It goes without saying that owning a home can be very rewarding.
It is also understood that the experience has many challenges, both visible and unexpected.
Don’t Miss: Dave Ramsey Tells Indebted Homeowners How To Win The Game
In many cases, the home you buy and live in may, for whatever reason, reach a point where it no longer meets your needs.
In this case, it may be time to sell it. Selling can also be beneficial, but there are certain things to understand before starting the moving process.
The one important point to focus on, says radio host Dave Ramsey, is realizing that you can’t — and shouldn’t — try to do everything on your own.
For example, don’t try to sell your home without an agent, Ramsay Advisers. It may cost you a large amount of money.
“In fact, 2022 data shows a typical FSBO (For Sale By Owner) home selling for $225,000 compared to over $345,000 when sold by an agent,” according to Ramsey solutions. That’s a $120,000 difference! That more than covers the cost of the seller’s agent’s 3% commission, which would only be $10,350 on a $345,000 sale. Plus, even though you won’t be paying the agent to help you sell your home If you go the FSBO route, you still have to pay the buyer’s agent commission of 3%.”
It is very important to put the sale of the home in the hands of a professional. Hire an agent, Ramsey urges.
Ramsey also makes another important point along these lines. Home sellers must be very careful when choosing an agent.
“It may seem nice to help a friend or family member by letting them sell your house, but it’s a mistake to put your biggest asset in the hands of an amateur,” Ramsey Solutions Books. “You need a seasoned professional with at least three years of full-time experience who is an expert in the local market—not your third cousin, twice removed, who just got his license so he can start a side hustle.”
Personal Finance Personal also lists some other mistakes to avoid while selling a home, including:
- Do not anticipate the costs of selling a home
- The pricing is wrong
- Hide major fixes
- Moving into a house you can’t afford
- Use of bad listing images
- Limit offers
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