The Texas housing market is hot, which is great news for sellers. However, just because there is a high demand for homes doesn’t mean that a seller is guaranteed to make a large profit. In fact, there are several ways sellers can make a misstep and leave money on the table.
The good news is that Realtors help their sellers avoid big mistakes, and a recent poll of members of the Texas Association of Realtors revealed three of the most common ones sellers should avoid.
Mistake #1: Overvaluing upgrades and improvements
As a homeowner, you know exactly what you paid to have your deck redone, your kitchen upgraded, and your new floors installed. It’s tempting to take the prices and simply tack them onto the value of your home. However, that approach could backfire, primarily because you likely made those upgrades based on your personal preferences, which buyers might not share (so they may not be willing to pay a premium for them). Also, those were prices paid when those upgrades were brand new, which is probably no longer the case by the time you sell your home. More important, a buyer will place a value on your home as a whole, not based on an individual assessment of each feature. It’s most effective to look at your home that same way when working with your Realtor to decide the right list price.
Mistake #2: Failing to fully disclose
One of the most expensive mistakes that sellers can make is not fully disclosing required information about a property. If a seller does not disclose known material defects about a property, there can be financial and legal consequences that create a mess for everyone involved. Realtors advise clients to save themselves the time and headache that can come from incomplete disclosures.
Mistake #3: Evaluating offers based on when they came in, instead of what they offer
Every seller has different expectations about how quickly their home should sell and when they’ll receive the best offer. However, Realtors caution buyers against putting too much emphasis on when offers are submitted rather than the actual terms of the offer. Some buyers reject offers because they only received one or because it came “too quickly.” However, it’s an expensive mistake for a seller to reject an offer that meets their expectations only because it came in the first day or so.
As you can see, there are many ways you can make a mistake when selling your home. Hiring a Realtor will ensure you maximize any benefit of the current real estate market while enjoying a smoother sale.
Learn more about buying, selling, and leasing property in Texas on texasrealestate.com.