The goal is to sell your house fast, but not at the expense of making mistakes. The entire process of selling your home can be costly, if not done correctly. But by learning from past mistakes, you’ll ensure a more successful sale. The best way to avoid these pitfalls is to work with a professional cash home buyer like David Buys Houses. Selling a house is no easy task, and making mistakes can cost you in the long run. So to make this process as stress-free and straightforward as possible, we buy houses throughout Arkansas.
1. Putting too high of an asking price
Pricing your home too high will deter many buyers, and you’ll end up seeing less interest in your home. At the same time, you can do your research online and get a good idea of your home’s value. Don’t be afraid to contact a few real estate agents to request comps. They’re used to providing them and may not even need to step foot in your home. You might hire an independent appraiser, as well. For a few hundred dollars, they can provide you with an estimation of your property’s fair market value.
Take your time researching the market to avoid second-guessing and possibly abandoning their sale, but instead, take necessary precautions for a quick course correction. Unfortunately, even with the best research, sometimes you have to conclude that your price is too high. As revealed in the Zillow Group Consumer Housing Trends Report, 60% of sellers change their prices at least once. So the most important thing to do is recognize quickly that your home isn’t selling. After that, accurately set a new price and market it in unexpected ways if you want more interest.
2. Not getting a professional home inspection
A home inspection will help you make a more informed decision on the condition of your home and what repairs might be necessary before you sell it. You might miss issues with lead paint, mold, or other environmental hazards that won’t show up until after closing escrow (or even later) that you will be responsible for.
Buyers typically ask for this inspection to have peace of mind by having an unbiased third party identify potential problems in advance. The most important aspect is knowing the proper condition of your property so that you don’t have buyer’s remorse down the road when something significant needs repair/replacement. This way, your buyers will know what to expect at closing time.
3. Getting your home appraised too low
The appraisal process can be confusing. Therefore, it’s essential to know the effect of low appraisals on your home selling timeline and what you should do if this happens to you. If a house sells for less than its appraised value, it isn’t uncommon for buyers or sellers who are unhappy with the outcome to blame an “over-inflated” appraisal as one possible culprit. But in reality, many factors could lead to a low valuation: inaccurate comparable sales data (insufficiently researched), outdated information about recent market shifts, etc. So before blaming the appraisal company solely when things don’t go your way during negotiations – take some time first and ensure that all of these other issues have been taken care of first.
4. Trusting sites like Zillow could give you false pricing on your house.
Zillow isn’t the most accurate tool for estimating a home’s value because they only consider recent sales in your area, what you owe on the house, and how many bedrooms it has. So Zillow is only reasonable to get an idea of where you stand with your estimated market value compared to other homes around you that have recently sold. But suppose there haven’t been any new listings lately or anyone else selling their property at all. In that case, this will give false information about its worth in comparison to similar properties. Also, if the home is more than five years old without upgrades (or significant renovations) since 2011, Zillow may not be effective when estimating its actual value based on local data.
5. Thinking you can sell your house without repairs or improvements.
Trying to sell a house for the market price without any repairs or improvements is doomed for failure. It’s especially true in the current market, where so many buyers with cash and credit don’t have to rely on traditional financing or a mortgage. Attempting to sell your house fast without making any repairs or upgrades will only set you up for disappointment because even if it does sell quickly, you’ll most likely be selling it at below-market value.”
6. Buying another home without waiting until after you’ve sold yours
So you bought another house, and you’re thinking about selling your house? This is a common scenario, but it’s not always the smartest. If you don’t have much equity in your home or significant problems with the property that need to be fixed before listing it for sale, this might not be a good idea.
7. Failure to consider the cost of selling your home
While selling a house, you need to consider the related costs carefully. The additional costs you’ll need to cover may well put your home in a lower price bracket than it deserves. If you want to sell your house, be aware of the many costs involved.
- Broker’s Fee – A service fee that an agent charges when they sell your house for you. In Arkansas, this can be around 6%. When you hire a cash home buyer, this fee will not be passed on to you.
- Selling Fees – A sale includes sales tax and the notary fee. Therefore, the buyer will need to cover these expenses.
- Fixing up your house before selling it is costly. When you sell it to a cash home buyer, they will purchase your house in any condition.
In conclusion, be aware of the many costly mistakes involved when selling your home. This includes additional fees and taxes, as well as costs for repairs. Cash home buyers will not charge you these expenses because they purchase any condition house. If you’re looking to avoid making mistakes while selling your house and want a quick sale, consider selling to an investor like David Buys Houses. He offers cash for homes that need complete renovations or can pay the total price for houses in desired neighborhoods that don’t require extensive repairs.