Avoid These Mistakes When Selling Your Home
Selling your home is one of the most time-consuming and emotionally stressful time periods in your life - especially if you are a first-time home seller. As the home you are selling has become more to you than just a roof over your head, it can be difficult to have buyers come in and criticize your home only to offer you less money than you believe your home is worth. But, that’s usually the reality. How can you sell your home without completely losing your mind? Avoiding these common mistakes will help you sell your home for the highest possible price in a reasonable time frame.
Getting Emotionally Involved
Remove emotion from the transaction. Instead of thinking of yourself as the homeowner, think of yourself as the home seller, businessperson, or put yourself in the buyer’s shoes. Channeling a homebuyer’s perspective will allow you to transform your home into the dream space potential buyers want.
Not Hiring a Real Estate Agent
Always hire a real estate agent. Not only do they know the market you are selling in, but they can also market your property to the right sellers, set a fair and competitive selling price for your home, negotiate on your behalf and more. All of which increase your odds of a quick sale for the highest possible price.
Setting an Unrealistic Price
Pricing your property competitively the first time affects both how long your home will remain on the market and how much your home will net you at closing. Generally speaking, a property generates the most activity when it first hits the market. If you price your property too high, you will likely have to the price later - missing the excitement phase and high-activity period from potential buyers.
Expecting an Offer at Asking Price
If you are serious about selling, you will likely have to play a negotiating game as nearly ALL buyers will negotiate the price. Consider listing your home at a price that will attract buyers while leaving some room for negotiations.
Not Shooting Professional Listing Photos
First impressions do matter! As the listing photos are the first thing potential buyers will see, make sure they will impress even the most discerning homebuyer. Professional photos should do the trick!
Not Being Insured
As people will now be poking around your home, be sure you are insured in the case a potential buyer has an accident on your property - and attempts to sue for damages.
Hiding Property Problems
Thinking you can get away with any problems associated with your property is a mistake as these problems will come to light during the buyer’s home inspection. Either fix the problem ahead of time, price the property below market value or offer the buyer a credit to fix the problem.
Not Preparing Your Home for the Market
Don’t assume your property will “WOW” buyers as-is. Before placing your property on the market, considering deep cleaning, decluttering, staging, and if you feel inclined, completing minor renovations that increase your home’s value. Completing these pre-market preparations will likely ensure your home sells for the highest possible price in a reasonable time frame.
Not Accommodating Potential Buyers
Chances are, some of the home showings will be inconvenient to you and your plans. If you are serious about selling your home, try your best to accommodate every buyer that requests a showing of your property. Even more so, be sure to clean and declutter your home and clear your driveway before every buyer visit.
Signing a Contract with an Unqualified Buyer
A serious buyer will bring a pre-approval letter from a mortgage lender showing they have the money to buy the home. Only sign a contract with buyers that present this letter at the time of the offer or the contract.
While following all of these tips will help you avoid completely losing your mind, you should prepare yourself for the unexpected – as that is likely what you will encounter during the home selling process.
Do you have any questions about selling your home? I can help! Contact me anytime.
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