Updated for 2022: 10 Unforgivable Mistakes People Make When Sell Their Home.

Selling your house is stressful. There are a lot of moving parts when you are selling. Today we are going to reveal 10 mistakes that can cost you a lot of money when you sell. Reading this could save you $47,000. More on that later. 

Do you want to make a $47,000 mistake when you sell your house?

Me neither. So, let's talk about things that people often do wrong. Maybe you want to sell fast? Does that mean you should price it low or upgrade the kitchen? Sometimes...We’ll address this and other costly mistakes you can avoid. Selling your house is an exciting time. With some care, research, and planning you will sell fast, for a great price, and with a smile. Most importantly you will avoid costly mistakes like pricing your home wrong or selling before you are even ready.

Selling your house before you are ready.

What is the reason for selling your house? Write down the “Pros” and “Cons”. The reason to sell should be simple, clear, and understandable. Selling your house can be thrilling but it can also be a physical, mental, and emotional battle that could go on for a long time.  You must be ready.

Entering the housing market blindly.

What is my house worth? How long does it take to sell my house? Is this the right time to sell? What's happening in my local neighborhood? What's happening in the state or country? What are the current trends? These are just a few of the questions you should find answers to at the outset. These questions can double as interview questions for potential real estate agents. We'll address this later.

Not knowing how much it costs to sell your house.

I'm going to sell my house, and someone's going to buy it. They going to pay for everything, right? WRONG! That is a huge mistake commonly made. There are many costs associated with selling your house. Don't be caught out.

Cost Number 1: How much do I pay for commissions?

Did you know, to sell your house, an agent will charge you 6% of the sales price. So, for a $400,000 house it will cost you $24,000. Later we will discuss how to pick an agent that is worth it.

Cost Number 2: How much are closing costs?

Closing costs can include title transfer fees, sales tax, attorney fees, title insurance, and prorated property taxes. They range from 2-4% of the sold price.

Other Costs: What are some of the other costs I might have to pay?

Staging costs, seller concessions, home inspection repairs, renovation costs, moving expenses, mortgage costs are more expenses to think about. If you know about these, you will avoid making that costly mistake.

Setting the price wrong.

Did you know you can price it too low? Pricing a home correctly for sale is tricky. Pricing your house too low may tell potential buyers it's not a quality home. Alternatively, priced too high, and you could miss out on potential buyers. This could lead to your house sitting for weeks or even months before you get it sold.

Getting professional advice on the value of your house is key. This is where a good agent is worth their weight in gold. They can perform a comparative market analysis. After explaining how they came up with this price you can move forward confidently knowing you have avoided this common mistake.

Not preparing your house for sale.

You must put your home's best foot forward if you want to sell it for a great price in a short amount of time. Preparation must include clearing the clutter, tending to the yard, and removing more personal items. Generally, a house, that is cleaner, less cluttered, and well-decorated appeals to potential buyers. If you don't prepare your house it will take longer to sell and/or sell for a lot less.

Selling your house to quickly

If you need to sell your house I encourage you to be patient. While there may be pressure to accept th first offer that comes along it is important to weigh up all options. If you give yourself a day or 2 before accepting any offer your decision will be more thoughtful. I have known people who have been under extreme financial pressure to sell a house fast for cash only to be stricken with terrible sellers remorse once they signed the purchase agreement. Don't make this costly mistake. Not only can it cost you money but the emotional and mental costs can be just as large!

Should I Sell My House for Cash?

Cash sales of property are becoming increasingly popular. Recent research has shown a significant increase in the number of people, companies, and hedge funds that pay cash for houses. The decision to sell your house for fast cash should be influenced by what you need. So let me ask you this...

What do you need when you sell your house. Is maximizing the amount you sell for the goal? Maybe you are on a timeline and need to sell in a hurry. If you decide to sell your house fast for cash you must find a reputable company that can buy your house fast for cash in your area. This can require a lot of research. You can start your research online and by asking friends or family for recommendations. If embarking on a cash sale, do your research, always verify and read great articles so you are absolutely sure you know how to sell your house fast for cash.

Selling your house is an amazing opportunity.

It is also one of the largest financial transactions most of us will ever be involved in. Getting it right can leave you feeling wonderful. If you get it wrong, it could be a mistake that could cost you thousands or even tens of thousands of dollars. Many people have made many mistakes when selling their home. Be sure to learn from other people's mistakes, and don’t make any mistakes of your own when it comes to selling your house.Stay tuned for the top 5 mistakes and the $47,000 mistake narrowly avoided by one lucky seller!