You’re ready to sell your home and are hoping the selling process goes smoothly. Avoid these common mistakes to ensure that selling your home is as risk free as possible.
Don’t Sell Before You Close
Selling your home before closing on a new one is a mistake that a lot of people tend to make. Having the money from the sale of your home is important, but this can leave you with the possibility of not having a home to move into. When you go to purchase a new home, the people you are buying from may be in the same situation of not having a house purchased and that can delay your move in date. You need to have a commitment from your bank stating that your new home purchase is contingent on the sale of your home.
Don’t Move To Sell
Moving out to make the sale of your home easier is also an avoidable mistake. Spending money to live somewhere, or taking out a loan can hinder the sale of your home. If your home doesn’t sell, you could be stuck with extra debt or another lease.
Don’t Buy Beyond Your Means
While you’re shopping for your dream house, don’t liquidate your retirement to purchase a home slightly beyond your means. People think that after the sale of their home they will replace the money. The penalty of removing that money is not worth it. Your home could sell for less than originally planned and then you are less likely to replace your retirement money. There are too many variables when buying and selling a home to lose your safety net and put your future at risk.
Don’t Overprice
Overpricing your home is also a huge no. While it may be tempting in this seller’s market to price your home higher than usual, you risk the chance of your home not selling. A home that sits for sale for too long has the stigma of something being wrong with it. Realtors and buyers will see the inevitable price drop as a cautionary sign and overlook your home.
Don’t Do Cheap Fixes
Your home should be in the best possible shape when you list it. Don’t make the mistake of doing cheap fixes, as your buyers will see right through these low-end updates. Avoid DIY projects if you do not have the skills to do a project well. They will assume that everything is cheaply done and will be less likely to fork over the price of your home, potentially losing you money. While it may seem crazy to spend money on a place that you’re leaving, it will help buyers see the value your home is worth.
Do Vet Your Listing Agent
The biggest mistake to avoid is not thoroughly vetting your listing agent. You want to choose someone that has your best interests in mind. Referrals are a great way to gauge a realtor’s qualifications. Having the best person working for you will ensure that your sale goes as smoothly as possible and you get the true value for your home.
Selling your home can be a daunting process but setting yourself up for success initially will help you get the most money out of your home and make the process less stressful. It is a seller’s market right now and you deserve to make the most of that.
Have questions about financing a new home? We are here to help you with all of your mortgage needs! (816) 822-8888 or fill out the form below.
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