It’s hard to be objective when selling a home. It’s the place you’ve spent (often) many years of your life, creating memories that will last a lifetime along the way. But if you want to get the most out of your home, you need to be strategical in the way you go about selling it. Instead of making decisions based on emotions, do your best to use logic. In doing so, you’ll not only make the process easier, you’ll assure yourself that you are getting the best deal possible. Below, we at Southwest Missouri Realty have highlighted the most common mistakes people make when selling their homes, to make sure you don’t fall victim to the same fate.
This one’s tough; we at Southwest Missouri realty understand that. And as much as it pains us to admit, what you personally think your property is worth is often different from the actual worth of the property. This is a problem for one big reason: it could lead to less money.
According to USA Today, properties that are overpriced in the beginning typically end up selling at lower prices than those properties priced at more realistic – appropriate – prices originally. However, that’s not to say that you should handcuff yourself and ask for a low end offer. Do your research and choose a price based on real estate factors – like comparable property sales, and the home’s appraised value. Doing so will ensure a fair price for buyers, and lead to a good deal for you.
While you want to set a price you think is appropriate for your home’s value, you also want to build in some room to negotiate. You can almost always expect a buyer to give you a low first offer, so set your asking price just above what you can realistically expect to get for it. This will allow you to be flexible to the buyer (you can then lower the initial price, letting the buyer think they are the one’s getting a good deal), ultimately allowing you to get the price that you deserve.
While it’s tempting to temporarily cover up a problem – a leaky roof here, a toilet that doesn’t flush there – it could actually be more harmful in the long run. For example, if the buyer finds out about a cover up before purchasing they will most likely back out altogether, or make you cover the cost of repair. Furthermore, if the buyer finds out about a cover up after purchasing the house, it could lead to a messy legal situation. Either way, it doesn’t bode well for you as a seller. We at Southwest Missouri Realty can attest to that. Be up front with the buyer, and appropriately list any issues you are aware of. Not only will it lead to less hassle later, it will make you more trustworthy in the eyes of the buyer.
As a person selling a home, you of course want to get the most money you can for it. By avoiding the mistakes above, we at Southwest Missouri Realty can assure you that you’ll do just that.
Visit our website for more information on selling your home, or contact us today for any Springfield, MO real estate questions (real estate for sale, real estate listings, etc).