Deciding to sell your home is a huge decision to make and involves a lot of work, even though many homeowners go into the task thinking wit will be as easy as posting a few signs and running a few ads. The fact is, if you are not careful about the things you do leading up to the sale, you could end up getting far less for your home than it could be worth. There are some huge money mistakes homeowners make when selling their home that you have to avoid if you want to get the biggest price possible for your property.
Mistake: Not having the home professionally appraised before settling on an asking price.
Why? Home values fluctuate through the years according to:
- local developments
- the real estate market
- the economy
Therefore, just because you bought your house at one price, it does not mean the value when you decide to sell will be exactly the same–even if it has only been a short time since you purchased the property. Because home values can be so volatile, it is crucial that you hire a professional appraiser to get the true value of your home.
Mistake: Choosing not to make simple repairs before listing the property.
Why? That outdated roof, the chipping paint on the front porch rails, the stained carpet in the living room–these may sound like simple problems that a prospective buyer would look at and decide that the home is still worth your asking price. However, simple problems with the property can completely change the value of it in the eyes of a buyer. Every little repair that a home needs could potentially lower the price someone is willing to give you for your home, so it is always best to tackle these problems before listing the property.
Mistake: Setting the asking price for your home at exactly the least value you will settle for.
Why? Any real estate agent will tell you that it is better to set the asking price of your property at slightly higher than your lowest acceptable amount. This gives buyers a little wiggle room for negotiation. This is called an asking price for a reason. Most buyers will see a home's price and assume that the seller will likely take a slightly lower offer. On the same note, don't overshoot your asking price so much that it scares off buyers from even making an offer.