Common Mistakes to Avoid when Selling Your Home
July 30th, 2021
Selling your home can be a stressful and emotional process. In addition, you want your house to be able to sell quickly and at a good price so that you can get the most out of your investment. Today, we will be going over five common mistakes people make when they put their house on the market so that you can be ready when it comes time to sell your house.
- Pricing too low.
We are currently in a seller’s market with the demand for homes higher than the supply. With this type of market, pricing your home too low may have negative impacts. There are two scenarios that could happen if your house is priced too low. Prospective buyers will quickly put an offer on your home, causing you to lose money because your home was underpriced. The other scenario that may occur is that prospective buyers may be concerned to submit an offer assuming that your home has hidden issues, leaving your home to sit on the market. Contrary to popular belief, pricing your home too high is not problematic because, if need be, you can lower the selling price very easily.
- Cutting costs on photography.
Many home buyers are now looking to online platforms to find homes for sale in their area. Professional photos are essential for listings so that prospective buyers can get an accurate depiction of what your house looks like in person. Professional, well-lit photos will give buyers and idea of the size of the rooms, how they can be used, the layout of the home, etc. If you do not use a professional photographer, you run the risk of buyers crossing your house off their list before they even visit it as your house may not look as good as it could in pictures.
- Hiding major problems with your home.
Before a purchase is final, buyers will hire an inspector to come look through your home. If there are any major problems, they will inevitably be found. If this is the case, the buyers may back out of the transaction, or they may request a credit to fix the problem. It is better to get any major problems fixed beforehand to avoid potential issues. In addition, newly replaced features can become a selling point and may slightly increase your property value.
- Not hiring a real estate agent.
Although real estate agents charge commission upon the sale of a home, it is not advisable to attempt to sell your home on your own. This may seem enticing due to the amount of money that can be saved, however, there are many benefits to hiring a real estate agent. A good real estate agent will have your best interest in mind during the selling process. They will help you set a competitive selling price, interact with potential buyers on your behalf, and negotiate home sales. They can also handle any issues that arise and help you navigate the complicated paperwork. Overall, real estate agents can help you navigate the whole process and ensure get the most money out of your home.
- Not hiring a real estate attorney.
While hiring a real estate attorney is not required by Florida law, it is very beneficial to have a real estate attorney for the home selling process. Hiring a real estate attorney will increase protection for both the buyer and the seller. In addition, hiring an attorney will help expedite the transaction process. Real estate attorneys have expertise in all of the necessary paperwork and can go through the process quickly.
At Waugh PLLC, PLLC, our attorneys can help you through the process of buying or selling your home. We can make the process easy and painless to alleviate some of the stress that comes with buying or selling a home. Please email firstname.lastname@example.org for more information about how we can help you with your real estate needs.
Categories: Real Estate Law