Selling a house brings you a great profit but it is one process that can be toiling on your mental and physical health. Experts at pricingvanlines.com, a leading moving service platform, state that most of the time, people sell a house while relocating to a new place. The experts add that as the homeowners are already in so much stress due to the moving process, they are prone to making mistakes.
But, it has been observed that whatever be the reason for selling the house there are several mistakes that one can commit. This for sure makes the home selling process not very beneficial and exciting. Gladly, we have come up with a list of common mistakesthat one mustavoid while selling a property in 2021. As the New Year is expected to make the economy strongerafter the pandemic, the homeowners willing to sell their property must expect great profits on the home-selling transactions. Read through this post and know the key mistakes that you must avoid while selling your property and make the most of the opportunities that come your way.
- Overlooking the cost of selling a house:
While you must be expecting great profits from your home selling deals, there are certain costs associated with the process that you must consider first. For example, a home seller would have to pay at least 5-6 percent of the total sale price as the commission to the agents of the buyer as well as the seller. Besides, as a home seller, you will also have to pay certain costs such as the cost of repairs, inspections as well as appraisals.
- Cost of relocation:
If you are selling the house, you must be relocating to a new house and the cost of relocation is something you must consider. Thereare two options that you can choose- engage a moving company or hire a moving truck.
If you choose to hire a moving company, you get a range of services including packing, moving, and then unpacking your belongings, under one roof. This means that by engaging a full-service moving company you do not have to be worried about the relocation as you already have to deal with the home selling process and the troubles associated with it. On the other hand, relying on a DIY move makes the entire process more traumatic.
- Selling a house at a price which is lesser than you owe
Yes, most of the time homeowners sell their homes when they already have a pending mortgage to pay, part of the sale price is used to pay the mortgage. If you owe more than the price of the house, it means you will end up giving all the money to the mortgage company. Also, if you sell the house at a price that is lower than the money you owe, you will have no money to pay the mortgage. It is recommended to wait for a while and let the home build its equity so that when you sell it,it earns you enough price to pay the mortgage and make a significant profit.
- Incorrect pricing of the house:
Setting the right price for the house is very important. If you set the selling price too high, you might end up falling into the seller’s limbo. This means you will be overpriced and will have to sit idle in the market for too long. On the other hand, if you set the price too low, our home will be sold quickly but again at a loss.
So, how do you calculate the cost of the house? Using a house cost calculator is a great way to ensure you’d not set the price wrong. Once you have a rough idea of what the ideal price for the property would be, you can contact a real estate agent and further discuss the price. The agent would tell you the prevailing market price of the properties like you so that the right price can be confirmed.
- Overlooking the need for a pre-listing home inspection:
Homebuyers are smart and they tend to engage professional home inspectors to check any property before they invest in it. If any of your prospective buyers get a shortcoming in the house such as mold infestation, pests, or structural damage, they would get an upper hand on negotiations, this means you can end up losing a lot of money on your property price. It is thus advisable to engage a pre-listing home inspection company to check the house inside and out and ensure that there are no potential problems.
These are some of the common mistakes to avoid while selling a house. Besides these mistakes, you must also ensure that you pay attention to staging the house or at least make it more appealing by working on minor changes such as carpet cleaning, hardwood floor tweaks, and more. Be informedthat the buyers are smart and they know what to avoid when buying a home. A small mistake on your end can cost you big if you do not be equally smarter.