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- Selling a home is the largest transaction most people will ever take part in, and it's usually the most complex one as well.
- By failing to properly plan for the home-selling process, including the careful selection of the professionals who will assist, home sellers risk losing thousands.
- These are some of the mistakes many homeowners can make during the long, complicated process of selling a residence.
Selling a home is a big deal. With the median home value in America standing at $223,900 as of December 2018, according to Zillow, even homes on the lower end of the price scale represent major assets.
And if you make mistakes during the home sale process, you stand to leave major money on the table — or, more accurately, to hand it over to the new buyer and the agents involved in the sale.
In order to sell your property, you need to be objective about everything. Yes, this is your home and you love the place, but once it's time to sell, it's a financial asset — you'll always have the memories; now it's time to think of the money.
Before you list, there is a lot of work to do, from making sure everything in the home is up to code, there are no liens in place, that you have plans in place for the move and for housing after the sale, and that you know with whom you'll be working during the process.
There are a lot of ways to mess up during the home sales process. Here are six common ones that I've encountered or observed, which, hopefully, won't be an issue for you.
SEE ALSO: 12 common, expensive things that aren't worth your money
Sellers choose the wrong real estate agent
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Your real estate agent stands to help you make the largest possible profit on your home sale if all goes well, but they can also cost you thousands if things don't. This is your home and your capital, so put yourself and your family first. Don't feel obliged to work with a friend or family member, and thoroughly vet anyone you find.
You can also consider skipping the traditional agent path altogether — you can use a home seller's education platform like Sold.com to determine the best route for your home sale and to find the best tools and or people to help you in the process. (And keep in mind that even the most gregarious of realtors is also looking to make the best possible commission — make sure to negotiate a fair deal no matter who you work with, friend, family, or perfect stranger.)
They don't properly fix up the home
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You know how a stitch in time saves nine, right? Well so too do a new water heater, a re-tiled bathroom, and a replaced window end up saving thousands of dollars. Savvy buyers (and, more importantly, home inspectors) can see through a fresh coat of paint to the real problems lying beneath.
If you spend the money to properly fix problems, replace worn out hardware, and upgrade dated fixtures and features, you can command a much higher price for your home. In most cases, the investment that improves your home from fixer-upper to move-in ready will more than pay for itself. (If your home is in a red-hot market, then you can consider minimizing the time and money you put in fixing it before listing, FYI.)
They improperly stage the place
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Some sellers refuse to change their homes during the sales process, leaving too many personal effects around — too many photos on the walls, trinkets on the shelves, toys on the floor — to allow a prospective buyer to reimagine the space as it would be once theirs.
On the other hand, going too minimalist with the staging can have the effect of making a home austere and unwelcoming. Have an unbiased party, whether your real estate agent, a staging professional, or a friend with a knack for decor and for candor, help you stage the place.
See the rest of the story at Business Insider