The most common pitfalls you should avoid when buying or selling.
Aug 16, 2022

When you’re buying or selling a home, it’s important to be aware of the many potential pitfalls during the process. These mistakes can cost you time, money, and even your dream home if you’re not careful! This article will discuss some of the most common pitfalls that buyers and sellers should avoid. We’ll also provide some tips on how to prevent them from happening.

No matter how hard we try to prevent them, home buying or selling mistakes are bound to happen, resulting in thousands of dollars in losses. Fortunately, if you are aware of these mistakes, you may be able to avoid them. Here are seven common home buying or selling errors our real estate agents have identified that you should be aware of.

 

Miscalculate costs.

Yes, it isn’t easy to sell your house. And do not say when buying it that you must also pay commissions, and taxes, among others. In fact, those costs can amount to 15% of the sale price. So if you sell your house for $300,000, the expenses subtracted from your income could be $45,000.

What are some of the costs of selling or buying a house? They include:

  • Agent commissions
  • Closing costs

And if you are selling, maybe you should invest in:

  • Home repairs
  • Staging

One way to avoid the mistake of miscalculating the costs of buying or selling a house is to make a general calculation, including commissions, taxes, expenses, and repairs in case of a sale.

Setting a selling price that is too high or too low.

An incorrect price could mean losing more money in your pocket or turning off potential buyers. If the price is too low, you could be cheating yourself out of thousands of dollars. If the price is too high, your house could stay on the market for months, forcing you to lower the price and longer the process, thereby increasing your costs.

When you work with Soheil Estates real estate agents, you can be confident that your home will sell for the right price.

Ignoring necessary repairs.

You might think that a potential buyer won’t notice those minor flaws you’re trying to overlook. Please reconsider. If the potential buyer doesn’t notice, the home inspector you hire almost certainly will. If the inspector runs into a problem, he could extend the closing date or even cause the deal to fall through, costing you time and money.

If you don’t make the necessary repairs, your home could spend more time on the market than you’d like. And if it’s stuck on the market for too long, your home may only attract cash buyers or developers, who may be trying to undercut you.

Not preparing your house for sale.

It seems obvious, but it is a common mistake among seller owners. The staging and order of your home are essential when you put your house on the market. Staging can highlight a home’s strengths and downplay its weaknesses, while cleanliness removes the perception that your home hasn’t been well maintained.

Once your house is organized and tidy, you need to keep everything in tip-top shape until the home is sold. But if you don’t do this first, you could see the dollar amount of purchase offers drop below you expect. Plus, your house could spend a lot more time on the market.

Being unrealistic with the schedule

A home seller prays that his house will sell quickly. But a quick sale is often out of reach. In 2019, the typical house spent around 68 days, more than two months, on the market. It is more than two months and can seem like an eternity.

Another problem: The longer your home stays on the market, the more real estate agents and homebuyers will think there’s something wrong with your home. That skepticism can scare off potential buyers and their agents.

Have a DIY sale

Taking control of your home sale may sound appealing. But it can lead to a bad result. Every task associated with selling your home falls on your shoulders when you undertake an FSBO (for sale by owner). More than a third of FSBO sellers do not actively market their homes.

Other drawbacks of an FSBO sale include all the paperwork that has to be done and that you are probably not qualified to handle.

Choosing the wrong agent

Not everyone is good at their job. This includes some real estate agents. So if you hire an ineffective agent, you could be cheating on the sale price or end up waiting too long for your home to sell.

At Soheil Estates, we offer you a professional real estate agent service so that you do not have to go through these seven mistakes described above.

Oh hello! I am zach

0 Comments