Selling your home can be a very long and arduous process that sucks up a lot of your spare time, especially if it is your first time. It can also be an emotional and invasive process as prospective homebuyers will come into your home and start poking around all over your house, criticize what has likely become more than just some piece of property to you and your family, and likely submit an offer that is below what you think your home is actually with. Because of all these difficulties surrounding selling your home it is important to remember to stay level headed to avoid making mistakes when selling your home that could cost you. We will discuss some of the most common mistake homeowners make when selling their homes so that you can avoid them yourself.
Selling your home will be an emotional process, especially if it is you first time doing so. Your home is where you spend most of your life and make memories with the people you love. Letting go of your home when the time is right can be difficult, and it is easy to let your emotions get in the way of selling your home.
But, it is important that you try to keep your emotions in check and approach the selling of your house as a business person would. That way you can approach the sale of your home from a financial perspective and ensure that you are getting a good deal from your home.
Real Estate Agents
Deciding whether or not to hire a real estate agent is an important step in selling your home. While it is true real estate agents will be somewhat pricey, charging commission on the sale of your home, they can be extremely helpful allies during the selling process, especially if this is your first time selling your home.
You should make absolutely sure that you are confident selling your home on your own if you do not choose to use an agent. Without an agent you might fail to set a reasonable selling price for your home, and could end up leaving money on the negotiating table without the help of their experience in the field. You also might find that the process will not be completed as smoothly without the help of a real estate agent explaining and processing paperwork on your behalf.
Setting Your Price
A home seller needs to make sure they set a price that is as realistic as possible for their home. Undervaluing or overvaluing your home can create issues for you as a seller.
If you undervalue your home you could potentially miss out on a lot of extra money from the sale that could go towards savings and retirement, or new mortgage payments on a new house that you might be moving to.
If you overvalue your home you may find that all of the homebuyers making offers on your house are consistently making offers below what you are asking for your home, and refusing to go any higher. You might also find that no one is making offers for your home in in the first place.
Having a real estate agent when setting a price can be extremely helpful, as their experience with the area where you live and other homes with comparable features to yours will help you set the best price possible that is not too low or too high.