Mistakes to Avoid When Selling Your Home
Selling your home is a big decision. You might find that emotions can affect your decision-making as much as reasonable logic and the current state of the market. If you don’t keep your plans in check, however, you might end up with a dissatisfying selling experience. You could even fail to make the sale at all. Follow this list of mistakes to avoid when selling your home, and you should steer clear of the worst problems.
1. Pricing Based on Feelings, Not Comparable Properties
The right price for a home is based on a few factors. Typically, appraisers use the recent sale of a few similar homes in the area to create comps on which they can base the value of your home. An agent should be able to perform a similar market analysis, to tell you what the best list price for your home is. Even if that number isn’t exciting, be wary of setting it too much higher. You may feel that your home is priceless, but buyers won’t see it that way.
2. Selling at Low Points in the Year
If you look at median sale prices for your area, you’ll notice a regular shift between summer and winter. Summer is the best time for buyers because they can take advantage of nice weather and the kids being out of school for the move. If you sell in the winter, you might have fewer homes to compete with, but you’ll also have fewer buyers. In a market where there aren’t a lot of buyers to begin with, you need to choose the busiest season you can.
3. Demanding the List Price — Or Higher
Selling a home is a negotiation that typically occurs between two parties — buyer and seller. The market might give more bargaining power to the seller or the buyer, but no one holds all the cards. As such, it’s common for buyers to bid a little lower than the list price, in the hopes that they can negotiate a contract that will work for everyone. In certain markets, rejecting all offers that don’t meet the list price might mean you wait months to sell the home.
4. Selling For Sale By Owner (FSBO)
A seller’s agent may claim 5 to 6 percent as a commission for helping you sell the home, but it’s a fee you should be wary to skip. When you hire a real estate agent, they are there to represent your interests and make sure the contract proceeds with as few obstacles as possible for you. Selling on your own gives you no representation beyond your own knowledge. You might miss out on a better sale because you lack the understanding needed to negotiate your corner.
5. Not Getting The Home Ready For Sale
When you sell your home, it ought to be in its best condition for each showing. You don’t necessarily have to spend thousands on staging, but you should take the time to deep clean, touch up trouble spots, and declutter. Buyers expect to find a home that feels clean, inviting, and usually ready to move in. Something as simple as a fresh coat of paint or professional window cleaning might significantly improve buyer interest.
6. Trying to Conceal Problems in The Home
Of all the mistakes when selling your home, hiding problems is the worst. In most cases, a home inspection will bring up issues like pest infestations or water damage. Home inspections are a common contingency, so the buyer may back out when the inspection reveals big concerns. If you’re caught trying to hide problems by failing to disclose what you know, you might even be held liable after the sale. Keep in mind that staging a home involves showing your home’s best attributes, not covering over serious issues.
7. Refusing to Engage With Buyers
If you have a longer selling process, it’s easy to get weary of leaving your home constantly so buyers can have a showing. Although it can be frustrating at times, it’s best not to let your exhaustion make you lose sight of the goal. Buyers expect to see a home that is in great condition or otherwise they’re less likely to buy it. Keeping the place tidy and finding another place to spend your time for a couple of hours is a small price to pay to find the right buyer.
8. Using Cheap Listing Photography
These days, most buyers find a home by browsing listings online. It’s not surprising that the homes with outstanding photography of the home’s best features tend to get more clicks and shares. If you don’t have the budget for a professional photographer, it’s important to get the best photos possible. Take advantage of natural light, consider using a wide-angle lens to get the whole room, and take lots of photos so you can choose.
9. Failing to Carry Sufficient Insurance
Homeowners insurance is designed to provide protection for your guests, not just you. When you sell a home, you might have more visitors than you do otherwise. If someone slips on a wet sidewalk and falls, you could be liable under your insurance policy’s liability coverage. Even if you’re almost out of your home, you still need to keep adequate coverage for the property. You never know when an accident could happen.
10. Choosing Inadequate Buyers
As you start to look at bids, remember that you’re not just choosing the offer, you are also choosing the buyer. It’s not uncommon to expect that buyers show proof of mortgage pre-approval to demonstrate that they can secure funding to buy the home. Almost anyone can make an offer, but you need to find a motivated buyer who wants to work with you. Look for someone who appears committed to the process, able, and willing to get to closing with you. You’ll have a better experience by choosing the best buyer even if they don’t have the highest offer.
There are a lot of potential mistakes when selling a house, but you don’t have to fall victim to them. When you hire Marketplace Homes to sell your home, you get the benefit of an expert team to help you navigate the process and get the best result. Contact us to learn more about our services.