Finally, it’s time to put up a for-sale sign, accept offers, and sell your property. If only it was that simple. While the process of selling a home may appear simple at first glance, there are various factors that home sellers must consider in order to get top price quickly.
As difficult as it may be to comprehend, a minor blunder could cost you thousands of dollars. Continue reading to learn about the top five blunders that Lexington home sellers make.
To Make Money, You Need Money
A common error Lexington house sellers make is underestimating the costs of listing and waiting for a sale. Naturally, updating and improving curb appeal come at a cost. While commissions, which are normally approximately 5% to 6% of the final sale price, are the most expensive of the charges, it may be prudent to have an inspection conducted so that you may be in control of any necessary repairs. There is no assurance of a closing date when you list. Utilities and other monthly bills will continue until the sale is completed, which is a professional service for which the seller pays a fee. You may also be forced to pay any outstanding property taxes as well as capital gains tax. In real estate, marketing has reached new heights, and the initial walkthrough is often virtual, necessitating the use of professional services. Staging has become a typical investment for all house sales, not just model homes, because the focus on the property is in high resolution.
Out of a Comparable Price Range
Another mistake Lexington house sellers make is overpricing by attaching the worth of their emotions to their home’s value. Similarly, homeowners who are in the midst of their talks may become visibly irritated, insulted by offers that are lower than their asking price, and therefore lose a prospective buyer. Another example of overpricing is when sellers establish an inflated price in the hopes of receiving lower bids, and this is an expensive game to play with your home’s price. Buyers look for properties in specific price ranges, and they can swiftly assess your property because they know they can acquire more property for the same money from another seller. The recently sold properties that are most similar to yours and closest to your home will provide a more realistic pricing range. Take note of the residences that have sold and the original listing price. You’ll notice that pricey homes stay on the market for a long time.
Disclose, Disclose, Disclose
The information that Lexington home sellers divulge about the property has the potential to be the most costly of blunders, with legal repercussions that might cost thousands of dollars. First, reveal any previous issues that you resolved. After that, if any permits are required, you must supply them. If you did work that was not permitted, you must submit any information you have. Another need is to include any previous owner’s problems or repair work. You should also have any past inspection reports in addition to everything else. Finally, if there are any difficulties relating to water seeping into the home’s construction, from the roof to the foundation, such as leaking, rotting wood, or floods of any kind, make sure to mention it in your disclosure.
For a variety of reasons, the staging technique has grown popular. The main benefit is a higher final price with faster results without having to pay for a full property renovation. Professional stagers provide a neutral background and add a fresh look and smell to every wall with paint so that potential buyers can easily see themselves living in the home. Stagers, on the other hand, prevent total blandness by carefully selecting flashes of color to enhance interest. In other situations, your items may be placed in storage, and the house may be remodeled to maximize the space’s potential, such as by adding light through window treatments or lighting design. A big mistake Lexington house sellers make is not taking advantage of this sales strategy.
The Wrong Sales Approach
You’re more likely to make one of the most costly mistakes Lexington house sellers make if you don’t consider all of your options. While real estate brokers are often the first people who spring to mind when people think of selling their property, it’s a good idea to look at all of the options, including the expenses, any projected deadlines, and the stress that each procedure may entail. Make a list of the advantages and disadvantages of each strategy, taking into account your individual circumstances, such as personal difficulties like a new job or a family illness, the need for extensive repairs, or financial pressures to sell quickly.
Bluegrass Investment Properties LLC can assist you in avoiding these and other blunders. Our objective at Bluegrass Investment Properties LLC is to make the process as simple as possible for you by detailing each sales option and assisting you in making the best decision to sell your house. When you work with Bluegrass Investment Properties LLC, you can expect quick cash closings that are usually as-is. To learn more about saving time and money, contact Bluegrass Investment Properties LLC at (859) 321-6618 or send us a message.