I know what you’re thinking: “My neighbor got an offer in two days at that price or higher, so mine will sell now too.” The problem with this line of thinking is it doesn’t consider the value of your home in relation to its neighborhood. After all, who would buy a $50 steak when they could get one just as good for half the cost? Other factors, such as location and condition, also affect home prices. Your first step should always be to determine how much your home is worth. You can do this by comparing recent sales in your area or checking sites online for listings similar to yours.
It Takes Money to Make Money
The biggest concern for your buyer is financing. You can go out and find a great tenant to help cover expenses, or you’ll have to live in the property while it sits vacant. This could be tricky if you work full time. Furthermore, there are federal tax rules that govern how long owners can deduct losses, which may affect whether an owner will want to rent the home before trying to sell again. There are no guarantees that the tenants won’t damage property beyond repair or even steal items from your house. The creditworthiness of potential tenants and their ability to pay rent on time should always be considered when deciding whether or not it makes sense to take this route.
Priced Out of Comparable Range
Be realistic about your property value, knowing it will be reflected in the selling price.
Overpriced homes linger on the market, usually losing the buyers who are often ready and eager to pay full price. #saleschat
The Biggest Mistake Home Sellers Make | 15
Measure Comparable Sales Before pricing your home, be sure that you know how much similar homes have sold for recently in your area of town or neighborhood by checking with multiple listing services (MLS) online at http://mlshomefinder.com/. If list-price comparables do not exist for houses like
Disclose, Disclose, Disclose
The potential to be the costliest of mistakes Colorado Springs home sellers make is the information they disclose about the property, and legal ramifications could run into the thousands. But the problem is, you’re worried. You don’t want them to know about that time when your hot water heater exploded. That time a pipe burst all over the basement. Or how about the toilet that never seemed to work properly? That leak in the bedroom ceiling or kitchen sink that left water dripping several times a day for more than a year before you finally called someone out. The cabinets with rotted wood where the spiders sneaked inside and made their webby homes? You don’t want them to find out either about how much money it would take to replace these things, which if they did decide on buying, you’d be stuck with paying yourself once again—the costs of which could finally break the bank.
Home stagers have the ability to take a home that seems on the verge of sale and make it sell. According to HomeStagers.com, nearly 70% of homeowners who enlist professional help are successful in selling their homes within six months. In one survey, 93% said staging resulted in offers at or above list price and 69% reported more showings than without staging. Overall, buyers spend more time with un-staged properties—about ten minutes more—than staged ones, according to an article from Forbes magazine written by Josh Barbanel titled “Staging Your House For Sale: It’s Not Just about Hanging Curtains Anymore!” He continues his discussion by stating: “The extra attention can really help your home sell a lot faster”.
Wrong Sales Method
An effective home selling plan will alleviate stress, maximize the sales price, and keep you in control of your property.
When deciding how to sell your [location], sellers need to consider three basic options: a real estate agent, the multiple listing service (MLS), or doing it yourself. Selling on your own means that you have full control over the process from start to finish. There are no commission fees involved; however, there is a liability for mistakes made during the sale process. There are also many steps involved when selling without an agent including listing with local newspapers, finding comparable sale prices for comparative market analysis (CMA), negotiating offers, and organizing home showings. The MLS is another option for selling property that gives homeowners access to a professional listing service that puts the home in front of every licensed real estate agent in the county.
The professionals at HBR Colorado can help you avoid these and other mistakes. At HBR Colorado, making the process easier is our job, outlining each sales method to help you make the best choice to sell your home. Working with HBR Colorado means guaranteed fast cash closings, usually as-is. Call HBR Colorado at (719) 286-0053 or send us a message to learn more about saving time and money.