Selling your home is a monumental undertaking, and it's only natural to feel overwhelmed by the process. After all, not everyone is a seasoned real estate expert, and the fear of making costly mistakes can be daunting. The good news is that you don't have to feel doomed to missteps when selling your house. With the right knowledge and guidance, you can navigate this journey successfully. In this article, The Rob and Brent groups gives you the six most significant errors that we see home sellers commonly make and provide insights to help you steer clear of them.
The Top 6 Home-Selling Mistakes in Washington DC
Mistake 1: Underestimating Home-Selling Expenses Selling your home involves various costs beyond just purchasing your next abode. While your equity will cover most of these expenses, it's crucial to anticipate them to avoid surprises. Here's a breakdown:
- Agent Commissions: Typically, sellers pay around 6% of the home price to cover agent commissions.
- Closing Costs: Sellers usually bear 1–3% of the home price in closing costs, which may include taxes, attorney fees, and title transfer expenses.
- Staging Costs: Staging expenses can vary but in Washington, DC they typically range from $5k to $8k.
- Home Inspection: Budget for a pre-listing home inspection, which may reveal repairs you'll need to address.
- Moving Expenses: The cost of moving depends on several factors, so plan accordingly.
Mistake 2: Attempting to Sell Without a Real Estate Agent Selling your home without the assistance of a real estate agent, commonly known as a For Sale by Owner (FSBO) approach, can be a daunting and potentially costly mistake. Statistics show that FSBO homes typically sold for 6% less than agent-assisted sales, even after accounting for agent commissions. Save yourself the hassle and hire an experienced agent.
Mistake 3 Mispricing Your Home Determining the right price for your home is a critical task. Pricing it too low may result in lost profits, while pricing it too high could deter potential buyers. Rely on your agent's expertise and request a comparative market analysis to set an appropriate price.
Mistake 4: Neglecting Home Staging Don't underestimate the importance of staging your home. Well-staged homes tend to sell faster and at higher prices. Investing in proper staging, which may include furniture arrangement, decluttering, and fresh paint, can significantly impact your final sale price.
Mistake 6: Using Subpar Listing Photos & Marketing In today's digital age, potential buyers rely heavily on online photos. Ensure that your listing showcases your home in the best light possible. Professional photos, proper lighting, and wide-angle shots can make a substantial difference in attracting buyers.
Sell Your Home Wisely Now that you're aware of these common home-selling pitfalls, you can take proactive steps to avoid them. Partnering with an experienced neighborhood agent who is well versed in the DC, Maryland and Northern Virginia home market can help.