Mistakes When Selling Your Home. If you are selling your house for the first time, you will probably face many challenges. Notice how we didn’t mention any problems? That’s because you will have an experienced Orlando realtor on your side, who will take you through the process step-by-step.
In case you were planning to take the FSBO route, we highly recommend that you don’t. That’s mistake no.1 right there for you. Since this is a common one, we won’t count it in the top three.
So, without further ado, let’s take a look at the three biggest mistakes that most people make in the home-selling process:
Not Accounting for the Home Selling Costs
We have already talked about the real estate agent, which includes their commission fee. A few other costs include:
- Closing Costs: 1% to 3% of the house price.
- Staging Costs: Depending on whether you use your furniture or rent it, this cost might run from $525 to $2,000.
- Home Inspection and Repairs: A home inspection is usually ordered by a lender. However, if you plan to do one on your own, make sure that you consider all the necessary repairs. This will cost you $300. As for the repairs, depending on how extensive they are, you might want to set aside around $5,000 to $10,000.
- Seller Concessions: The seller might demand a few incentives, like free appliances and offering to pay for the closing costs, which make up 3% to 4% of the house price.
- Moving Expenses: Since you will be moving to your new house, you will need at least $2,000 to transport your belongings.
Setting a High Asking Price
Never set your home’s asking price by involving your emotions! It’s possible that your emotions will get the best of you, and you might end up overpricing your house rather than underpricing it.
The right way to find out how much your house is worth is by doing a comparative market analysis. Your real estate agent will help you with this. They will look at the current housing market data and comps to determine how high or low your house should be priced.
Making Costly Renovations Instead of Repairs
Yes, renovations have the power to sway a buyer because they set your house apart from others on the block. However, if you spend all your money and energy on renovations, you probably ignore the major repairs. A hole in the roof, leaking pipe, backed-up toilet, etc., are all repairs that damage the foundation and appearance of the house. Hence, you need to tackle these repairs and then move to renovations that promise a high ROI, such as adding a deck, repainting the kitchen cabinets and the front door, and repainting the interior walls with a nude color.
If you have just started the process, keep these mistakes in mind so that you don’t end up making a low sale. Need assistance with your home’s sale? Get in touch with an Orlando realtor right now to know your options. Visit the website Megan Dowdy Realty to get in touch with a qualified real estate agent or call on 407-509-9279.