Selling your home can be tricky. Keep reading to learn more about how to avoid common mistakes and ensure a successful and stress-free sale.
Making the wrong decisions leading up to listing your property can lead to tens of thousands of dollars down the drain instead of in your bank account.
Luckily, there’s a combination of research data, best practices, and new information to draw from to help you identify costly and common mistakes to avoid when selling your home.
Agents and prospective buyers aren’t just looking at that individual cracked switchplate on the wall—they’re looking for signs of the property’s hidden story that inspectors can’t uncover without tearing the building apart.
When selling a home as is, your home may have small but visible dings and damage that you might not think is a big deal. But this can be perceived by inspectors and home buyers as maintenance negligence.
So before selling your home, do a walk-through and check every door, window, switch, and button. Make time to cover the DIY basics:
Next, invest in some medium-effort projects:
Finally, evaluate your skills and budget for larger projects. Talk to your real estate agent to identify the improvements with the highest pay-off potential. While many sellers tackle roof replacements or kitchen and bathroom remodeling, the top projects that’ll make your money back according to Remodeling’s Cost vs. Value Report are1,2:
Staging doesn't have to equal putting everything you own in storage in favor of rented suites of furniture and decor. There are many benefits of staging a home, but one of the biggest is the potential to sell much faster than average. Work with your realtor and use the resources and belongings you already own to:
We’ve created a home staging checklist, but the most important thing is to start with presenting your home in its best condition:
To sell a home, you need to reach the right buyers. Selling agents aren’t just there to put a sign in the yard and slap up an online MLS listing. Your selling agent serves a vital role in the home selling process, and failing to use all their services can be a costly mistake. You’ll pay dearly for their services, so when you interview agents, ask them to provide a documented marketing plan that includes:
Additionally, ask whether they cover photography and videography as part of their services. Regardless of format, the results need to be high-resolution images with flattering lighting and framing that are grouped, ordered, and presented logically. High-quality photography can help secure a successful sale and set your listing apart from comparable homes. In addition to still photos, this could include:
If you want to turn a visitor into an excited potential buyer, they need access to the property on their terms. That means vacating your home at short notice for showings in addition to being absent during open houses and prescheduled viewings.
You can boost showing experiences with:
We’ve already mentioned some of the ways your real estate agent can help when selling a home. But what’s even more important is choosing an agent you can trust. When you’re selling your home, choosing the wrong agent can easily end with thousands of lost dollars. Agents aren’t just there to host open houses and walk you through the paperwork at closing. Your agent knows the real estate market and current market trends to lead you to a successful sale. The functions of a selling agent include:
That’s a hefty list of analytical, financial, and people skills. In addition to generic claims of expertise, compare and choose a partner carefully by interviewing multiple agents and asking them to provide:
Post-interview and property viewing, ask for:
While buyers pay most of the nickel-and-dime closing costs, the amount subtracted from your profits on closing day can add up. Home selling costs quickly accumulate, and you may be surprised to see the breakdown. In addition to paying off the remainder of your current mortgage and any other equity-based debt, you’ll need to cover:
If this will be your first home sale, you may not realize how big a hit you’ll take on real estate agent commissions—that 5.8% equals $14,500 for a $250,000 house or $23,200 for a $400k property. When you bought your home, you could work with any agent without paying a dime, since sellers typically pay for both the buyer and seller agents involved in a transaction.
Plus, consider these earlier costs as a percentage of sale price:
See related: Can You Sell Your House & Keep the Mortgage?
If you’re looking to sell using a faster, simpler method, consider a residential sale-leaseback. With a sale-leaseback, you skip the hassle of a traditional home sale and sell for a competitive price. At closing, you can sign a lease with an agreed-upon rental rate and seamlessly switch to tenant status without leaving your home.
This way, you have as much time as you need to sort and organize for a move or downsize. With a sale-lease back, you must stay a minimum of 6 months, but as long as you pay rent and meet the terms of your lease, you can set your own timeline to stay or move.
If you’re stressed at the length of your to-do list you’re not alone. Homeowners can spend months preparing for a traditional home sale. Between repairs, organizing for a move, and clearing out for showings, the road to closing day is typically long and exhausting.
Unlike conventional listing sales, Truehold allows you to:
In addition to saving by skipping the cost and work of a traditional sale, you’ll also save while renting, with no more:
Learn more about the advantages and opportunities available with a Truehold sale-leaseback. Call (314) 353-9757 or visit us online today.
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