There are mistakes that home sellers can make, which could potentially affect the length of time on the market, and possibly the final sales price of a home on the market.
Here are some mistakes Baltimore home sellers should try to avoid making!
- Not understanding the costs of selling. In Maryland, closing costs for sellers can be between 3-4% of the sales price of the house, in addition to whatever commission has been agreed and also in addition to any closing costs a seller may be paying on behalf of a buyer, if agreed in the contract of sale.
- Pricing your home too high. Look at that data your agent shares with you. Consider your home truthfully compared to other home sales around yours in the past few months. Home sales that happened further in the past are not truly comparable for either buyers or an appraiser.
- Only considering price and not all terms of an offer. Sometimes, the offer price is not the end price. Depending on your market and home, it is possible that a buyer may ask for closing cost assistance, which would affect your net. Other terms could be home sale contingencies, inspection contingencies, or specific financing contingencies. You need to consider all terms of an offer to help determine which may be the best for your circumstances.
- Over-improving your home for the market. On a regular basis, sellers may make improvements or do renovations in order to try to sell their homes for the highest price possible. There is a concern, though, that sometimes sellers may over-improve their home and not get the return on investment they were anticipating. Make sure to understand the costs of the renovations vs how much more your home may get in the current market conditions to determine if the renovation is a worthwhile expense, or what may be the best path to take.
- Not Being Flexible with Showings. Buyers want to see your house. Sometimes, they are in the neighborhood with their agent and decide last minute they want to see it. A pain? Maybe. But at the same time you shouldn’t want to miss a showing – what if that were the right buyer with the right terms for you and your situation – who chooses another house that evening instead of yours since they couldn’t see it?
There are numerous mistakes that a Baltimore home seller can make if they aren’t prepared for selling their home. One way to minimize on some potential mistakes is to hire a professional to help guide you through the process. In the Baltimore metro area, contact me. I would love to be of assistance!