Home Sellers, get ready – get set – Go! The time has come to put up your “for sale” sign, get offers and sell your house! If only it were that easy. It probably doesn’t seem all that complicated, yet the process of selling a home has several aspects that sellers must consider to bring top dollar promptly.
You may not realize this yet, but a slight misstep could end up costing you thousands. Keep reading and learn about the top five mistakes of Indianapolis home sellers.
It Takes Money to Make Money
One very common mistake that Indianapolis home sellers make is that they underestimate the costs of listing and selling their house. What are some of the costs to sell your home? Well, let’s start with some repairs and updates. You’ll need to make sure the house is as close to perfect as you can get it so buyers will want to buy it and inspectors won’t tear it to shreds and blow up your deal later on. We hear alot of “I’ll just put some new carpet in here before I list it”. Ok. Do that. Ever heard of HGTV? Buyers have, and that’s the house they’re shopping for. Let’s be honest and understand it’s going to take more than just fresh carpet. So there’s the cost of your preparatory repairs and upgrades. How about your agent’s commission? You could pay anywhere from 4-7% of the final sales price just in commissions. What about marketing? Yep. You’re going to need staging, potentially you may need to put some of your stuff in storage to de-clutter your house, some photos, maybe a digital tour. Got yourself a buyer on the hook? Here comes their inspection issues and the cost to have contractors fix those so you can save the deal. Then if you make it all the way to the closing table there are other “closing costs” which could include assistance with your buyer’s closing costs, your pro-rated taxes, and then all the fees and charges from the title agency. We usually budget around 3% for these at the time of sale. You also have to think about the costs of the utilities, mortgage, HOA and any other fees you have to pay every month just to keep the house running. It’s easy to see that during the course of your on-market home sale you could dole out tens of thousands of dollars by the time it’s said and done. The failure to realize how much it really costs to sell a house is a mistake made by many home sellers.
Priced Out of Comparable Range
Let’s face it: people tend to get very emotionally attached to their piece of real estate. You’re no different. Overpricing through emotionally driven pricing, adding the value of your feelings, is another mistake Indianapolis home sellers make. Likewise, homeowners involved in their negotiations may become visibly upset, insulted by offers lower than their asking price, losing a suitable buyer. Another way overpricing occurs is when sellers set an extra high price, assuming lower offers will come, and this is a costly game to play with pricing your home. Buyers seek homes by price range, and they can quickly assess your property, knowing that they can get more property from another seller for the same money. The properties most like yours and nearest your home that have recently sold will provide a more realistic price range. Pay extra attention to houses sold and the original listing price. You’ll see that overpriced homes linger on the market.
Disclose, Disclose, Disclose
The third of our top five mistakes Indianapolis home sellers make is the failure to disclose information they know about the property, and the legal ramifications could run into the tens of thousands. As your agent will tell you, you have to disclose everything that you know. Good or bad, if it’s a question on the Residential Sales Disclosure you have to answer it honestly. Many times a seller may think they can pull a fast one or get away with “I didn’t know anything about that”, but when the truth comes to light in front of a judge they’re often left thinking “I should’ve just disclosed this – it would’ve been cheaper”. If you know something about your property – disclose it and save yourself the headache (and costly bills) later on down the road.
Staging Strategies
Staging your house before listing it for sale has become commonplace for many reasons. The major one is increased final price with faster results. Professional stagers create a neutral background and add a fresh look so that potential buyers get that new home feeling, easily envisioning themselves living in the home. However, stagers avoid absolute blandness by adding interest with pops of color through careful selections. Your belongings may go into storage in some cases, and the house refurnished to showcase the space’s full potential, including letting in the light through window dressings or lighting design. Not taking advantage of this sales tactic is a huge mistake of Indianapolis home sellers.
Wrong Sales Method
Choosing the course of action is the final costly mis-step of our top five mistakes of Indianapolis home sellers. While real estate agents quickly come to mind when homeowners discuss selling, alot of people don’t realize there are other ways to sell their house. It can pay to take the time to explore all of the home selling methods that exist, including the costs, any projected timelines, and the stresses that may accompany the processes involved with each. Sit down with pen and paper and write out the pros and cons of each technique, considering your specific circumstances, such as personal issues like a new job or family illness, facing heavy repairs, or financial complications causing pressure to sell quickly. Ask friends or family for input. Do everything you can to make the smart choice.
317 Home Buyers can help you avoid these and other mistakes. At 317 Home Buyers, making the process easier is our job, outlining each sales method to help you make the best choice to sell your home. Working with 317 Home Buyers means guaranteed fast cash closings, and we buy the house as-is with all the stuff in it that you don’t want to take. Call 317 Home Buyers at 317-623-4734 or send us a message to learn more about saving time and money.