistakes you should avoid. Your home is perhaps the biggest investment you have made to date. Private property is the top source of wealth and equity in the US and all over the world. So when you are putting up a home for sale in St Louis Park Minnesota, you cannot afford to make even the smallest blunder. That will cost you dearly. Instead, you want to extract a premium from your property sale and make the most of it. That’s possible only if you avoid the x top home selling mistakes shown below.
1. Selling On Your Own
Unless you yourself are a professional property developer/dealer it does not pay to perform the critical task of valuation by yourself.
Selling your property on your own, without in-depth experience may be the costliest error that you can possibly make.
When selling on their own, property owners get around $200,000 on their property. But with a real estate dealer, the selling price is around $235,000. So if you tread the solo route you may end up losing a lot of cash. That’s hardly a smart way of avoiding agent commissions.
You may even wind up overpricing your home which brings its own drawbacks. While you do want to earn a premium, you do not want to overprice your property. If you value your property far in excess of what it is worth, your property will remain in limbo for what seems like an eternity. There is no fun in waiting with no end in sight. A trustworthy and reliable real estate agent can help you out.
What’s more, a realtor can help you to sell your property faster.
2. Failing To Factor In The Costs
Costs are a key facet of selling your home as they lower the gains on your property sale. And yes, there are lots of costs that you will have to be prepared for. Here are some of them.
● Agent Commissions
Proceeds from the sale of your property will be used to pay your property agent’s commission. Perhaps you already know that. But what most people don’t know is that the buyer agent’s commission will be paid out these proceeds as well. These costs can be substantial so you must always consider both.
● Closing Costs
Closing costs can comprise miscellaneous expenses like title transfer fee, sales tax, attorney fees and payment for finalizing the transaction.
● Home Staging Costs
Various factors determine the staging costs such as your location, renting décor, monthly fee, initial consultation, property size and the number of rooms that you will be staging.
● Home Inspection Repairs
Depending on how extensive the damage to your property is, you may have to spend a substantial sum to repair it for making your property worthy of selling. If you haven’t done renovation for quite a long time then you will likewise have to spend a fair sum to make your home as good as new.
● Seller Concessions
You may have to provide concessions to entice buyers. These concessions range from bargains on property price to providing appliances.
● Moving Expenses
Since you will be moving to a new home, you mustn’t forget to include moving expenses. If you are not immediately moving your possessions to a new home, then you will also have to pay rental costs of the storage facility.
3. Selling Upside Down Property
An upside-down situation transpires when your home equity is less than the remaining mortgage. This means that the sale of your property will not pay off all of your mortgage. Instead of selling your property at a loss in this condition, you should wait and try to build equity.
4. Hiding Flaws
It does not pay to hide flaws. Don’t think that increasingly skeptical buyers will remain oblivious of serious problems. Nowadays, most buyers call for professional inspection to uncover hidden problems. So, instead of trying to conceal the roof leak or bug problem, you should hire professional services to remediate all outstanding issues. You should hire a professional home inspection service to find out exactly what is amiss with your property.
If the buyer points out a major problem while you are extolling your property, not only will this lead to embarrassment, it may also end the deal.
5. Not Staging
Don’t skip staging to save costs. In fact, it could probably cost you more. The costs of staging may be paid for in the shape of higher buying offers. You may even gain a profit on staging if you do it right. Hence, most realtors recommend staging. It will also help you to sell your property faster.
6. Failing To Clear Up Your Home
No, this is not just about clearing clutter. That’s so obvious it hardly merits any mention. You will have to clear up all pictures on walls and tables. That is, you must depersonalize your property. The pictures of your family on the walls may be very heartwarming for you. However, that is exactly what will make it harder for buyers to see the place as their own home.
You should also get your pets out of the way while buyers are inspecting your home.
7. Lighting Up
Remember to light up your property. You don’t want your home to look like Batman’s lair. By installing lights, you can instantly make your property look more appealing, inviting and fascinating. Darkness makes rooms feel small, cramped and stuffy. But bright lights can make rooms look more spacious.
8. Poor Photos
House hunting is now done online. Most buyers look up homes online before paying a visit. So if your property images are below par, buyers will feel disinclined to visit. Instead of shooting random pics on your smartphone, get in touch with a realtor to find out how your property can impress with the right images.
If you have a Robbinsdale home for sale, you can count on the very best realtors in Minnesota to sell your home quickly at a premium. The Advisory Realty Group in Minnesota has done that for many others before you. We are more than willing to do the same for you.
Contact us today.