There’s a lot of advice out there for the first-time homebuyer, but what about the rookie home seller? If you’ve never before sold a home you face a steep learning curve with few willing to teach you the ropes.
Have no fear, Edina homeowner. Read on for three tips to help you avoid some common mistakes that newbies make when selling their first home.
1. Prepare the home for the market
Just as you dress for success when setting out for a job interview, so should you dress your house for the market. This involves painting (if the house needs it), replacing ratty or worn out floor coverings, making small repairs, cleaning and staging.
Why is this important? One of the big real estate research companies commissioned a study recently that finds that homeowners who invest a mere $400 in cleaning and clearing away clutter reap a 403 percent return on their investment. That’s a lot of money Edina homeowner.
2. Price it right
When a home is first listed in the Multiple Listing Service it undergoes what we call the “honeymoon period.” The first week or two is when it will get the most attention. If it’s not priced appropriately, right out of the gate, you will waste the honeymoon period and may, eventually, end up selling it for less than it’s worth.
We’ve noticed that many sellers assume that if they price the home high they’re leaving room for negotiating. Wrong. Buyers today are far too savvy and probably know as well as you the true market value of your home. If it’s overpriced they most likely won’t even look at the home.
By the time you decide to bring down the price, other agents and their buyers will assume that it has sat on the market so long because there is something wrong with it. To sell quickly and for top dollar, set an attractive price before you list your home in the MLS.
3. Don’t hide problems
By law, you are required to fully disclose everything you know about the home and the neighborhood. Not being completely honest sets you up for a lawsuit, even after the sale has closed. Even years into the future.
Now, you aren’t expected to disclose issues you’re unaware of, only those that you know about.
Of course there are other mistakes new sellers make and we can help you avoid those as well. Kris Lindahl is the author of “A Homeowner’s Guide to Selling” and it happy to provide you with a complimentary copy. Contact us for more information.
Image: Mark Moz/Flckr via CC BY 2.0