SilverBeam Homes Blog

Common Mistakes Homeowners Make when Selling their Home

by Bevony on 10 April 2019 Comments Off on Common Mistakes Homeowners Make when Selling their Home
Home For Sale

When you consider putting your home up for sale you want to also make some other considerations even before you start thinking about what you are going to price it at. There are a lot of steps involved in putting a home up for sale and each is very important to the success of the venture.

The different steps include;

  1. Preparing
  2. Listing
  3. Making Repairs
  4. Finding a Buyer
  5. Navigating the Closing Process
  6. Moving out
  7. Turning over to the new owners

These steps don’t necessarily have to be in the above order as sometimes you may move out prior to doing anything else on the list. There may be times as well where you get to number 5 and may have to go back to number 5 or even number 3. Yes it is a very complex process and there will be hiccups along the way but if you know what the most common mistakes are then you can avoid some of those hiccups.

Mistakes to Avoid!

Underestimating Selling Costs

There are expenses associated with selling your house that you will have to pay upfront. You can expect to pay 5 to 6% in agent fees but your expenses will be much more than that. Estimate expenses to be around 10% of your selling costs and keep this money handy for any costs that may need to be covered.

If you will be moving into a new home prior to selling your home you will need to add those expenses into your selling cost expense category as well.

Setting a Price that is Unrealistic

You will hear the term “fair market value”. This ensures that sellers are listing at prices that buyers can afford. You don’t want to out-price your self of the buyers market.

Considering Only the Highest Offer

The highest offer, of course, is always going to be the most exciting one but not always is the best option. There can be problems with high bidders down the line just like with any other bidder. Consider contingencies that are included in higher offers such as mandatory home inspections etc whereas someone with a lower offer may not have those contingencies. Some contingencies can really increase the amount of time your house spends on the market and can increase your selling expenses notably.

Making Costly Renovations or Ignoring Major Repairs

Buyers will be turned off if you are selling a home with a long list of items and areas to be repaired. On the other hand, you can turn away buyers if you have made too many costly renovations that caused a major increase in the price of your home. When it comes to these two, it really is all about balance.

A well organized home is welcoming and allows a potential buyer to imagine themselves already living in the space.

Not De-cluttering and Staging Your Home

The way your home looks when a buyer walks through it has a huge impact on the buyer’s decision making process. The buyer walks through your home and pictures their lives there. If you have too much going on, too much clutter, too much furniture, too many toys it can be hard for them to make the connection of their lifestyle and your home. This will deter them from wanting to make an offer. Make sure you clean up the house, put some of your stuff in storage and make sure you go the extra mile on open house days.

These five mistakes can make a big difference in the entire process of selling yoru home. When not done right you can find these stumbling blocks can cause your home to stay on the market longer and can even increase your house selling expenses and thereby will decrease your profits on the home sale. Take heed and ensure you don’t make these mistakes when selling your home.

If you haven’t found your new home yet but are considering moving up in home, give us a call here at SilverBeam Homes so we can help you find the home that is customized to meet the needs of your growing family.

BevonyCommon Mistakes Homeowners Make when Selling their Home