Common Mistakes to Avoid when selling a home
We have said it almost a hundred times in our blogs and FAQs but what is another time, selling your home is considered a big stepping stone in your life that can either bring you fortune or risk. The risk however can be even more possible than the fortune, while you might be in sellers market i.e. a market where home sellers have the advantage there can also be prone to loose money.
If you are intent on selling your home there are some common mistakes that you most defiantly need to make note of, we will go over these mistakes in this blog.
Non Flexible Showings
Having non flexible showing hours of the home is one of the common mistakes to avoid when selling a home. A potential buyer may have a busy schedule therefore might not have the time to see the home in your given time slot.
So if you want potential buyers to come in and see the home make, then perhaps have multiple showings scheduled for the buyer to pick from or perhaps work within the buyer’s timeframe.
Poor Staging of the home
Homes with a crappy exterior look both inside and outside can give potential buyers a negative impact of the home and thus one of common mistakes to avoid when selling a home. Staging your home properly is important but it isn’t just about getting rid of debris that is found both inside and outside the home, but its making sure that the potential buyers can see themselves living in it.
So if you want to make sure the home has a good curb appeal as well as good interior appeal which is recommended you will need to, declutter the home, make sure there are no damages to the outside or inside, and if you have some leftover money hire a real estate agent to take a look at the home, and skilled photographer to take pictures of the home once it is looking pristine.
Getting the wrong real estate agent or selling solo
Some agents might not be cut out for selling your particular home. If you pick the wrong real estate agent or eve try selling on your own without any experience, there is a high chance that your home could sit on the market longer and with that the sale price can drop. A well experienced and skilled real estate agent can help you sell your home a good cost and do it in a timely manner.
A good strategy for picking a real estate agent is interviewing different candidates to see if they meet the needs your looking for, have good communication skills, and perhaps even have a good track record of selling homes.
To learn how to pick the right agent head to Hommati.
Letting Emotions cause problems
Your home might hold some sentimental value. It has some fond memories and history, but getting to attached to those emotions can effect the selling price of the home and lead to less negotiations, now its perfectly normal to feel emotional when selling the home, however buyers don’t have the same sentimental value you have to the home, so its best to ignore them and tell yourself it’s time to move on.
Its best to treat selling the home like selling and buying anything else in the world. Stay focused on the goal of selling the home and not the history of the home.
To learn how to keep emotions in check head Finally Home.
Not doing online listings
As each day passes things are becoming more digital, simple tasks can be done with the bust of a button on either a mobile device or laptop, the point is that it is unwise to not have your home list on a real estate website. Not having your home listed on a website will reduce the amount of people who will see the property.
So if you want to get your home seen by more people, make sure it is listed on a real estate site, has some decent quality photos of both of homes exterior and interior as well as features the home offers, and also have a good description of the home, this can include location, number of floors and rooms, and also price.
If you plan to list your home online head to popular listing sites like Zillow.
Neglecting your home's need for repairs
While home repairs are expensive and the time to perform may not sit well with you, it is important that any damages that are found in the home are addressed and taken care of not just so it adds value to the home and also makes price negotiations of the home work in your favor, but it could also cause danger to the inhabitants you show the home to. Small damages like leaky faucets, small cracks in the foundation, and pealing paint are things that should be addressed.
Before you put your home up for sale, make sure an inspection is done through out the home and once than fix anything that needs to be fixed, also for a good measure add a new coat of paint to the walls of the home if it needs it, really ask yourself if the walls need a new coat.
Not mentioning property issues
Concealing or covering up any potential problems of the home is a bad idea and might come back to bite you in the rear. People who buy the home from you might uncover it in the future and with that might lead to legal problems.
So if your home has any problems that can’t be taken care of its best to be honest and tell them what those problems are, also in some states you are required to list those problems out on disclosure forms.
Getting Hung Up on First Offer
While the first offer you get on the home might sound good but make a note, and that note is it probably wont be the best offer you get, that and refusing offer without thinking it through might be just as bad. Every time you get offer it should be thought through and evaluated to see if it is the best.
A good strategy is again think through every offer you get but also if your working with a real estate agent run it by him or her to see if it is good, because while a high offer might seem good there might be financial obstacles.
Misjudging the current real estate market
In the home selling process waiting for the right moment or the optimal time of the year to sell your home might not work in your best interest, and while waiting for the markets to turn in your favor it doesn’t always work out. If you wait to long to sell your home there is a possibility that you could miss out on good market conditions. While the Spring time and the beginning of Summer are considered the best times to sell, current market trends might make selling your home more difficult.
Keep track of the current market conditions to see if they are in your favor i.e. they are in favor of the seller and work with a real estate agent to determine when it is best to sell your home. Don’t keep your home on standby just so you can make a few bucks.
Over Pricing
While you might believe your home maybe considered highly valuable and price it incredibly high so you get the best price for your home. However if you price your home too high might detour potential buyers from wanting your home and thus keep you home on the market longer and with that make the price drop. When a home sits on the market for too long people start to ask questions like; is it damaged severely or does it have an owner who isn’t open to negotiating price.
When you sell your home set a reasonable price on your home, based on the condition of the home, location, and current market, and if you need help knowing how to price it, ask a real estate agent.
Consider the selling costs
Sellers only note the price they think the house is worth but sometimes fail to note the selling expenses, like commission fees paid towards real estate agent, closing costs, repairs to home, capital gains that can be taxable, as well as moving costs. Failing to include these in your home can lead to disappointment if the final payout less than anticipated.
Before selling your home, make note very expense you made toward the home, so you get a decent price on the home.
Poor Negotiation
You can begin negotiating the instant you get offers, while this may signify the end of closing this deal and al your handwork paying off you still need note that mistakes can be made, there is chance you get could screwed over if you don’t haggle for the home and if you are unwilling to negotiate the price potential buyers may come to the conclusion that you are stubborn and most likely won’t do business with you.
Its best to not get hung up on emotions and not fixate on the small details of the deal and focus on the deal in whole.
Conclsuion
Selling your home can be a hassle and difficult but if make some simple mistakes it can be the task even more difficult. By offering a fair price on your home, negotiating prices, marketing your home effectively, and disclosing all problems with the home, a transaction can be made and with that a smoother transaction process.
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