Mistakes to Avoid When Selling Your House
Are you thinking about selling your home in Anaheim Hills or any other city in Orange County and want to maximize the sale of your home?
Of course, you do most sellers. All sellers want to maximize the sale of the home net the most money and do not want to lose any money at all. But you’d be surprised how many people make mistakes and lose anywhere from $25,000 to $30,000 to $40,000 when they sell their home. Don’t be surprised it happens all day long. So stay tuned, I’m going to talk about one of the biggest mistakes you can make when it comes to selling a home and avoiding losing $40,000.
When it comes time to sell a home sellers want to make the most quote what I call profit. Want to net the most money, lose the least amount of money when it comes to repairing things or escrow fees, title fees, Commission’s all combined. So the goal when a seller sells their home is to net the most money. And one of the easiest ways to net the most money is to avoid the mistake which I’m going to talk about that cost you $25,000 or more.
As an example, when there’s a leak, and the seller does not fix that leak properly. It may come down later after six months to haunt you. Because the leak was not done properly. And the House has more right now and the buyers are coming after you. This happens, it’s not unusual. The other way the sellers lose money is they don’t disclose proper things when they sell the home. California law states that if you know anything about the house that affects the value or the condition of the property, you have to let the buyers know. And if you don’t do that, it will come back to haunt you. A lot of sellers take the first offer and leave the money on the table where there are others offers to wait. Let me explain to you first of all this applies to hot markets like this that we are in today. Since 2019 and 2021, we are in what we call the COVID market when inventories are low because sellers are not selling rates. Coincidentally, at historic lows, rents went up sky high. So all this effect has caused a shortage of homes.
When you put a house on the market, in a typical market, when it’s what we call a buyers market, you usually want to take the first offer or the second offer, because he’s the first one to come out there, and you want to take that offer. But in this market, you don’t want to take the first offer. I’ll give an example. And I’ll give you why I’m talking about a $25,000 number. In this example, in line hills. The median home sales price as of November 2021, is approximately $1 Million. And according to statistics and the multiple listing service, this is the paperwork I’m going to show you. The percentage of original list price received when selling a home is 3.4% More than the list price, you may end up selling it at 1,030,000 which is $30,000. More what a lot of sellers have done and still do it in this hot market is they take the first offer whether it was an off-market sale or they know the agent and he brought a buyer and offered you a million dollars but by putting it on the market by pre-marketing it heavy keeping it on the coming soon for a while while you prepare the home for staging and photographing. What you want to do is create a frenzy of a lot of buyers. So instead of getting the one offer at let’s say a million dollars and assuming your house was listed at a million dollars what you want in the next two or three days once it hits the market you want 2,3,4,5 or 10 offers. The average stat has been that homes have been selling five to 10% over list price in cities like anime hills, Villa Park, Newport Coast Cerritos, and most of Orange County. So the whole thing that I’m trying to tell you is to avoid this mistake is don’t take that first offer in this market specifically list the property stage it takes virtual pictures, do the marketing do the videos, put it on the market get 510 15 offers and I can assure you you’ll get not only the 3.4% more which the statue in Anaheim hills, but you probably get 5% More which is $50,000 more so avoid this mistake.