Investing in real estate is a big decision. When you started searching for your first home, you probably received a great deal advice from friends and family about where to look, how to find a loan, the best way to move, and more. Now that you’re thinking about selling, there’s one thing you should know: this is a whole other ballgame. Instead of giving you tips and suggestions about how to sell, we’re going to tell you what NOT to do. The mistakes we’ll discuss below can be costly and make your selling experience more stressful and difficult than it needs to be. We’ve outlined some of the most common financial mistakes sellers make below, and the best ways to avoid them.
Here are the top three financial errors to avoid when selling your home:
- Putting your home on the market before it’s ready. Sellers who are impatient or who have procrastinated in getting their house ready to sell are guilty of this, and often do not get their asking price met due to the appearance of the home. First impressions are everything, so be sure that your home is in top shape before showing it to potential buyers.
- Basing the price on what you want to net, instead of on the market. One common misconception in real estate is that sellers control the selling price of the home. Sellers control the asking price, but the selling price is based on what is going on in the real estate market at the time of sale. Avoid being disappointed or caught off guard when your asking price isn’t matched by thoroughly researching the market before determining your asking price.
- Being financially unprepared to sell. A major mistake sellers make is not getting their finances and mindsets ready for the selling process. This includes properly understanding your current financial situation, researching the state of the real estate market, going through the details of your current mortgage, etc. By doing your homework early on, you can save money and stress from costly mistakes.
By keeping these mistakes in mind, you’ll be in a good selling situation in no time. Should you have any questions, it’s always a good idea to reach out to a local realtor. Happy selling!
Are you in the midst of selling your home? Do you agree with these tips? We’d love to hear your feedback, so feel free to leave a comment below!