5 Common Errors to Avoid When Selling Your Home

Discover the 5 common errors to avoid when selling your home and maximize your profits

Selling a home is a significant life event, which can be complex, especially if you don’t know the intricacies of the selling process. Whether you are aiming to relocate, downsize, or capitalize on the thriving housing market, it is natural to be conscious about making mistakes at any step of the process. We have listed some common errors to avoid when selling your home to make the process successful.

Underestimating The Actual Costs

  • The total cost of selling a home can amount to much more than the commonly expected 5% in agent commission. Various factors, such as repairs, closing costs, and concessions to the buyer, can drive the costs closer to 10% of the selling price. For instance, if you decide to move into a new home before selling the old one, you must pay additional costs such as utilities, taxes, HOA, and more.

Therefore, it is better to estimate your net proceeds – the amount you will have after selling costs have been accounted for. Understanding this information before listing your home can help you make an informed decision and avoid unpleasant surprises. In addition, it helps you understand how much you will have to spend on your next home.

Selling Without Hiring A Real Estate Agent

  • In real estate transactions, the seller generally pays the commission cost to both the seller and the buyer’s agent. The amount is between 5% and 6% of the sale price, divided between the parties. Therefore, trying to sell your home without hiring a real estate agent can be tempting to save money.

However, this could lead to significant missed opportunities for profit, especially if you don’t have extensive experience in the real estate industry. Consequently, selling a home on your own can be a massive mistake. For instance, data from 2022 reveals that FSBO homes were sold for $225000 whereas agent-assisted sales fetched over $345,000- a staggering difference of $120000.

Not Cleaning Your Home Before Selling

  • Another common mistake is not preparing your home for potential buyers before listing it on the market. Sellers underestimate the value of a clean, well-decorated, and less cluttered home. A messy and cluttered home can distract buyers and decrease your home’s curb appeal and sale price.

On the other hand, a well-presented home can make it easy for buyers to picture themselves living in your home. Research reveals that staged homes sell 20% more and 80% faster than those not staged.

Setting Unrealistic Price

  • errors to avoid when selling your homeSetting the price for a home can be challenging and demands the right balance. While pricing it too low can cause you to miss out on thousands of dollars in profit, pricing it too high can turn away serious buyers and prolong the selling time, ultimately leading to a price reduction to get an offer.

Consult your trusted real estate agent to provide a comparative market analysis (CMA) to avoid these pitfalls. The comparative market analysis shows the selling price of similar homes to provide valuable analysis and an accurate assessment of your home’s market value.

Neglecting Major Repairs

  • Overlooking maintenance and necessary repairs can decrease the value of your home by discouraging potential buyers. It is essential to understand that buyers expect the condition of your home to match the description. Therefore, it is wise to prioritize major repairs and address apparent issues before selling your home.

Looking for a trustworthy realtor in Morris County? Contact Jackie Scura. We are an experienced team of real estate professionals who provide expert guidance and support throughout the home-selling process. Call us at 973-319-8334 for more information.

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