When you make a mortgage payment every month, your equity will continue to grow. So, when it comes time to sell, you will want to get the best price you can for your house. In order to do so, there are a few things you need to avoid.
Do NOT Ignore Your Realtor’s Advice
Even though you don’t technically need a Realtor to sell your home, it is proven, time and time again, that homeowners get a better price for their home with the help of a Real Estate Agent. A good listing agent can help you with marketing, pricing, and negotiations, as well as guide you through the closing process. If you feel a little uneasy about putting that much trust into someone else’s hands, just keep in mind that all agents have a fiduciary responsibility. This means that they, legally, must look out for your best interests.
Neglecting Home Repairs
Most buyers will require a home inspection before buying so it is best to fix up any known problems. Also, don’t overlook small problems. If your bathroom faucet is leaking, the best thing you can do is get it fixed, because a buyer might see that as a much bigger problem hidden under the surface.
Be Flexible with Showings
In order to sell your house for the best price, you are going to want as many people to see it as possible. Normally, Realtors require 24 hours’ notice before a showing, however, you will want to be ready to leave anytime. Keep in mind, if you decline a showing, that potential buyer may never come back.
Keep the Home Clean
In order to be prepared to leave for those last–minute showings, you will want to keep your home relatively clean. In a perfect world, your home should look as much like a model home as possible throughout the selling process.
Pack Up the Kids & the Pets
During a showing or an open house, having the seller present can make a potential buyer nervous and could scare them away. So, in order to get around that awkward encounter, it is best to pack up your family for a few hours. This includes your pets! As much as you love your dog or cat, a potential buyer may not. Plus, some buyers are allergic to pets, so again, to avoid the situation, it is best to leave no one behind.
Keep an Open Mind
It is not uncommon for homeowners to form an emotional attachment to their home, but you can’t let that cloud your vision. Ideally, the offer is either going to be a full price offer or above asking price. However, be willing to negotiate if the price is lower than you expected.
Don’t Overlook Closing Costs
While buyers typically cover a good chunk of the closing costs, the home seller still has to chip in around 1% – 3% of the final sales price. Unfortunately, several sellers overlook closings costs and only calculate what they are going to owe their Realtor. As the home seller, you can expect to pay:
• Closing Fee, which goes to the Title Company where the closing takes place
• Taxes on the home sale
• Attorney Fee
• Title Transfer Fee
A good rule of thumb is after you sign the sales contract with the buyer, ask the buyer’s title company to estimate what you will owe in closing costs.
