6 Home Selling Blunders That Will Cost You Money

6 Home Selling Blunders That Will Cost You Money

Large brown home that could be hardPhoto courtesy.

Selling a home quickly and getting the best price for it,isn’t as complicated as you might think. But a few simple mistakes could potentially cost you tens of thousands of dollars.

Avoiding these six mistakes will help you sell your home faster and get a better price.

Mistake #1: Pricing Too High

The number-one mistake made by most home sellers is setting an unrealistically high asking price. If you ask too much, it discourages potential buyers from even looking.

The right price makes the difference between a house that sells right away – and one that just sits on the market.

When a house stays on the market too long, buyers tend to wonder if something is wrong with it, and they lose interest.

In the long run, you may end up having to drop the price far below what you believe the house is worth, just to get buyers interested in taking a look again.

The solution? Set a fair price, guided by comparable sales in your area.

Mistake #2: Being Unwilling to Negotiate

Many times, when a seller receives a low-ball offer, their first reaction is indignation or anger. That’s a mistake.

Don’t take personal offense to a low offer. It’s not a true representation of what your buyer thinks your home is actually worth. They’re just trying to get a deal.

Remember: if the buyer didn’t like your home, they wouldn’t make an offer.

Always make a counter-offer, even if it’s much closer to your original asking price than the buyer’s offer.

Mistake #3: Paying Too Much Commission

Coins coming out of a jar representing wasting money.Photo courtesy.

Real estate agents charge a percentage of the sale price as commission. Some agents may want you to believe that this is non-negotiable. But is it?

According to a leading consumer magazine survey, two out of three agents are willing to negotiate their fees.

Don’t settle for a fixed 6 percent commission. Many agents charge only 4 percent or less. It doesn’t hurt to ask if the commission rate is flexible.

Mistake #4: Hiring the Wrong Real Estate Agent

A recent survey shows that almost 30 percent of real estate agents have seen a broker try to convince a client to sell a home for less than its actual value.

Don’t hire the first agent you meet. Ask family and friends for recommendations, and meet with at least three candidates before deciding.

Finally, before hiring an agent, check your state’s real estate licensing division to see if any complaints have been filed, or if the agent’s license has ever been suspended.

Mistake #5: Not Thinking like a Buyer

At least 90% of buyers begin their home search online. Before you put your home for sale, search for your address online, and look closely at the results.

Is there any incorrect or potentially troublesome information showing, such as an old lawsuit or news article?

Look at your street view to see how it portrays your home. Have you made any visible improvements that don’t show in the photo, such as new paint or a deck?

Make sure that your real estate listing addresses any concerns and reflects accurately on your home.

Mistake #6: Putting Your Home for Sale Too Soon

Some home sellers put up the “For Sale” sign as soon as they’re ready to sell – but that’s a huge mistake.

Putting up that sign should be the last thing you do, after your home is clean and ready to show.

If possible, hire a professional photographer to showcase your home in the best possible light.

Sell Your Home Faster, for More Money

If you want to close the sale as fast as possible, and get the highest price, remember:

  • Set a reasonable price.
  • Be willing to negotiate.
  • Think like a buyer.
  • Put your home for sale when it’s ready.
  • Work with a reputable agent or service that doesn’t charge a high commission.

Or, if you’d rather skip this whole mess and sell your house fast for cash now, contact HomeVestors at (866) 200-6475.