Selling your home is an exciting and major life milestone. However, before you get caught up in your next adventure after the sale, it is important to be prepared for any problems that may come up during the complex home selling process. Understanding the selling process and any challenges you may encounter along the way will help ensure you have a positive real estate transaction that keeps your plans on track. Avoiding these three common home selling mistakes will help give you peace of mind and protect your finances when selling your home in Bristol, TN or the surrounding areas.
Under or Over Pricing
As a seller, the key to pricing your home just right is to work with a knowledgeable real estate agent. When asking too little for your property, you risk leaving money on the table. On the other hand, overpricing your property may scare off serious buyers and can lead to it sitting on the market for a longer amount of time.
A local Bristol TN REALTOR will do a comparative market analysis of your property to show you what homes similar to yours are selling for in your neighborhood. The market analysis of your home will determine the best price range and help get the price right from the beginning.
Forgetting or Underestimating Home Selling Costs
While many sellers know about real estate commissions, other home selling costs may be forgotten about when estimating net proceeds. Preparing for these expenses when selling your Bristol Tennessee home will ensure you aren’t caught off guard.
- Real Estate Commissions: Typically, the seller covers commissions for both their listing agent and the buyer’s agent at closing. While many sellers try selling on their own to eliminate this expense, NAR states that FSBOs typically sell for less than the selling price of other agent-assisted homes. A good agent can likely help you get more for your house to cover commissions and allow you to walk away with more cash in your pocket.
- Home Inspection Repairs: Depending on how serious the issues are that the home inspector finds, it can cost hundreds or thousands to resolve. Even if you choose not to pay to fix the issues, buyers will definitely expect a discount on the selling price. It is important to fix any glaring issues and keep up with routine maintenance before putting your home on the market to help avoid a long list of repairs after the home inspection.
- Closing Costs: While the seller’s share of the closing costs involved in the home sale is usually less than the buyer’s, there are still closing expenses to take into account. Some of these costs include sales tax, a title transfer fee, attorney fees, and a fee for the title company or closing attorney who organizes the final transaction on closing day.
- Seller Concessions: Even when buyers do not try to negotiate a lower sales price, they may ask for seller concessions. These may include certain appliances or furniture to convey with the purchase, or the buyer may ask for the seller to pay all or part of their closing costs.
Over-limiting Showing Times
Once your home is on the market, you’ll need to be cooperative around the times agents request to show your home. Your agent will stay in contact with you to ensure the showing times work with you before buyers show up at your house unexpectedly. The goal is to try to allow as many potential buyers as possible the opportunity to view your home, even if their timing may seem inconvenient. Over-limiting showings and having a house that is difficult to show can make it harder to sell. Interruptions and added planning around showings can seem like a hassle, but it is worth it to help ensure you get the return on your investment you were hoping for. Just think, the faster a buyer is secured for your home, the faster you can continue with your next move.
Selling a home is a major decision, but it doesn’t have to be a stressful and overwhelming process. Being aware of these common home selling mistakes will help Bristol, TN home sellers and give you the confidence needed to get through things if they don’t go as planned at any stage of the real estate transaction. Working with a Bristol real estate professional will help you be prepared when selling your home. A well-trained and knowledgeable REALTOR will be your guide throughout each step of the home selling process. Contact us if you have any questions about selling your Southwest Virginia or Northeast Tennessee home.