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Ways to Sell Your House When You Live in a Bad Neighborhood - The Best House Buyers
real-estate 7 min read

Ways to Sell Your House When You Live in a Bad Neighborhood

Brianna Hansen
By Brianna Hansen, Editorial Coordinator
Ways to Sell Your House When You Live in a Bad Neighborhood

You’re selling your home! It won’t be long before you’re trading the house keys for a sweet pile of money to fund your next great adventure.

But a home is one of the most expensive items you’ll ever sell. Messing it up will make your stomach churn, and it’ll drop a bomb on your other financial goals. So protect yourself from common home-selling mistakes by knowing what to watch out for ahead of time.

This Article Contains:

Mistake #1: Not Expecting Home-Selling Costs

Okay, you’re selling a house and someone else is buying it. No need to prepare for any expenses, right? Big mistake! Don’t let these home-selling costs catch you by surprise:

  • Agent commissions: Did you know sellers typically use their proceeds to cover the commissions for their listing agent and the buyer’s agent? According to most real estate websites, you’ll probably pay around 6% of your home price to cover agent commissions. So, if your home sells for $200,000, don’t be surprised if $12,000 of that goes to the agents who helped you seal the deal. Is it worth it? For sure! A good agent will likely help you get more money for your house—enough to cover their commission and put more cash in your pocket (see Mistake #3).
  • Closing costs: A seller’s share of the closing costs is usually 1–3% of the home price.1 These costs could include sales tax, a title transfer fee, attorney fees and a fee for whoever organizes the final transaction on closing day—like a title company or a lawyer.
  • Moving expenses: Did you forget? You’re moving too! The average cost to move ranges anywhere from $750–2,000 (if you hire movers).4 And if you’re not moving directly into your new home after selling your old one, you’ll need to account for rental and storage fees.

Mistake #2: Selling When You’re Upside-Down on Your Mortgage

If you still owe a mortgage on your home, use a portion of your sale proceeds to pay off the remaining balance of your loan. But what if your property went down in value? What if you owe more than what it’s worth? This is referred to as being upside-down, underwater or having negative equity on your home. If you sell it, you still won’t make enough money to pay off your mortgage. Breaking even on your home sale is at least better, but it’s still not great.

Mistake #3: Selling It by Yourself

This is a big one. Not using a real estate agent, or going the “For Sale by Owner” (FSBO) route, is a massive home-selling mistake. Do you save yourself from paying a commission to an agent? Sure. But you could miss the chance to make a whole lot more money. In fact, the latest data shows the typical FSBO home sold for nearly $218,000 compared to more than $242,000 when sold by an agent. That’s a $24,000 difference!

In fact, the latest data shows the typical FSBO home sold for nearly $218,000 compared to more than $242,000 when sold by an agent.

We know what a loss it can be to try and sell a house without an agent. That’s why we developed our Endorsed Local Provider (ELP) program that instantly connects you with one of the top-performing real estate agents in your area for free.

Mistake #4: Pricing It Wrong

Pricing a home can be tricky! If you price it too low, you could miss out on thousands of dollars in profit. Price it too high and you could turn away serious buyers or run the risk of wasting weeks or months before you have to reduce the price to get an offer.

  1. Don’t trust the internet. Ask a real estate agent for a comparative market analysis that will show you how much homes like yours are selling for in your area.
  2. Setting the right price from the start can make all the difference in how quickly you sell your home and how much money ends up in your pocket at the closing table.
Get a fair, all-cash offer for your house you can trust.

Mistake #5: Not Clearing the Clutter

This goes without saying, but it’s hard to show off the beauty of your home if it’s full of clutter. Piles of paperwork, misplaced toys and torn up furniture make your home look like a slop-fest to buyers. And don’t forget pets. If you want to attract buyers, you’ve got to pretend Lassie doesn’t live there anymore.

Sell Your Home the Smart Way

There are a ton of home-selling mistakes to beware of. And each mistake could cost you thousands of dollars—and more than a few bottles of aspirin. Need more advice? Check out our free Home Seller’s Guide. You also need to make sure you have a pro in your corner to help guide you through the home-selling process. That’s why we match you with the best-performing real estate agents in your area through our Endorsed Local Provider (ELP) program. We make it easy for you to connect with an agent who shares your values and helps you avoid these home-selling mistakes.

Contact Us to get the best price for your house.

Brianna Hansen
ABOUT THE AUTHOR
Brianna Hansen,
Editorial Coordinator

Brianna Hansen has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers).

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