Did you know that the total value of U.S. homes was 1.5 times more than America’s GDP in 2018? The total value of the housing sector has since surpassed the $31.8 Trillion mark. This comes as the demand for housing skyrockets.
If you plan to sell a house fast soon, there’s never been a better time. Even so, selling a home in haste can be a stressful undertaking. This is especially so if this is your first attempt.
The chances of making grave mistakes when selling a house fast are high. However, with the right information, you can ensure adequate preparation before finally deciding to sell. In this article, you’ll learn about the various pitfalls when selling a house and how to avoid them.
1. Underestimating the Cost of Selling the House
Most homeowners quote prices that are much lower than the market value when selling houses in haste. The problem is often the failure to factor in all the other costs associated with selling your home. Your home’s actual sale value should include the commission for all the agents involved.
You should also factor in all the concessions the home buyers might except from you before buying your house. If you fail to consider these expenses, including the cost of significant repairs and home inspection, you might end up underestimating your home’s value. Ultimately, you still want to profit from the sale despite selling your house fast.
2. Overstating Your Home’s Value
The other common mistake homeowners make when they attempt sell a house fast is the failure to consider a home’s realistic value. Pricing your home too high might lead to frustrations. Remember that most homebuyers will consider a thorough background assessment of current home prices before making a purchase.
The cost of selling homes varies from one season to the next. Other common factors, such as location and economic indicators, also affect pricing. With this in mind, it’s essential to utilize an online calculator.
It would also help to call in a real estate agent to help you assess the market prices. Once you conduct a thorough assessment of all the variables that would affect your home’s pricing, you can then settle on a specific price range. Overstating the cost of your house can slow down your attempt to make a fast sale.
3. Selling Your Home Solo
This is an all too familiar mistake with most first time home sellers. You might assume that trying to sell a home fast is a walk in the park. Part of the reason for this mistake is the attempt to cut on commission and expenses associated with paying realtors.
You might end up wasting significant time on your own when you go this route. You should also not overlook the risk of other potential losses, including constant repairs during the waiting time. If you live in Pueblo and are looking to sell a home, it would be advisable to partner with us.
The best thing about us is that we offer a cash offer on a same-day basis. This helps you save on time and additional waiting costs. It would help to consider the services of a seasoned realtor as opposed to going it solo.
4. Picking the Wrong Real Estate Agent
The other common blunder you might need to avoid is settling for the wrong real estate agent. While you want to avoid the pitfalls of selling your house solo, you also don’t want the drama of engaging a bogus realtor. The process of picking a realtor should encompass a careful assessment of their experience and record of delivery.
A demotivated realtor can cause a delay in the sale process. On the same note, an inexperienced agent can contribute to a lower markup on the actual selling price. It would be best to work with a team of qualified agents who have the requisite housing marketing experience.
5. Failure to Consider the Mortgage Balance
Close to 40% of American homes are free and clear from any mortgage arrears. The statistic means that a further 60% of households owned in the United States still have pending mortgages. If you are hoping to sell your house soon and you have underlying mortgages, it would help to tread with caution.
If your mortgage is still in arrears, you’ll probably need to consider the remaining balance before settling on a sale price. Ensure that you don’t owe more on mortgages that the actual value of your home. If you make the mistake of selling houses fast that have a higher mortgage value than their real worth, you might be in trouble.
The main aim of selling a house is never to dispose of it. On the contrary, you also need to benefit from the markup after the home sale. Consider evaluating the actual value of the house vis-à-vis the pending mortgage arrears before deciding to purchase.
6. Overlooking the Pre-Listing Home Inspection Process
There’s nothing more frustrating than a potential buyer backing out on the purchase process at the last minute. It’s worse when this happens due to an issue that was resolvable such as pest infestations. A pre-listing inspection is among the most important processes you should never overlook.
The process helps you detect any pre-listing issues in the house, which may derail the sale process. A home inspector assesses the house for the problems in the foundation, molds, and other concerns. This process is pocket friendly, which means that there’s no reason to skip the procedure.
Most potential buyers will bolt out of a deal if it’s apparent that your house has underlying issues. It would help to consider the cost of home inspection beforehand. Overlooking the pre-listing home inspection process can affect your ability to sell that house sooner.
7. Not Preparing Yourself for the Sale
Unless you are selling your home to I Buy Pueblo Houses on a cash basis, where the preexisting condition does not matter as much, there’s a lot you need to do. Your homebuyers are keen on the outlook. The idea is to fascinate the clients enough to ensure that they close the deal.
Creating that curb appeal matters when dealing with potential clients. Your worst undoing would be to present a house that’s dirty and full of clutter. Most times, it only takes a little effort to declutter, clean up the yard, and to remove the grit around the carpets.
Preparing your home for sale means focusing on the interior as much as the exterior. When staging the house, you’ll need to ensure that your potential clients see the best version of the inside and the outside. The curb appeal when selling homes fast is often the deal-breaker.
8. Limited Showings
The only way to sell your houses fast is by allowing more prospective buyers to check them out. Most sellers make the mistake of either not vacating the house early or not being available to show potential buyers around. Both instances can have a negative implication on your ability to sell your home fast.
The best option is to accommodate as many prospective buyers as you can. Even when the timing might be inconveniencing for you, you might still need to consider ways of maximizing on showings for your house. This is why you might find our option easier and convenient.
We only need to view your house once and propose a deal. Our approach to buying homes makes your life easy while ensuring a timely sale.
9. Missing the Season
There’s a time for everything. Selling a home is also season-bound. The worst mistake you can make would be failing to recognize the seasons when selling your houses fast. Most homes sell more quickly during summer than during winter.
The most logical explanation is that during summer, buyers are more willing to shop around for offers. Most cold seasons find Americans stuck at home hibernating. Further, it’s essential to consider the financial season.
During recessions, there’s a general tendency for house prices to plunge. Most buyers are also cash-constrained during such periods. While you might be in a hurry to sell, it takes patience to capitalize on a favorable season.
Unless you are selling your house to us on a cash basis, which is fast and convenient, you might need to consider multiple selling platforms. 90% of Americans have access to the internet. This means that selling houses fast is now more practical online.
Your gravest mistake would be the failure to take photos of your home’s interior and exterior for posting online. Most potential buyers will seek information on social media and other online platforms regarding listings. Ensure that you post your house online if you need to close the deal fast.
Selling Houses Fast Is Easy and Convenient
The process of selling houses fast can be frustrating, especially for first time sellers. The timing, pricing, and listing must be right for you to achieve the best results. However, the risk of making mistakes during the selling process shouldn’t limit your commitment to sell your home.
With I Buy Pueblo Houses, the house selling process doesn’t need to be as complicated and frustrating. It only takes a day to inspect and settle on an amicable deal.
Are you looking to sell your house fast in Pueblo? Contact us today for more information.