How Not to Lose Money When You're Selling

A realtor friend, Michael Zarou, shared this popular article with me and it resonated! Coupled with my experience, my historic property focus helps me to offer the highest level of service.  I hope you also find this article helpful. 

You're selling your home to recoup your investment and fund your financial goals--
to lose money during the sale is an unthinkable possibility that unfortunately befalls many sellers.

Even if they successfully sell their home for an amount higher than they originally paid for the property, there are still many ways in which the seller can miss out on thousands of dollars. The following are a few surefire ways you can instantly lose money when selling your home.

• Not Hiring the Right Listing Agent.
  Enlisting the help of a real estate agent can make a world of difference. An inexperienced real estate agent can help you sell the home, but a dynamic, knowledgeable, and successful agent can help you maximize your profit. These individuals understand real estate transactions on a detailed level and can help you navigate this process to your financial advantage.
• Trying to Cut Costs
  If you think cutting costs will increase your profit, think again! Investing in specific elements of your home can lead to a higher sale price. High-quality photography for your listing is necessary to encourage buyer interest. Renovations and repairs add value to the house while cosmetic adjustments to the exterior increase curb appeal and add perceived value to the property. Instead of looking for areas to cut costs, highlight the investment opportunities that can add tens of thousands of dollars extra to the sale.
• Being Stubborn With the Asking Price
  Pricing your home correctly is key to getting the profit margins you want. Although you may believe that the house is worth more than your agent's suggested listing price, overpricing the property could cost you in the long run. Overpricing your home could cause it to linger on the market and eventually cause you to drop its price to attract buyers. Also, contingencies in the purchase contract may allow a buyer to drop out of the sale if the appraisal is significantly lower than the listing price. Setting a realistic price according to the comparative market analysis is typically the most financially sound decision.
• Intentionally Deceiving Buyers
  Never try to hide important information from your buyers, such as old damages or liens against the home. Not only is this illegal and cost result in penalty fees, but you can also be forced to fix these issues when they are discovered, which will instantly cost you thousands of dollars.
• Allowing Emotion to Drive Your Decisions
  Selling your home is an emotional decision; however, you cannot let your emotions dictate your decisions throughout the transaction. Negotiations, inspections, and appraisals can create stress, but you must always retain your composure and act professionally. Expressing negative emotions or making rash decisions can drive buyers away and lower your potential earnings.

Though many of these mistakes are common, you can easily avoid them with help from your listing agent. As quickly as you may want to complete the transaction, selling your home takes time, patience, and a level head. Navigate this process responsibly and reasonably to maximize your profits.