Selling a house can be an emotional experience, especially if you have many years of memories associated with it. A luxury house is often a bit complex to sell since it caters to a highly specific target market and requires a slightly different approach. Without the right industry knowledge, market strategy, and expertise, you may end up making costly mistakes.
If you want to sell your luxury property in Hancock Park, here are the six common home selling mistakes to avoid:
To make this process easier and smoother for you, I have compiled a list of the most common home selling mistakes that you must avoid:
1. Failing to Consider Closing Costs
The majority of luxury home sellers are unaware of the associated costs that come with selling the house. Therefore, before selling your luxury home in Hancock Park, you must consider the closing costs, as well as any other related costs.
Typically the selling costs include the cost of repairs, lawyer’s fees, land transfer fees, and more. These expenses can have a major impact on the budget you created for your new luxury home or condo. You should take into consideration the mortgage and utilities that are due on your current house, as well as the down payment you have to make for the new house.
2. Avoiding Home Inspection Before Listing the House
Another thing many luxury home sellers make is avoiding or neglecting to have a pre-listing home inspection. Your potential buyers will be making a huge investment when buying your house, which is why they will make sure that the house is worth the investment. If their home inspector finds an issue or potential problems in your house, it can greatly impact the negotiation or they may walk away.
To avoid this, it is ideal to get a home inspection done on your house before you put it on the market. This way you will be able to tackle any issues before the viewings.
3. Pricing the House Wrong
It is important for a luxury house to be priced right to attract potential buyers. Luxury house owners try to set a high price for their house in hopes of getting the right buyer which results in their property staying in the market for a longer time.
You must set a fair asking price for your house as per the market value of the house. It should be so high that you fail to attract buyers or too low that you suffer a loss. Consulting a real estate agent is the best way to estimate the right cost as they will compare your house with similar luxury houses in Hancock Park.
4. Selling it without an Agent
Many home sellers think they will be able to sell their luxury home without the assistance of an experienced agent. Some are even successful in selling the house, but they don’t necessarily get the right price for it.
Hiring an agent means your house will be marketed to the right target market and sold at the right cost. They will also negotiate on your behalf, while also assisting you throughout the selling process. Make sure you hire an agent who specializes in luxury homes.
5. Deliberately Withholding Crucial Information
One of the biggest mistakes sellers make is to try hiding an issue that the buyers might have to face in the house. For example, the kitchen sink clogging, or the basement flooding in the rain. These potential problems are usually caught by the home inspector potential buyers hire to check the house, leading to nasty negotiations.
Even if you get away with the inspection, the buyers may sue you in the future if they experience harm due to the information you deliberately withheld from them.
6. Not Being Prepared for the Next Step
You should have a solid plan for what you will do after your house is sold. Often sellers assume they still have time to decide their next steps thinking it may take some time to sell the house. Your luxury house might get sold instantly, which means you will have to move out quickly.
It is essential that you are well-prepared for the next time, and have a backup plan in case your house takes more time to sell to avoid any stressful situations.
It can be challenging to sell a luxury house in Hancock Park, but it doesn’t have to be if you avoid these common mistakes. To make this process easier, get in touch with Pezzini Luxury Homes. Our team specializes in dealing with luxury Los Angeles real estate. Dial 1-310-275-2076, and contact us today!