So you’ve decided to put your home on the market, but have you gone through your checklist of steps to make sure that you don’t make any major financial missteps when selling? It’s not uncommon for homeowners to overlook tiny details when trying to sell their homes themselves. After all, there’s a lot that goes into selling a home and it can be easy to make a mistake that winds up costing you drastically down the road.
Selling a home is more than putting a sign in the front yard and advertising the place online. There are a ton of minuscule details that go into making sure it’s priced right, concerns are legally disclosed, and even verifying that potential buyers can afford the place.
If you haven’t spoken with a licensed real estate agent in your area about the steps needed to prepare your home for the market, it can be a great way to get a little advice and it can also help you avoid these common mistakes when selling.
Accepting the first offer too fast
As exciting as it can be to receive your first offer, it’s important to remember that you don’t have to immediately accept it. Take into consideration all the outlined stipulations such as due diligence period and financial contingencies, how long your home has been listed, and if the offer is too low for you to reasonably accept. If you’re working with a realtor, your real estate agent can help you go through the offer and break down all the finer details to better understand it. They can help you determine whether or not it’s a good offer, a great offer, or nowhere near what you deserve.
Commonly sellers accept an offer too soon out of excitement, and then a day or two afterwards they’ll receive an even better offer that aligns more with what they’re asking for the property. Don’t limit yourself by settling, and make sure to discuss all of your options before accepting an offer.
Ignoring Expert Advice
There’s more than one reason real estate agents are considered to be experts when it comes to selling homes. Not only do they offer first-hand experience within the industry, but they’re legally required to stay up to date with local laws and legislation. Especially as the market continues to change.
Working with an agent can bring you a plethora of benefits. From knowing and understanding the local market fluctuations to having tips on how to stage your property or improve curb appeal – an agent can help you get the most for your home.
Other great things realtors can assist with include negotiations when offers come in, in-depth marketing expertise, ensuring you don’t overprice or underprice the place, and so much more. Practiced agents will likely even bring in a professional real estate photography team to help highlight the best parts of the home so that potential buyers can see easily why they’d fall in love with the place.
While you may think you’re saving money by cutting an agent out of the deal, you’re trading up experience that could provide you with major benefits and protection when selling the place. Homeowners commonly miss out on the best offers for their homes when they don’t have a practiced agent in their corner.
Failure to Disclose Issues
Sometimes issues major within a home go unnoticed, and that’s completely okay. However, when it comes to selling your property, documents like property disclosures are a great way to protect yourself from legal consequences should the buyer find out there’s a major later on.
For example, if there’s a water leak beneath the house but you’re not aware of it, things like inspections can help reveal the issues as well as give you a chance to negotiate on repairs. Disclosing that there aren’t any issues you’re aware of, or even disclosing problems you are aware of, can help you with a transparent and honest real estate transaction. If and when issues are found, you can always negotiate in order to come to an agreement that may benefit both you and the buyer.
Negotiations are what allow sellers to actively engage with buyers, address concerns or repair requests, and find mutually beneficial solutions in order to get the property to the closing table. Without proper negotiation, you may miss out on opportunities to earn a higher selling price, secure more favorable terms, or address essential contingencies.
Additionally, ignoring negotiations can damage the overall selling experience, leading to frustration, delays, or even failed transactions. It is crucial to prioritize potential negotiations that arise in order to ensure a successful sale. Working alongside a real estate agent can drastically help with this due to their expertise, ability to offer insightful solutions and familiarity with the industry. The reality is that you don’t have to agree to every request but being willing to have those discussions and attempt to work through any concerns to come to an agreement can help you in the long run.
Get the Representation you Deserve
There are tons of easy mistakes you can make as a homeowner when it comes time to sell your property. The reality is that the real estate industry is a lot more complex than it seems. Luckily, with proper representation from a licensed real estate agent, you can put your home on the market without stressing about marketing, legal fees, and missing out on great buyers. When you’re thinking of listing, get in touch with a local realtor and discuss your options.