While it is a sellers’ market in the Denver area, it is important to not cut corners. Avoiding these mistakes will help you get the most value for your home.
1. Home Staging
When preparing to sell your home, consider hiring a professional stager. Real estate agents often work with a stager that they can recommend or you can hire one directly. A professional stager can add 7-10% to the sale value of your home and make the difference between getting offers at your asking price versus offers below your asking price.
In addition to staging furniture, removing clutter can make your home look bigger. While refinishing hardwood floor, cleaning the exterior of your home, and investing in landscaping, can all ensure that you are attracting competitive offers for your home.
2. Pictures of Your Home
Since most buyers start their buying process online, pictures of your home are key to attracting buyers and generating buzz about your home. Poor photography will completely undermine your selling efforts. A real estate agent who insists that pictures taken with a mobile phone are okay, does not have your best interest at heart. Hiring a professional real estate photographer is fairly inexpensive (in the Denver area, the cost is around $500-$800), and you will recoup that investment in the sale.
3. Pricing Too High
Many homeowners think their home is worth more than it is. While you want to get top dollar for your home, over-pricing your home can be detrimental. It can leave your property listed on the MLS for longer than it should be – therefore attracting low-ball offers. On the flip side, if a buyer agrees to a high selling price, they could have problems getting financing when the home appraisal comes in lower than expected.
Pricing a home is both an art and a science. Hiring a real estate agent who is familiar with your neighborhood and your style of home will give you the most accurate pricing for your home and help you get top value for your home.
4. Not Adding All Disclosures
Failure to disclose all known property issues can cost you a lot of money. Buyers can sue the previous homeowner for up to ten years after the sale if they encounter a problem with the home that you would have known about. Though you may be nervous about disclosing everything, it relieves you of future liability after you have sold the home. You can read more about disclosures and other real estate laws you should know about here.
5. Refusing to Negotiate
In addition to mis-pricing, refusing to negotiate or being too rigid with your home’s price can lead to a long and costly selling process. Letting your ego get in the way of accepting a good deal can cost you and could drive away potential buyers.
If you are not satisfied with any offers you have received, consult with your real estate agent to see if you should include any incentives such as – repairs or paying for closing costs, in your counter offer in order to get a higher price for your home.