Selling a home is more complicated than most people think it is. This process isn’t just about cleaning up a property and finding someone to buy it—it involves some legal and practical considerations as well.
If you immediately dive into home selling without knowing much about the process, chances are you’ll commit mistakes that could cost you a lot, even after the sale has already been completed. In order to avoid that, you must be aware of the common mistakes that home sellers usually commit when selling homes.
Here are some of them:
Inflating the Home’s Sale Price Through Upgrades
Some home sellers tend to order costly upgrades before putting their homes on the market, thinking that this will help increase the sale price. Actually, no matter how much you spend for upgrades, the target improvements—not the upgrades-- are the ones that are more likely to boost your return on investment.
Testing the Market by Pricing High
Most sellers assume that basing the price of a property on the amount they paid for it, the cost of improvements and the real estate agent’s fees is the most objective term to use when pricing their homes. What they don’t understand is that in reality, these things have very little to do with the actual market value of the property.
Playing games with pricing is one of the biggest mistakes you will ever commit as a seller. Instead of basing the listing price of your home on the abovementioned factors, you must base it on the property’s present market value, which you can estimate by looking at current listings for homes similar to yours. If your home is located in Colonie NY, search for Colonie NY homes for sale so you’ll have an idea of how much homes similar to yours are sold in the market. If you test the market by pricing your home way above its market value, you run the risk of not finding a buyer for your property.
Lying in Your Seller Disclosure
Selling a home requires a lot of paperwork, and that includes the seller disclosure. Here, you need to disclose your knowledge about certain aspects of your home by answering “yes,” “no” or “do not know.” Be honest in answering this document. Do not ever think that you can bypass the delays involved with the home inspection process by simply answering “no” on questions where you’re supposed to answer “do not know.” Doing that may not only cost you a lot of money in the long-term but may also kill the deal altogether.
Selling without a Real Estate Agent
Because real estate agents charge a commission for their services, some home sellers choose to sell their properties without their help. However, not having an agent means the seller needs to take on more responsibility for the sale of his home. This is quite risky, especially if the seller is not knowledgeable enough in the business of selling homes.
While hiring an agent may cost you a bit more, the fee you pay in exchange for his services comes with a significant amount of expertise which you can’t find anywhere else. As a seller, you need this since every decision you make is crucial in the home selling process. Since there are plenty of homes for sale in Colonie NY, your goal should be to find a good buyer as quickly as possible, and it’s difficult to achieve that if you don’t seek the expertise of an agent.
Selling a home requires attention to detail. If you don’t think you have all the knowledge and expertise needed for a stress-free home selling transaction, feel free to contact me today at 518-785-9900. I am Dawn McCurdy, Colonie NY’s top Realtor®!
In case you can not view this video here, please click the link below to view ☝ 4 Common Mistakes to Avoid When Selling Your Home in Colonie NY on my YouTube channel: https://www.youtube.com/watch?v=u8OKRH26S2c&feature=youtu.be
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