If you're thinking about selling your home, you may be thinking about the steps you need to take. There are a lot of key facts that every homeowner should know before they sell, and with so many misconceptions out there, it's easy to get misguided or confused. Before you find yourself making mistakes that could cost you a sale, here are a few things you should know.
Don't Price Your Home High
If you think you've got a better chance of getting the price you want from your home by pricing it higher so that you can accept a lower offer at the rate you actually want, you're incorrect. In fact, sometimes realtors and homebuyers won't even consider homes that are priced over market value. That means they may not even look at your home. Although you have the option to lower the price later, many buyers hesitate to consider a home that's been on the market too long. Depending on the market where you live, too long could be anywhere from three weeks to six months.
Don't Skip The Real Estate Agent Support
When you sell your home, you should talk with the agent involved about helping you find your new home. While you might think you'll save money as a buyer by not working with an agent, that's not the case. If the home you're buying is being sold by an agent, their commission is usually already worked in, including the commission percentage for the buyer's agent.
By the same token, you might save money by trying to sell your home without a real estate agent, but you'll have to do a lot of work that you may not have the skills for. A real estate agent has connections to list the home in the MLS, online, and market the home to prospective buyers. He or she will also have the education to negotiate the contract and help you with the inspection and loan process.
The Market Isn't Predictable
You may believe that the housing market does nothing but increase. The fact is that the market is unpredictable. Just because the market has been increasing, that doesn't mean that it's going to continue. If you think that waiting to list your home will give you the chance to make more money, but there's always a chance that the market will take a downswing and you may end up losing money on the deal. Since the housing market rises and falls, you can't predict the pricing.
You Don't Have To Renovate
Many homeowners believe that they have to renovate the kitchen and the bathroom of their home before they sell it. Even if you're looking at your home and thinking that it seems outdated or needs a facelift, that doesn't mean that it has to. Don't assume that you have to do that just because you want to sell. The fact is that many home buyers like to make their own modifications to the home that they buy, and they may not want to redo something that's just been renovated.
You Don't Have To Have An Open House
Open houses have always been popular, and many people believe that they have to host one in order to sell their home. The fact is that an open house isn't necessary and doesn't affect your ability to sell your house. With many buyers looking at homes online, open houses aren't as popular as they used to be.
With these tips, you can approach your home sale from a more educated and understanding perspective. Talk with your real estate agent today about the best way to list and sell your home.