Thinking of selling your place? You probably already know you’re in for quite the journey. There’s certainly nothing pleasant about putting a house on the market and then waiting and praying for someone to like it enough to want to purchase it.
This description certainly doesn’t do the whole process justice, since there will be quite a bit of things that you’ll be able to do to increase the likelihood that someone will actually purchase the place. Of course, if you’ll be doing things, then there’s always the risk that you’ll also be making a few mistakes. Let’s see what those mistakes are, and how you can avoid them.
Not Understanding Selling Costs
Many people are under the impression that selling a place costs about the 5-6% that the agent takes for their commission. However, there are many other things to consider, like closing costs in Connecticut (or wherever else you happen to be). There are also going to be concessions to the buyer, as well as repairs that may need to be done. Taking all of these into consideration, the costs are much more likely to near 10% of the price of selling.
As the seller, it’s probably safe to say that you’re going to want to get as much as possible for the house. However, what the market pays is completely different from that. In fact, it can be quite dangerous to ask for the wrong price. Think about it; if you ask for too much, it’s very unlikely that your place will actually get purchased, or that it will get as much as an offer. This means that you will be wasting valuable time and resources without getting anything back. On the other hand, if you ask for too little, it’s likely that your house will get purchased quite fast, but you will be losing money that you could otherwise get.
This is why it’s so useful to have an agent by your side, since they will be able to help you out with the process of figuring out what price to put on that place.
Costly Renovations and No Repairs
Many sellers want to impress potential buyers, which makes perfect sense. However, how they go about it can be wrong. For instance, many choose to go the route of renovations. While this may sound like an amazing idea in theory, in reality, it may not be all that great. That’s because costly renovations don’t always recover their cost when the place is sold.
With that in mind, a much better approach would be looking at what is the biggest problem, and dealing with it. Often times, simple repairs can give a much better return of investment when compared to costly renovations.
Keeping Showings on the Low
When your home is on the market, you should get used to the idea that it’s going to be shown quite a bit. It’s crucial for you to help your agent out when they want to show the house. Of course, it’s going to mean some sacrificing on your part, since you will probably have to leave the house for a few hours during the weekend, and at times that are otherwise inconvenient during the week. It’s not pleasant, but it’s necessary.
Think about it: you wouldn’t buy a house you haven’t seen in person, would you? And, of course, the more people see the place, the bigger the chance for at least one of those people to fall in love with it and want to purchase it.
Selling a place isn’t easy, especially if you make mistakes that can easily be avoided. Hopefully, this article has helped you figure out what to do and what not to do.