Finally, it’s time to put up the sale sign, get offers and sell the home. If only it were that easy. While it may not sound complicated at first thought, the process of selling a home has several aspects that sellers must consider to bring top dollar promptly.
As difficult as it may be to believe, a slight misstep could end up costing you thousands. Read on to discover the top five mistakes Chicago home sellers make.
It Takes Money to Make Money
Underestimating your costs to list and wait for a sale is a common mistake Chicago home sellers make. Naturally, there are costs involved in updates and adding curb appeal. Commissions, which hover around five or six percent of the final sale price, while typically the largest of the expenses, it may be wise to have an inspection completed to allow you to be in the driver’s seat when it comes to any necessary repairs. When you list, there is no guaranteed closing date. Utilities and other monthly expenses will continue until closing, a professional service for which sellers pay fees. You may also be required to pay any property taxes that are still due and possibly capital gains tax. Marketing has risen to new heights in real estate, and the first walkthrough is usually virtual, which requires professional services. Considering the focus on the property is in high definition, staging has also become a standard expense for all home sales, rather than just model homes.
Priced Out of Comparable Range
Overpricing through emotionally driven pricing, adding the value of your feelings, is another mistake Chicago home sellers make. Likewise, homeowners involved in their negotiations may become visibly upset, insulted by offers lower than their asking price, losing a suitable buyer. Another way overpricing occurs is when sellers set an extra high price, assuming lower offers will come, and this is a costly game to play with pricing your home. Buyers seek homes by price range, and they can quickly assess your property, knowing that they can get more property from another seller for the same money. The properties most like yours and nearest your home that have recently sold will provide a more realistic price range. Note houses sold and the original listing price. You’ll see that overpriced homes linger on the market.
Disclose, Disclose, Disclose
The potential to be the costliest of mistakes Chicago home sellers make is the information they disclose about the property, and legal ramifications could run into the thousands. First, disclose any issue in the past that you corrected. Next, you’ll want to provide permitting paperwork, if any. If you performed unpermitted work, you must provide the details you do have. Including any problems or repair work from previous owners is another must. Along with everything else, you should also have any previous inspection reports. Finally, if there are any issues based on the water working its way into the home’s structure, from roof to foundation, leaking, rotting wood, or flooding of any type, be sure to include this in your disclosure.
The staging strategy has become commonplace for many reasons. The major one is increased final price with faster results without paying for a complete property update. Professional stagers create a neutral background and add a fresh look and smell with paint on every wall so that potential buyers get that new home feeling, easily envisioning themselves living in the home. However, stagers avoid absolute blandness by adding interest with pops of color through careful selections. Your belongings may go into storage in some cases, and the house refurnished to showcase the space’s full potential, including letting in the light through window dressings or lighting design. Not taking advantage of this sales tactic is a huge mistake Chicago home sellers make.
Wrong Sales Method
Without reviewing all of your options, you’re likely to make one of the most costly mistakes Chicago home sellers make, the wrong selling option. While real estate agents quickly come to mind when homeowners discuss selling, it can pay to take the time to explore all of the home selling methods that exist, including the costs, any projected timelines, and the stresses that may accompany the processes involved with each. Set out on paper the pros and cons of each technique, considering your specific circumstances, such as personal issues like a new job or family illness, facing heavy repairs, or financial complications causing pressure to sell quickly.
The professionals at BAM Home Buyers can help you avoid these and other mistakes. At BAM Home Buyers, making the process easier is our job, outlining each sales method to help you make the best choice to sell your home. Working with BAM Home Buyers means guaranteed fast cash closings, usually as-is. Call BAM Home Buyers at (847) 802-8999 or send us a message to learn more about saving time and money.