Selling your home isn’t something you do frequently, so it is no wonder so many people make these common mistakes. We’ve learned a few things from those who we help out of tough situations. A few others we learned the hard way ourselves.
We love to help others, even if just to offer advice so they can save some time, money and hassles along the way.
Top 10 Common Mistakes When Selling Your Home
- No real estate market research
- Underestimate costs of selling a home
- Pricing the house incorrectly
- Choosing the wrong method
- Only considering the highest offer
- Spending too much on the wrong things
- Skip staging and photographing your home professionally
- Selling to unqualified buyers or with too many conditions
- Hiding the home’s history or major problems
- Remaining too emotionally attached
No real estate market research
It is so important to research the market and home sales in your area. What did other houses in your area sell for recently? What houses are on the market currently and how does your home compare to those for sale or recently sold? All of this information helps to determine the right listing price, what you need to do to your home to compete, and even if it’s the right time to sell.
Underestimate costs of selling a home
First-time home sellers pay close attention to this. Make a realistic budget of all the expenses, from cleaning, repairing, storage, staging, photography, advertising, commission, legal fees, and even all the costs of owning two places at once, depending on the closing date. There is a lot more involved than hiring a moving truck and paying the listing agent.
Pricing the house incorrectly
To attract the right buyer, make sure you priced your home within the ranges they are looking for. Pricing too low or too high can miss a target market, make negotiations more difficult and risk leaving money on the table that should be in your bank.
Once you determine your pricing strategy, check your expectations at the door. The only sale price that really matters is the one homebuyers are offering. And everything changes depending on if it’s a buyer’s market or seller’s market.
Choosing the wrong method
There are many alternatives to choose from when selling your home. And even within each of those options exist even more choices. Do you want to hire an agent? Sell it yourself? Work with a real estate investor?
Once you narrow down how you will sell your house, be sure to do your homework and choose the right person to work with. Not all real estate agents, companies, or private buyers are the same.
Only considering the highest offer
As the saying goes, “price isn’t everything.” Taking the highest offer often comes with hidden costs, including repairs, time delays, and inconvenience. Be sure to evaluate all offers and their net effect on your big-picture goals.
Spending too much on the wrong things
Too often, people get caught up in making a home pretty with unnecessary renovations. Curb appeal isn’t everything. And many people want to buy a home and put their own decorating tastes into it, causing you to waste valuable time and money.
Your preparation budget should focus on repairs and fixing anything damaged. Your home will be more attractive if the basics are all in excellent condition. Focus on the roof, plumbing, electrical and anything else in need of repair.
Skip staging and photographing your home professionally
Even when the paint and carpet might not be new, don’t ignore the value of professional staging. Current decor focused on making the home look spacious can be invaluable. Potential buyers want to see the bones of the house, so it is important to remove the clutter and allow them to picture the home with their belongings. Don’t forget the outside of the home either.
Professional photography is almost a must now that most people shop for houses online. Make the right photos taken from the right angles show all your home offers and hire a professional.
Selling to unqualified buyers or with too many conditions
After all the effort, expense, and stress of listing your home and negotiating an offer, the last thing you want is for the deal to fall through. Reduce or even eliminate that risk by confirming your buyer already has financing in place and there are minimal conditions within the offer after the home sold.
Hiding the home’s history or major problems
Be very clear about any problems you are aware of. This is imperative to avoid problems when buyers have the home inspected or even after the sale closes. Be honest and upfront with any issues. During negotiations, you can determine if you will fix outstanding problems or account for the added expense the buyer will have to pay to fix it themselves.
Remaining too emotionally attached
It is so important to keep your emotions in check. But that is easier said than done. Your home is worth a lot to you. It’s full of cherished memories and often a lot of hard work. But you must remain realistic.
Try to focus on the sale of your home as a business transaction and make decisions that make the most financial sense. The only place emotions belong is when trying to imagine how buyers will feel and what you need to do to paint the picture for them.
Reach Out For FREE ADVICE and Avoid Common Mistakes When Selling Your Home
Our primary goal is to share information so homeowners can make the best possible decisions. Here’s how we can help:
- Valuable market research
- Realistic estimates of the cost for selling
- Help to set the price of your home correctly
- Pros and cons of the options you have for selling
- Recommendations for a great realtor
- A reminder of what you must do to get the highest offer
- Our vision for your home to get the best bang for your buck for cleaning, repairs and renovations.
- Suggestions for professional staging and photography
- A secure and fair, market value offer without conditions
So give us a call. We’d love to hear the story of your home and see how we can help make this big transaction a little easier no matter which method you choose to sell. We are happy to help steer you clear of the common mistakes when selling your home.
