Selling your home in 2020 might not seem like the best timing, but that is really a matter of perspective.
While it is true that the coronavirus pandemic and its economic ripple effects have thrown some wrenches into the housing market, there are a few things that could work in your favor as a seller.
For example, home prices were up 3.5 percent in June compared to the previous year according to the National Association of Realtors (NAR). NAR also reported that total housing inventory was down 18.2 percent from the previous year. That means less houses on the market, and for sellers that equals less competition for potential buyers.
In good times or bad, however, the fundamentals of selling your house and getting the maximum sales price rarely changes. To get the most out of your 2020 home sale, make sure you avoid making any of the classic home selling mistakes below:
1. Selling Your Home Without a Realtor
Selling your home without a real estate agent representing you seems like a smart move. After all, you don't have to pay a commission so you make more money, right? Wrong! Using their industry knowledge, marketing platforms, and negotiating prowess, real estate agents on average generate much higher sales prices than homes that are listed for sale by the owner.
2. Setting an Unrealistic Asking Price
Listing your home with the right asking price is key to timely and successful home sale. If you set the sale price high, your home can sit on the market for a long time. Eventually you may have to reduce the price. When this happens, many potential home buyers will assume there is something wrong with the property. Your real estate agent will offer their opinion of market value, which is typically based on recent sales of comparable homes to yours.
3. Ignoring Curb Appeal
First impressions are everything. If a buyer doesn't like what they see from the outside, you are already at a disadvantage. Curb appeal is used to describe how attractive your home looks from the street. A freshly painted front door and some touched up landscaping can often make a world of difference.
4. Not Staging the Home At All
Most real estate agents agree that home staging attracts more potential buyers and often increases the final sales price. That is especially true when it comes to trying to sell an empty house, because staging can help prospective buyers visualize its full potential. Home staging also makes listing photos stand out.
5. Hiding Major Problems
One mistake that could end up costing home sellers in the long run is failing to disclose serious defects about the property. Honest disclosure of property conditions isn't just a good idea, but it's the law. If it is determined that a seller covered up a known problem such as a leaky roof or a mold infestation, they could be sued by the buyer. Be sure to let your agent know of any major repairs that need to be done so they can relay that information to the buyer. Better yet, fix any defects prior to listing your home so you can get top dollar.
Avoid These Home Selling Mistakes
The year 2020 seems like it is full of one disaster after another, but if you avoid these common home selling mistakes your home sale doesn't have to be one. To really get the most out of the home selling experience, contact Creative Home Stagers to see how they can give your home the wow factor to potential buyers.