If you live in any of these following neighborhoods:
- Tampa Heights
- West Tampa
- South Seminole Heights
- South Westshore
- Monterey Heights
- Normandy Park Oaks
- Wyatt Street
- Whispering Pines
- St. Petersburg Area
Selling your home can be overwhelming and stressful. Especially if you are a first-time home seller. Those who have experience with selling homes know there are a few common mistakes not to make.
Let’s go through them so you don’t make them!
1. Accepting the Highest Offer
One of the biggest mistakes first-time sellers make is accepting the highest offer. While
it may meet your financial needs, it may not always be the best choice for you. High
offers can sometimes come with contingencies or stipulations in the buyer’s favor.
When you have a high offer, make sure to read everything carefully so that you know
exactly what the exchange includes. Buyers may include contingency offers such as
multi-day inspection periods, repair costs, or even having you the seller cover the
transfer taxes.
Allow time for offers to come through and accept the offer that fits your terms best
after you are done with all the
the negotiating.
2. Not Taking Repairs or Renovations Seriously
While you do not have to fix every issue in your home. It will help in the long-term to
invest in the most important repairs. For example electrical issues, plumbing and
minor roof problems. A prospective buyer typically will not want to purchase a home
that will become a headache for them in the future.
Immediately take care of any issues that may arise including floods, leaks, termites, etc.
If you run into a repair that is above your budget such as a roof replacement.
You will need to be upfront with the buyer.
3. Setting An Unrealistic Price
Many people have dreams of selling their house at the price they list and expect to
receive several offers. When reality hits it can be a shock to the seller that the target
price is different than what people are willing to pay according to the market.
To find the right price to sell at the real estate industry uses a term known as Fair
Market Value. This term refers to the way your home is valued when both buyer and
seller know about the property without pressure to buy or sell.
Another way to help you set a price is to check what other houses near you have sold
for. Real estate agents use the “comp” method (or comparable sales) when suggesting
a listing price.
4. Being Unprepared When Selling Your Home
Selling a home is hard enough. Don’t make it harder by not preparing your home
before you list. You want to attract potential buyers not dissuade them from purchasing
your home. Spend time cleaning and staging your home to increase your chances of
making a sale.
5. Not Cleaning Your Home Before Every Showing
Before you show your home to buyers. Make sure to do the following:
Dust, vacuum, mop, and sweep all areas of your home and places where dust can accumulate.
Keep storage space such as closets neat and clutter-free. Wipe down hard surfaces and
don’t forget to clean the bathrooms!
6. Not Staging Your Home To Sell
You want potential buyers to be able to visualize themselves in your house. In order to
do that you need to remove your personality from the home.
Some ways to depersonalize and stage your home include:
- Store personal items in a storage unit.
- Donate any excess items to charity.
- Stage rooms using a generic sense of style.
- Paint the interior a neutral color that appeals to most people.
7. Forgetting To Improve The Curb Appeal Of Your Home
The exterior of your house is just as important as the interior. Especially since it offers
the first impression. Landscaping tasks are relatively simple and should be done routinely
to keep up with the appearance.
According to the Wall Street Journal , a study done on Denver properties show that homes
with excellent curb appeal can sell for 7% more than a similar home with poor curb appeal.
Try landscaping techniques such as:
- Clearing paths
- Planting flowers
- Mowing the lawn
8. Allowing Your Emotions to Take Over
In order to sell your home. You need to remove your emotions aside and detach from your property.
If you are still emotionally attached to your house. You could self-sabotage the entire process.
When dealing in negotiations. You cannot take offense to any issues being brought up
during inspections or if a buyer low-balls you. You need to think of this as a business transaction
so you will need to act professional and calm at all times.
Being difficult to accommodate showings can be a red flag that you are too emotional
about your home.
At this point you should ask yourself if selling your house is really the best thing to do.
If you still think you should sell press your buyer into scheduling tours and make sure
you leave the house before they arrive.
9. Forgetting About Your Closing Costs
When calculating your earnings after you sell your home. Make sure to think about
your closing costs. You will need to add closing costs into the equation if you haven’t already.
You should at least factor in 8 to 10 percent of the total sale.
There a few ways to break down the costs:
• Escrow Fees: Escrow temporarily holds your funds during the transaction process
until closing. Both buyer and seller usually split the cost. Ranging from $500
to $2,000.
• Commissions: Usually about 6% of the sales price goes toward commissions. The
seller’s and buyer’s agents usually split it down the middle.
• Advertising: If you are selling your home yourself then you will need to factor in
online ads, flyers, signs, etc. to get your house out there.
Final Thoughts on Avoiding Mistakes When Selling Your Home in the Tampa Bay, Clearwater, And St. Petersburg Area.
You will be more successful at selling your house if you treat it like a business transaction.
Check all of your emotions at the door and answer questions calmly and thoroughly.
The more time and money you invest into your home. The more benefits you will reap.