In the realistic world of real estate, homeowners tend to make mistakes that are, at times, gravely ill-advised and are then forced to watch their beloved homes linger and depreciate on the market. While tacking on thousands to your house may seem compelling as you could pocket some extra cash and put it towards your new home, you’re in for a big surprise. Here are some common mistakes that sellers often make when selling their house.
Kitchen and Bathroom Renovation
Many sellers believe that a major remodel will significantly raise the value of your home. However, prospective buyers may have their own taste and won’t want to remodel a space that has just been recently renovated. Additionally, your value is more than likely not going to “skyrocket”, contrary to belief.
The Market Only Trends Upward
By believing that the real estate market will only bring promise by consistently tending upwards, you better be prepared for some major disappointment. In recent years, the market underwent a series of ups-and-downs – the downs occurring the economic recession. What buyers and sellers don’t realize is that home prices have fallen numerous times and there isn’t any reason why it shouldn’t again in the future.
Selling Your Home by Yourself
Selling your home without an agent is possible. It’s been done before. What people believe though is that it’s easy and there is a good amount of money being saved by opting not to choose an agent. Note that buyers expect a discount when you pass on an agent, so that discount could be negated by you having to lower your home’s price.