House Selling Mistakes Lots of Owners Make
Selling a home is not only about listing your property on the market. There are many complex processes that you have to carry out. And sadly, things can go wrong.
There are heaps of paperwork to deal with. In between, you have to conduct home inspections. And the bidding process is never easy!
Amid everything, many home sellers make terrible mistakes, decreasing their chances of being successful and stressing themselves out unnecessarily.
Avoid common mistakes listed below if you are looking to sell your home.
You can also consider selling your home to iBuyers if they are doing business in your market. They will determine your home value, and if they decide it is saleable, they make an offer and give you cash for your property. iBuyers will then sell your house for profit.
There are of course pros and cons of selling to an iBuyer but the advantages are not having to go through some of the things mentioned here. You will get an offer and avoid many of the issues home sellers go through.
Underpricing or overpricing your home
Pricing a home is certainly tricky! This is where many homeowners make a mistake. Most real estate agents will tell you it is the most costly blunder of them all.
Price it too low, and you end up losing on thousands of dollars in profit. If you overprice it, you will turn off potential buyers and end up wasting weeks or months.
Hire a real estate agent and ask him/her for comparative market analysis. Or use a tool to calculate your home value and compare the individual features for several comparable homes in your area.
If you price your home right from the start, you can sell your home more quickly. You will also get the desired profit. Study after study shows that those who price their property correctly from day one, sell for more than those who don’t.
Pricing your home higher than it should does not translate into netting more money!
Picking the wrong real estate agent
When it comes to real estate agents there are going to be literally thousands of choices. Unfortunately, that is not going to make your job easier. You will be behind the eight ball right from the start as the odds are pretty high you could make the wrong choice.
While you would think getting into real estate should have a fairly complex entry procedure, that is not the case. Getting into the industry is as easy as taking a course and passing a test. You don’t need a college degree to be an agent.
Vetting your real estate agent should be a top priority. An excellent start would be to choose a Realtor® and not just an agent. The article at Maximum Real Estate Exposure breaks down the vast differences including following the code of ethics.
Next look for an agent with a track record of success. There is nothing better than that.
Overlooking major repairs and making costly renovations
If your home requires a lot of maintenance after purchase, buyers will probably move on to the next home or ask you to decrease the price.
Make sure that there are no glaring issues. And describe your home as it is while listing your home.
While assessing your home for repair, look for broken items, items in poor condition, or issues that can affect the safety, structure, or functionality of the home.
Also, remember that renovations are costly, and you don’t recover the expenditure in the purchase price at all times. Be careful while carrying out renovations to add value to your home. Use tools to evaluate what home improvement will add the most value.
Lots of homeowners mistakenly assume that all the home improvements they make add value to the property. That is not the case. Some improvements in fact add very little and can make your home harder to sell.
Not depersonalizing your home
This is another common mistake that many sellers make. Buyers are turned off when they walk into your home and see your personal belongings lying around. They will be looking to make their connection.
Psychology plays a role in selling a home. A study of consumers states that a home gives out a strong sense of personal identity. Another study pointed out that people would like a home to reflect their self-perception. Even in places outside the US, such as Indonesia mentioned in the study, how a home is presented can impact their buying decision.
When you don’t depersonalize your property, buyers won’t feel like it is their home and will most likely opt-out of buying it. A large portion of the population cannot see what’s put in front of them. Sad but true. Don’t underestimate the power of the first impression when selling your home.
Not staging your home
Many home sellers think that staging their homes is optional. But it shouldn’t be. Potential homebuyers don’t just want a structure to live in. They are looking for their dream house which can improve their lifestyles.
By staging your home, you can allow buyers to realize those goals. They will be more emotionally connected to the home.
As per the National Association of Realtors, a staged home will usually sell for 17% more as opposed to a non-staged home. Moreover, 95% of staged homes are purchased within eleven days or less. Statistically, staged homes sell 87% faster as compared to non-staged homes.
This doesn’t mean you need to pay an expensive professional staging company. What it means is you need to spend the time making your place look outstanding.
Final thoughts on typical home selling mistakes
Home selling is not an easy task. But by avoiding the common mistakes listed in this article, you can make the process as seamless as possible and avoid stress.
Know how to price your home. Repair your home to ensure there are no glaring issues but don’t make very costly renovations. Remember to de-clutter, depersonalize, and stage your home before you list it up for sale.
Moreover, when you avoid these mistakes, you will save both time and cost. You will also be able to sell your home faster and walk away with the fair price after closing the deal.
Put in the effort beforehand and make it easier on yourself. You will also want to learn about down payments as buyers will surely be asking a lot of questions about it.
Other Valuable Mass RE News Media
Read up on additional content to make sound decisions when buying or selling your next home.
- Best Real Estate Articles May 2020 – see a round-up of some of the best content to help buyers and sellers make smart decisions.
- Top Real Estate articles published in April 2020 – get a look at numerous helpful content written by top real estate bloggers providing valuable content.
About the author: The above article on home selling mistakes was written by Richa Parmar. Richa is an architect and passionate in the field of designing & creativity.
Her inclination towards nature has made her take up a lot of challenging assignments in the subject of “landscape” and also has made her initiate writing blogs. Presently she works as a Senior Manager cum Architect Blogger at GharPedia portal.