Considering selling your house or already made the decision to sell your house in Long Island? You will likely have many decisions to make along the way. Learn more about mistakes home sellers can avoid before selling their house in Long Island!
There are many things to consider when selling your house. Sellers often make the same mistakes, but there are ways to avoid them. The first step is educating yourself on the process and all your options.
#1 – Not Exploring Options
You don’t have to list your house in Long Island with a Realtor in order to sell it. There is no legal requirement in New York that a Realtor must be used to sell a home (some folks believe that you do!) You can choose to sell it yourself on the market to traditional buyers, known as an FSBO (for sale by owner) or directly to an investor or professional house buyer, a “We Buy Houses” company, such as my company, Comax Properties. What works for one home seller may not work for you. Before you call a Real Estate Agent, take a look at what other options are available to you! Learn about what we can offer you for your Long Island home. There is never any cost or obligation!
#2 – Pricing It Incorrectly
If you choose to list your house, one of the biggest mistakes you can make is pricing it too high out of the gate. Many sellers have an over-inflated price in their head, trying to get as much as possible, without considering what will be a realistic price to sell for. Some real estate agents will advise you to list high, because they know that is what you want to hear. They can convince you to sign with them, and lock you into a 6 month (or longer) contract, knowing full well that in the end the price will have to be dropped in order to sell the house. The worst part of this is that it puts a number in the Sellers head that is unrealistic. When doing the math on moving and buying a new home, sellers can sometimes not have enough profit from the house sale to do what they want to do. Ouch!
There is an old expression in real estate sales that says, “When a house doesn’t sell their is either something wrong with the house (structural damage, bad location, etc.) or there is something wrong with the price. It is more often than not, the latter. Realtors should be providing you with comparable properties (comps) that recently sold in the last six months within a half mile radius of your home. Its also extremely important that homes be in the same school district as this can greatly effect the value of a home. Especially in a market like Long Island.
#3 – Not Clearing Out Your Personal Items
Imagine if it were you viewing a property. You wouldn’t want to see someone’s vitamins on the table, family photos everywhere or their stack of mail on the counter. Seeing personal items strewn about can make people feel very uncomfortable. They need to be able to imagine themselves in the house, not feel as if they are intruding on someone’s space. Many people will pack up everything but the necessities and put it all in storage until the house has sold.
#4 – Not Considering All Costs
If you decide to list your Long Island house, there are all sorts of costs to consider. Not only are there real estate agent commissions, but attorney fees, administrative costs, closing costs and more. Many of which can be avoided with a direct sale to a direct cash buyer like Comax Properties.
#5 – Not Making The Needed Repairs
Not doing some things up front will cost you down the road. Once your buyer has a home inspection conducted, they will often ask for a number of things to be fixed. You might be blindsided by the number of repairs your house needs. Some sellers choose to have their own inspection done before listing so they have an idea of what they are in for. Taking care of the problems up front will save you time and money down the road.
Or simply sell to CoMax Properties as-is.
#6 – Not Resolving Illegal Alterations, C of O issues, etc
These items will come back to bite you. Either during the home inspection, review of the title by the buyers attorney, or during the mortgage underwriting stage by the lender. In Long Island many homes have C of O issues that will be a stumbling point in clearing a title for sale. Dormers, decks, converted garage, illegal apartments, un-permitted work and sheds too close to the property line are some of the most common issues we see. Unfortunately, these issues can kill a deal or delay a closing for months and in some cases make require a variance (could take a year) or require removal of the alteration. We have had to do this on many occasions to be able to re-sell at house. One huge advantage to using a We Buy Houses company, like Comax Properties, is that we buy houses with these issues and it then becomes our problem, and not yours. As we pay cash, there is no bank or lender stopping the purchase due to these issues.
#7 – Not Putting Away Pet & Kid Stuff
While kids and pets are wonderful, not everyone has them. Some people will feel a little uncomfortable if there are chew toys on the couch or Legos all over the floor. Remember, the experience is about them. Make the areas feel neutral but welcoming.
#8 – Not Putting Personal Feelings Aside
This is business. If someone comes to view your house and you hear them say they want to pull out the garden to add a deck, don’t get too hung up on it if they plan on paying you the price you want. While you might feel a little sad, this is business, and missing out on a qualified buyer because of something petty can be a huge mistake.
#9 – Hiring A Bad Agent
It can be easy to hire the wrong agent. Some are full of charm and are great at sales. This is great when they are trying to sell your house, but they also use this charm to get you to sign with them. Make sure they aren’t making false promises or are only worried about their commission. You can look at reviews, but it is best to hear first-hand experience from people you know and trust. You simply aren’t going to click with everyone either. You might find the top agent in town can be incredibly stressful to work with, as they may not be able to give you the personal attention you need.
#10 – Not Calling CoMax Properties First
Comax Properties will provide you with the information you need to help you decide how to sell your house. As one of the leading cash home buyers in Long Island, we are very familiar with the state of the current market in here in Long Island. Give me a call and I would be glad to speak with you and give you my opinion. There is never any pressure or obligation to sell your home to us when you give us a call. I hope to hear from you soon!