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, there are dozens of mistakes that can cost home sellers money. Even the slightest misstep could end up costing you thousands. Read on to discover the top five mistakes Raleigh home sellers make.
How Much Does It Cost To Sell My House in Raleigh?
It costs money to sell a house, especially if you are selling a house in Raleigh the traditional way. First, there are the costs associated with selling a house on the Triangle MLS. Average agent commissions in Raleigh are about five or six percent of the total sales price. With the average price of a home in Raleigh hovering around $400,000 this can be as high as $24,000. Second, there will be costs associated with preparing the home for sale. This includes cleaning, staging, making repairs, cleaning carpets, painting (whether it be touch-up or painting the whole house), renting storage to get excess items out of the home, etc. Third, there are holding costs to take into consideration while your home is on the market. This is important because selling a home the traditional way takes longer than selling directly to a home buying company in Raleigh. You will have to account for the monthly principal, interest, taxes, and insurance (PITI) payments. Utility costs, regular cleaning, and maintenance, landscaping, etc. Not knowing the cost of sale ahead of time is one of the most common home seller mistakes.
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.
Overpricing Your House
Overpricing through emotionally driven pricing, adding the value of your feelings, is another mistake Raleigh home sellers make. In recent years, sellers have become used to a wide margin of error when it comes to pricing. Bidding wars becoming more common with the scarcity of inventory. Keep in mind that there is a percentage of homes that are listed but don’t sell. More often than not it’s because the house was not priced in line with comparable sales in the area.
In a nutshell, a comparable sale, or comp, is a home similar to your in size, style, year built, close in proximity (1/4 mile distance is ideal but no further than 1 mile), similar features, and upgrades. The properties most like yours and nearest your home that have recently sold will provide a more realistic price range.
Why Are You Selling Your House?
You should be clear as to what your plan is for selling your house in Raleigh. Are you looking to buy another house? If yes, have you thought of where you will live once you sell your house? Will you rent another house or buy one? If yes, have you already found a house that you want to buy or rent? As of this writing, inventory is scarce so finding suitable housing will be very competitive.
Are you going through a divorce or is this an inherited property? If yes, are you and your spouse on the same page? If it is an inherited property are you and the other heirs clear on your expectations from the sale?
How Will You Sell Your Raleigh House?
Will you list with an agent and sell your house the traditional way? Will you sell for cash to a reliable home buying company in Raleigh? Will you go the FSBO route and sell the house yourself? There is no right or wrong strategy as long as you are clear on your expectations ahead of time. Empower yourself with the knowledge of the home selling process. If you have money to spend, are looking for top dollar, and are in no hurry to sell, listing with an agent may be the best route for you to go. If you have bought and sold homes before the FSBO route may be best for you. If you just want to sell and be done, a local cash home buyer in Raleigh is the easiest way to sell a house.
Have The Right Staging Strategy
A house that has a lot of furniture, personal items, knick-knacks, etc will generally sit on the market longer and sell for less money. When Wake County Home Buyers buys and renovates houses we use professional stagers to create a neutral background and add a fresh look. We do this because it gives potential buyers get that new home feeling, easily envisioning themselves living in the home. Keep in mind that professional staging is expensive. The good news is that you can do some basic staging yourself. 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 Raleigh home sellers make.
Accepting An Offer Soley On Price
A high offer price doesn’t necessarily mean you will make the most money. In today’s market of aggressive bidding wars, we are seeing more and more buyers put in ‘teaser offers’ that offer a high purchase price only to slam the seller with large concessions during the due diligence period. Remember that a buyer will send in a professional home inspector who will return a laundry list of repair items. The buyer can then demand that those items are repaired and or financial concessions (money off the purchase price) can be made to compensate them. As the seller, you can refuse to make the repairs or concede money, but the buyer then has the right to back out of the contract. Leaving you back where you started after having lost weeks of market time.
Look to see how much due diligence and earnest money is being offered. This demonstrates the buyer’s level of commitment to buying the house. The more money they offer here the less likely they are to back out of the sale.
If you want to sell your Raleigh house for cash the professionals at Wake County Home Buyers can help you avoid these and other mistakes. At Wake County 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 Wake County Home Buyers means guaranteed fast cash closings, usually as-is. Call Wake County Home Buyers at (919) 473-6885 or send us a message to learn more about saving time and money.