Home sales in the Twin Cities area have remained strong recently as prices have increased and inventory has decreased. Still, it pays for a home seller to avoid some common mistakes that can not only drive down the final price but also lengthen the time it takes to sell.
Here are just a few of the things that can cut into your ultimate profit on a home sale when selling a Twin Cities home:
Not ensuring that the house is sale-ready.
The property should exhibit curb appeal from the outside and look well maintained on the inside. Both factors indicate an owner who has taken care of their property over the years and the new owner can be relatively confident that no repair surprises will crop up any time soon. In addition, first-time buyers are usually more hesitant to purchase a “fixer-upper” and will only make offers on homes that are move-in ready.
Not upgrading with practicality.
A swimming pool or a mural on an accent wall may elicit “oohs and aahs” from potential buyers but an extra bathroom or an upgraded kitchen will catch their attention far more effectively. In short, when selling a Twin Cities home, concentrate on adding value that any buyer can utilize and not just something that simply suits your lifestyle or taste.
Not keeping your neighborhood in mind.
Over improving is one of the worst values in real estate. A homeowner can undoubtedly end up with the best house on the block but they will never recoup their investment dollars when they go to sell the property. Instead, be judicious in your choice of upgrades. They should mimic those of your neighbors. Otherwise, you will definitely take a financial hit when you sell.
Not engaging a realtor.
In the past, marketing a home was simply a matter of putting up a sign, listing on the MLS system and having a few open houses. For better or worse, those days are gone forever. Instead, the newest generations of home sellers must utilize knowledgeable realtors who engage buyers on the Internet – including social media – as well as price the property appropriately and market it to the right demographics.
Not disclosing pertinent information.
As the home seller, you are required by law to disclose any known defects in the home from leaky faucets to a recalcitrant water heater. If you do not disclose a problem and the new can prove you had knowledge of the defect, you will easily pay far more in restitution than a repair would have cost. In fact, you do not even need to make the repair. Just let the new owner know about the problem and negotiate an adjustment in the sales price.
Not remaining objective.
While you may have bought this house as a wedding gift for your bride and subsequently raised your kids there, none of that nostalgia means a thing to the potential buyer. Recognize this fact. Understand why you are selling… and move on. There are new opportunities and probably even better days ahead.
Selling a Twin Cities home?
As you can see, there are numerous (easily avoidable!) mistakes that a homeowner can avoid when selling a Twin Cities home. The end result will be a home sold for the maximum sales price and in a minimum amount of time. For more information on selling your Minnesota home according to these guidelines, please visit us online at TransitionRealty.com or, for more immediate service, reach us directly at 612-298-1900.