Selling a home isn’t easy, especially if you’ve never done it before.
There are many grey areas and challenges that you have to know how to navigate through with.
When you publicly list your home on the market through a multiple listing service (MLS), there’s no telling how long or short it will take for someone to make a reasonable offer.
The mistakes that you could potentially make while selling your home could impact your finances, as well as the next step in your life.
At HomeFront, we make it simple, quick and easy to provide sellers with the real estate solutions they’re looking for.
We buy multiple homes each week, so we know what it takes to be successful at selling a home.
Home Selling Mistakes
HomeFront understands the challenges that our clients could face during the process of selling their homes.
To prevent these challenges, here are the most common mistakes to avoid when selling your home:
Underestimating the Cost of Selling
Regarding the cost of selling a home, many people expect to pay around 5-6% in agent commissions for the help that they’ve received during the process.
Soon enough, you realize that much more goes into the cost of selling than just paying the efforts of your real estate agent.
Final closing costs + home repairs + other concessions to the buyer can boost the cost of selling to almost 10% of the sale price.
Make sure to keep your eyes out for any other hidden fees during your home selling journey.
Setting an Unrealistic Price
What you ask for is not always what you get, and the real estate market will prove that very quickly.
You may have heard of ‘Fair Market Value’, which refers to the way a home is valued between a buyer and seller. When there is no pressure on either party and both are knowledgeable enough about the property, a fair value is established for it.
For the seller, this value is right in the middle of asking too much or too little.
You will risk losing money or having your home sit on the market for too long if you go under or over the fair market value.
Only Considering the Highest Offers
While the highest offer is exhilarating, it isn’t always the best option for your needs.
Traditional real estate sales typically have contingencies and required conditions to close the sale of a home.
When you’re selling a home, you need to be aware of these conditions because they can impact the sale’s timeline, complexity and certainty.
For instance, you could receive a higher offer that is dependent on the buyer selling their previously existing house.
You have to take the timing and uncertainty into account for the higher price or accept a slightly lower offer with no contingencies.
Maintenance & Repairs
Most buyers want an inspection performed before they close, so you should prioritize the most important repairs to fix beforehand.
Many sellers think that they need to renovate their entire space before selling it, and while that can increase your home’s value, it won’t pay off in the long run.
Typically, homeowners get about 75% of their money back on renovations, so you have to ask yourself if losing out on the other 25% is worth it.
Selling to HomeFront removes any repairs and renovations from the equation, meaning less headaches and more cash in your pocket after all expenses.
Ignoring Your Home’s Cleanliness Before a Showing
Traditional buyers aren’t going to want to buy a home that looks cluttered and unsanitary.
Studies prove that clutter actually makes a space appear smaller and also makes it difficult for buyers to picture themselves living in that space.
If you don’t want the hassle of cleaning out your home, contact HomeFront.
We buy homes every day without requiring any cleaning to be completed.
Clashing with Your Agent & Their Selling Style
Pick an agent who is trustworthy and has your best interests at heart.
While this may be difficult to gauge when you first meet with your real estate agent, you will soon figure out their selling style, intentions and so on.
If you choose a realtor who simply wants to make some money and doesn’t care about the details on the sale of your home, you won’t ever know if you’re making the right real estate decisions or not.
Also, be mindful that all agents work differently.
Some have a flat fee for their services and others charge a percentage of the sale. While you can negotiate their cut, the percentage is typically around 5%.
It would be smart to take some time to interview a few agents to ensure their credentials, reviews and performance.
To figure out if you’re fully compatible, ask details about your agent’s selling style, negotiations tactics, how often they communicate, what the competition looks like, if they require a contract and so on.
When you choose to work with HomeFront, you’ll instantly approve! We charge no service fees, work to find a solution for your unique situation, and provide free consultations.
Neglecting Your Finances Before & After Selling
Ensure that your financial situation is under control before deciding to sell your home.
Organize your debt, income and any major upcoming expenses each month prior to selling.
It would be smart to contact your mortgage advisor or bank to be aware of exactly how much you still owe on your current space.
Target sale price – how much you owe – total cost of selling = how much money you walk away with in the end.
Frequently the cost of selling is underestimated (or neglected completely) and can sometimes be equal to what the expected profit is!
Real Estate Challenges
HomeFront understands the potential real estate challenges and hurdles in selling a home.
The convenience of working with HomeFront is that all of the normal pitfalls are eliminated, and we take care of everything for you!
If you have any questions, comments or concerns about our home selling mistakes to watch out for
contact us on our site!