You’re in a better position than you think if you want to sell your home in 2024. The current volume of existing homes on the market is low, which makes it a seller’s market. Still, you need to be smart. Several home selling mistakes could cost you big money, or even prevent a sale from going through. Avoid these missteps.
Don’t Make These Home Selling Mistakes
1. Failure to disclose property issues
Few things can tank a home sale faster than if the buyer discovers you’ve tried to cover up issues that must be legally disclosed. Know the disclosure laws for your area and be sure to follow them to the letter. Also, with the market volume so low, buyers may be more willing to buy homes with issues.
2. Overlooking the costs of long sales periods
Cash buyers are more common on the market today than in years past. They typically offer less money than you may be asking but offer the assurance of a fast sale with few chances of complications.
Don’t be too attached to your initial asking price. Think about how much it costs to maintain the home month after month while keeping it in sellable condition. Those costs directly cut into your profits. Selling now for a lower price could easily be more profitable than holding out for months hoping for a better offer, so do the math before deciding.
3. Poor photography
Bad photographs are a major turn-off to buyers. Even if the home itself is in bad shape, people can spot cellphone snaps and will be wary if they look low-quality.
If you want your home to be more attractive to buyers, hiring a professional home photographer is an investment that is easily justified. Great photographs will do a lot to sell your home, even before a potential buyer steps foot inside.
4. Poor staging
Finally, if you want your home to sell, you need to make it look as presentable as possible. It should look like a “model home.” Keep the rooms immaculately clean and try to remove all signs of habitation whenever someone comes to visit. Buyers want to imagine themselves in your home, and seeing your stuff all over the place will create a psychological barrier for them.
Plus, don’t forget that a great real estate agent can help you get better prices. Click here to learn more!
When selling a house, it’s vital to understand the laws surrounding seller disclosure. “Seller disclosure” is the obligation upon sellers to properly document and disclose problems with the property that might not be immediately obvious to buyers. Selling a home without proper disclosure can lead to a lawsuit, so it’s vital to understand your responsibilities.
There’s no single list of rules to follow; disclosure laws vary by state and even by city. However, here are some general tips and advice that can help you stay on the right side of the law:
Proper Seller Disclosure When Selling a Home
1. Things you must disclose
- Basic physical properties of the residence, such as the size of the lot, square footage of the house, etc.
- HOA membership information and regulations
- If the property has ever been exposed to toxic substances, such as asbestos, chemical waste, etc.
- Known natural conditions including floodplain location, protected animal species dwelling, etc.
- Known problems, such as water leaks, termites, etc.
- Neighborhood nuisances like unpleasant smells from a factory or farm; noise from a nearby airport, etc.
- Repairs made to the property throughout ownership
- Results of any home inspections that have been conducted
- Violent or illegal deaths on the property
2. You can’t disclose what you don’t know
Ignorance may not always be bliss, but it can be a legal excuse when it comes to disclosure laws. Because potential problems with any property exist, the seller can’t be expected to know about all of them, especially for a property that has changed hands many times. Some sellers use this as a reason to not request an inspection before listing the home. In that case, it is the buyer’s responsibility to inspect the property.
3. Don’t make guesses
Some attributes of the home might be fuzzy, such as the exact square footage of the living space. Ideally, either the seller or buyer will hire a surveyor to determine the precise numbers. As a seller, you should not “guess” or go with an average, because that could be seen as a false representation if the square footage measurement is wrong. Don’t make any claims that can’t be supported by official documentation.
4. When in doubt, disclose
If you aren’t certain if you’re required to disclose something, it’s best not to risk an expensive lawsuit. Disclose everything you think might be important. Even better, consult with a real estate lawyer for more information.
If you’re selling a house, we’re here to help! Contact us to learn more.
It’s a good time to sell your home! The market is currently experiencing a low inventory, with more buyers than homes available. However, that doesn’t mean selling a home is easier. To get the price you want within a reasonable timeframe, you still need to manage your listing strategies.
Here are 6 tips:
- Hire a real estate agent – It might be tempting to try to sell your home yourself, but it’s almost always better to hire an agent. Their fees are typically low; about 1%-2% of the sale price. And they will be far more experienced at navigating the bureaucracy involved in any home sale. An agent’s ability to avoid problems makes it worth the fee.
- Consider price vs. sales time – The higher the price of your home, especially relative to the area, the longer it will take to sell. While it sits on the market, it will still require maintenance and upkeep, which amounts to money deducted from your final payout. Unless you have plenty of time and money to spare, it’s usually better to keep the asking price low to speed up the sale.
- Invest in repairs and upgrades – Before selling a home, have a professional inspection done. Then make sure to address the major issues noted by the inspector. This not only makes the home more attractive, it also creates documentation. You can show prospective buyers and their agents proof the home is in good condition. An inspection increases your home’s value and sellability.
- Improve the curb appeal – Your front lawn and walk-up should be immaculate. Spend extra time caring for your grass and other greenery. You might even want to add some little touches, like extra flowers along the walkway or driveway. You want it to look as appealing to potential buyers as possible.
- Clean and stage the interior – If you’re living in the home when selling, you need to make it look like a display home. Buyers will simply be put off by too many signs of habitation. Consider rearranging the floor plan to appear as clean and tidy as possible, even if it disrupts your lifestyle while the home is on the market.
- Be prepared to vacate quickly – If you find a motivated buyer, you don’t want your own needs creating a barrier to the sale. Have a plan to move out as quickly as possible if necessary.
If you’re selling a home, we can help! Contact us for a free consultation.
Selling your home isn’t always easy, even in an up-market or a good neighborhood. There are many reasons a house in good condition isn’t attracting enough attention. Identifying the cause can be difficult. In most cases, your best bet is to try a few different things and see if one or more changes the situation.
Eight Options for Selling Your Home More Quickly
1. Lower the price
Is your house priced as are similar homes in your area? Homebuyers typically won’t pay a premium unless there’s something truly special about the property.
2. Improve the listing
Your listing on public sites should be highly detailed and include as many high-quality photos as possible. Consider hiring a professional photographer with a top-tier camera to take the pictures. It can really help.
3. Cleaner is better
You have to strike a balance if you’re still living in a house you want to sell. Be sure it’s kept as clean as possible (without too many signs of customized habitation), to increase its appeal to buyers.
4. Improve the exterior
Curb appeal is a huge part of selling a home, so your exterior should get extra attention. Even a minor upgrade like a new coat of paint can attract more potential buyers.
5. Be more aggressive about marketing
Simply listing your property on the usual sites is a passive method of advertising. Explore expanding the number of listing sites or begin pushing it on social media or other free websites.
6. Replace your real estate agent
If you have a real estate agent and your home isn’t selling, you might want to look at getting a new one. If you’re trying to sell the house without a real estate professional, perhaps it’s time to partner with one.
7. Ask for feedback
If someone visits the property and isn’t impressed, ask why. Then act on their negatives.
8. Consider alternative sales methods
Rather than selling to a homeowner, consider contacting property investment groups. They’ll often pay cash in full in exchange for a lower price. In some situations, that’s better than letting the house sit on the market for months.
We want to help you sell your house! If you’re struggling to find a buyer, contact us to discuss options that can make the sale happen.
There’s a lot that can go wrong if you’re trying to sell a house. Few issues can be more aggravating than a low appraisal.
Appraisals are a part of any property sale. If the appraisal value is lower than the offers you’re considering or worse: lower than what you paid, trying to sell it will be an uphill battle. For example, lenders will likely push back against mortgages valued for more than the home, potentially preventing the sale.
However, there are options.
How To Sell a House With a Low Appraisal
1. Request Another Appraisal
If the property receives a low appraisal, always call for another one. There are a lot of factors that can cause a house to be undervalued, especially if its last appraisal was during the COVID pandemic when “drive-by appraisals” were common.
Be sure to point out any renovations you’ve made that might not be immediately obvious at a glance, such as roof repairs or a refinished basement. You or your real estate agent could also submit documentation citing how much money you’ve put into the property. This may help raise its value.
2. Convince the Buyer To Pay the Difference in Cash
When it’s a seller’s market you have extra leverage. If you and the buyer have agreed on a price but their bank won’t finance it due to a low appraisal, the buyer could simply pay the difference to push the mortgage through. If the buyer wants a compromise, you might need to come down on the price.
3. Help the Buyer Find Another Lender
The real estate agent can help your buyer find a lender willing to finance the deal. If your buyer is willing to do that, it’s probably worth going the extra mile to make the deal happen.
4. Wait for More High-Priced Sales in Your Area
Home sales in your area are a major factor in your own home’s valuation. If you truly believe your house is being under-appraised and the appraisers won’t budge, you might want to simply sit back and watch the market. If a few comparable nearby homes sell at higher prices, that can help make the case for a higher valuation.
A low appraisal can be bad, but it isn’t necessarily a roadblock. Persevere and investigate your options so you can sell your house for the price you want.
When it comes to selling a home, a lot of homeowners want to sell as quickly as possible. This is understandable; after all, the longer your property stays on the market, the harder it becomes to sell and the more it will end up costing.
Many home sellers are blinded by the emotional connection they have with their homes and don’t realize the house itself may not be ready to sell. If it’s not prepared to sell, there’s a pretty good chance it won’t. Here are a few things that can lead to listing an unsellable home:
- Code violations: If a home is not up to local building code standards, it could be difficult and expensive to get the home up to par. This can be a major issue for potential buyers because code violations can result in hefty fines or even property condemnation. Anything from an unpermitted DIY (do-it-yourself) addition to an in-ground pool installation could have a code violation and make the home difficult to sell.
- Inadequate curb appeal: Sometimes, a home’s appearance can be its own worst enemy. If your home is unkempt and doesn’t have much curb appeal, it can be a major turnoff to potential buyers. A buyer’s first impression of any home is often the most important, and if it’s unattractive from the outside, then it may be hard to entice buyers to schedule a time to look inside.
- Overpricing: In some cases, a home might be on the market longer simply because it’s priced too high. This is why it’s important to work with a professional real estate agent who can help you determine the right price for your home based on its condition and the current market.
- Unaddressed repairs and maintenance: A house with multiple repair and maintenance issues is likely to be an unsellable home. Most buyers won’t buy a home with serious issues. Even minor problems can leave a bad impression on buyers. After all, if it’s obvious a house requires minor repairs and maintenance, who knows what kind of major problems lie hidden beneath the surface?
These are a few of the things that cause an unsellable home. For more advice on selling your house, be sure to contact us at Randy Lindsay today.