It goes without saying that owning a home can be tremendously rewarding.
It's equally understood that the experience involves many challenges, both seen and unforeseen.
DON'T MISS: Dave Ramsey Tells Homeowners With Debt How To Win The Game
In many cases, the house you purchase and live in, for whatever reason, may reach a point where it no longer meets your needs.
In this event, it can be time to sell it. Selling can be rewarding as well, but there are certain things to understand before starting the process of moving on.
And the one big point of emphasis, radio host Dave Ramsey says, may just be to recognize you cannot -- and should not -- try to do it all yourself.
For example, don't try selling your home without an agent, Ramsey counsels. It could cost you a significant amount of money.
"In fact, 2022 data shows the typical FSBO (for sale by owner) home sold for $225,000 compared to more than $345,000 when sold by an agent," according to Ramsey Solutions. "That’s a $120,000 difference! And that more than covers the cost of a 3% seller’s agent commission, which would only be $10,350 on a $345,000 sale. Plus, even though you won’t be paying an agent to help you sell your home if you go the FSBO route, you’ll still have to pay the buyer’s agent’s 3% commission."
It's very important to put selling the home into the hands of a professional. Hire an agent, Ramsey urges.
Ramsey also makes another important point along these lines. Home sellers should be very careful when selecting the agent.
"Helping out a friend or a family member by letting them sell your house might seem like a nice thing to do, but it's a mistake to put your biggest asset in the hands of an amateur," Ramsey Solutions wrote. "You need a seasoned pro with at least three years of full-time experience who’s an expert in your local market -- not your third cousin, twice removed, who just got his license so he can start a side hustle."
The personal finance personality also lists some other mistakes to avoid while selling a home, including:
- Not Expecting Home-Selling Costs
- Pricing It Wrong
- Hiding Major Repairs
- Moving to a Home You Can’t Afford
- Using Bad Listing Photos
- Limiting Showings
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