Selling your home is a complex process with financial, legal, and sometimes emotional ties. Residential real estate is quite valuable, so it’s worth putting the time into getting the entire process right. One way to do that is to avoid some of the most common mistakes people make when selling their homes — including those that could be costly such as setting the wrong price, failing to disclose critical data, or not staging effectively. Let’s explore some of the most common mistakes and how to avoid them.
Setting the Wrong Price
Price is everything in residential real estate. It would be best if you priced your home so that enough people want to buy it, but you also want to get as much for it as possible. If you price the home too high, it could sit on the market for weeks or months, and that’s often a turnoff to would-be buyers just entering the market. You need to set the price higher to avoid missing out on what the home is worth.
The solution is to ensure the price you list the home at fits within the local market. Consider the local residential real estate market, the homes like yours, and their prices. Also, look at properties sold over the last few months within your neighborhood, market conditions, and how well your home stacks up to the competition.
Staging your home involves removing the clutter and making it welcoming and comfortable to those touring it. If you don’t stage your home, would-be buyers feel like they are walking through someone else’s property rather than one they can see themselves in.
With residential real estate, staging your home should focus first on cleaning up and then laying out the home more naturally. Look to reduce the pieces of furniture, paint walls to ensure a fresh look, and allow as much natural sunlight into the house.
Failing to Disclose
Many residential real estate risks relate to financial loss, but failing to disclose could be your most costly risk. If you know of any defects in the home, such as a cracked foundation or a leaking roof, it is legally your responsibility to tell the potential buyers about those risks. If you fail to do so, that could lead to legal trouble, including being sued for the losses or the buyers backing out of the purchase.
The best bet here is to disclose everything you know about the home to potential buyers; for residential real estate, that should include any problems with the structure, major systems like the heating and cooling, and the appliances. Be sure to disclose floods and water damage, concerns with erosion, and any other significant matter you’ve encountered with the property.
Neglecting Curb Appeal
When someone is approaching your home, they want to be wowed by it, so much so that they want to come in and see what you have to offer. A common mistake when selling residential real estate is not updating the home’s curb appeal. A home with overgrown hedges, weeds growing through the cement driveway cracks, and leaf-filled flowerbeds look like a lot of hard work that most home buyers aren’t interested in.
Instead, spruce up the outside of your home, no matter the season. Clean it up, remove debris, and freshen up with a coat of paint if needed. Ensure the entryway is welcoming and clean so prospective homebuyers already like it before they even approach the home.
Not Hiring a Professional
There are many complexities in selling residential real estate that can cost you money and create frustration if you don’t know about them. That’s why it is so essential that you have the right professionals by your side to help you through the process. Not working with a real estate agent could mean leaving money on the table simply because you have to spend more to market the home. You’ll also need to hire an attorney to help you with numerous legal steps during the process.
Hiring a real estate agent that knows the area well and is committed to supporting you throughout this process is critical to getting the most for your home. They can help you navigate the selling process and help ensure you get the best deal possible. They can help you avoid costly mistakes that could also put you in legal hot water
What to Do Now to Sell Your Home
When selling your home, avoiding these common mistakes, including not setting the right price for your listing, failing to stage the house, or neglecting the landscape, is essential. You also want to avoid legal mishaps like failing to disclose. Working with a real estate agent will reduce those risks and improve your ability to close on your home for what you know it’s worth.
Let the team at Boston Bayside Properties guide you in your residential real estate sales process. For expert advice on selling your home quickly right now, contact us.
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