We all know about the complexities of the home-buying process. However, putting up homes for sale in Spokane, WA isn’t a cakewalk either. From preparing and listing the property, undertaking repair work to finding the right buyer and navigating through the closing process, there are a whole lot of stressful steps to follow. On top of it all, getting the right price for your property is a separate battle altogether.
This is why sellers who have no experience of this complex and emotional process sometimes commit grave mistakes. While some of these mistakes may be easy to survive, a few can land you in serious legal or financial troubles.
Therefore, to save you from any such situation, we have listed, here, 5 mistakes that you should avoid while selling your home in Spokane.
- Overpricing the property
Everyone wants to sell their house at the highest price possible. Well, that is only fair. Apart from the profit-loss calculations, the emotional factor also plays a crucial role in the pricing process. Because of the personal value the property holds, sellers often tend to overprice their homes. Sometimes, watching neighbouring houses selling at a certain price can also encourage sellers to quote the same price. However, in reality, it is possible for those homes to be in a better or worse internal condition.
Such situations can cause your house to be on the market for a long period and increase your selling expenses. It can also pull down its original market value which means a loss even if you reduce the quoted price.
Therefore, the first mistake to avoid while selling your home is overpricing it. The best way to do this is to hire a professional real estate agent or valuator and get your property officially valued.
- Underpricing the property
The second most common home selling mistake is the opposite of the first. While many overprice their property in greed, some inexperienced sellers tend to quote a price much lower than what the property deserves. This can lead to major financial losses. Although, there is a positive aspect to it too. An underpriced home can receive multiple offers or a bidding war resulting in a sale that is above market value. But there is no surety of this. So the best option is to get your property valued and quote the fair market value.
- Ignoring major repairs
A lot of sellers may think that since they are selling their home, it is the buyer’s responsibility to take care of the maintenance. In reality, however, an extensive list of maintenance issues can scare away potential buyers and lower the property’s value. A buyer would be investing a huge chunk of his savings into buying that property. The idea of incurring extra expenses to get the house in proper shape is obviously upsetting.
Therefore, you should never ignore (more specifically, hide) the repairing needs of your property while selling it.
- The DIY Approach
Another very common mistake that sellers commit is trying to handle it all on their own. Selling a house is a complicated process. Thus, inexperienced sellers can easily lose way more money by following this DIY approach than hiring a real estate agent. So, it is advisable to always play safe and sell your property through an agent.
While there are many things that you should take care of while selling your house in Spokane, avoiding the above-mentioned pitfalls should be your top priority. We hope that this article helps you in selling your home at the highest price possible without any stress or trouble.
Published on Holr Magazine