Time to Sell
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3 Mistakes to Avoid When Selling Your Home
You’ve probably already noticed that selling requires a lot of preparation. Naturally, sellers would love to land a buyer as soon as possible. But, this isn’t always the case.
The good news is that sellers can increase their chances of a seamless selling experience with the right knowledge. Here are some mistakes to avoid when selling your home as well as a few home-selling tips:
1. Not understanding the cost of selling a home:
Many individuals focus on the potential profits they’ll gain when selling their home. However, it’s important to understand what it will cost you to sell your property.
A common selling fee is the agent’s commission. The selling agent is responsible for listing your property and represents you as a seller throughout the process. Fees for a seller’s agent can range anywhere from 5-6% of the sale price.
However, this isn’t the only fee that sellers need to consider. There are fees such as closing costs and repairs that can easily increase the amount you have to pay. With that said, be mindful of all fees involved.
2. Being unrealistic about the home-selling price:
It’s okay to want to get top dollar for your home, but it’s important to be mindful of how much you’re listing your home for compared to what the current market is.
Remember, buyers aren’t obligated to purchase your home. If you set an unrealistic price that’s way above the market value, it will be difficult to sell your property. A real estate professional who understands the local housing market can help you price your home to sell while still helping you get the most out of it.
3. Only considering the highest offer:
While the highest offer may seem enticing, it’s not always the best deal. Be mindful of high offers with a lot of contingencies that can lengthen the closing process and simultaneously leave sellers with a headache.
3 Home Seller Tips
Now that we’ve discussed some common seller mistakes, let’s take a look at a few tips to help you successfully sell your home.
1. Price your home competitively:
It’s best not to inflate the price of your home but rather price your home competitively. A home that’s priced too high will likely steer potential buyers away. But a strategic price plan will land you with multiple offers that will likely drive up the price of the home anyway.
2. Weigh all offers carefully:
Accepting the first offer or the highest bidder may feel like the best option, but it’s important to weigh everything carefully to ensure you’re getting the best deal.
Ensure the buyer has been pre-approved, check for contingencies, and ensure the offer doesn’t exceed the appraisal value by too much to avoid a denial from the lender.
3. Prepare for concessions:
If you’re in a buyer’s market, it’s important to be willing to adhere to concessions to accommodate the buyer, such as the cost of repairs that need to be made. However, keep in mind which concessions are worth it and which are not.
Home selling can be unpredictable. But using the best strategies will enable sellers to find the right buyer for their property. With that said, don’t underestimate the cost of selling a home, avoid setting an unrealistic selling price, and don’t just consider the highest offer. Instead, sellers should price their homes competitively, weigh all offers, and be prepared for concessions if they’re in a buyer’s market.
Because it has a healthy job market and of course a vigorous tourism industry, Las Vegas is a great place to be a home seller. The Smith Team can help you through the entire process of selling your home in a competitive market. Contact us today to get started!