In selling a home, there’s no room for mistakes. One misstep in the process could result in delays, more money out, and the possibility of your deal going down in flames. With enough foresight and preparation, however, you’ll be able to trade your house keys for a good amount of money.
Listed below are some home selling mistakes to avoid as you go on your home-selling endeavor:
Not hiring a skilled agent
You’ve spent hours of extensive research on tips to sell your home fast. However, no one else can provide you with expert tips for selling your home better than an experienced pro. While you think you’re saving money by doing away with an agent’s commission, you might miss out on the chance to get a better deal out of your home selling endeavor. You will also be going through the process on your own, from marketing down to negotiating. There is also the danger of getting some parts of the process wrong, especially if you’re doing this for the first time. Given all the delays and stress that come with DIY home selling, you’d be better off shedding off a little more funds for the services of a good agent.
A good agent is one who will go above and beyond for you. They should be worth your investment so screen your candidates well before selecting the one who’s the right fit for your real estate requirements.
Setting an unrealistic price
Finding the right price for your home can be tricky. Pricing it too high can drive potential buyers away; pricing it too low will leave you with regrets and losses in your real estate investment.
A seasoned real estate agent can help you find the right price for your home via a number of ways. One of their most effective tools for this is the comparative market analysis or “comps” of similar homes in your area that have been sold. Getting the average price of these sold homes will give you a reliable price to attach to your own home for sale.
Not selling at the right time
Under normal circumstances, spring and summer would be the times when the real estate market is hot and pulsating with life. Times changed this year, owing primarily to the onset of the COVID-19 pandemic. The good news is that despite the ongoing pandemic, most U.S. states are seeing good numbers in their respective real estate markets. Even Connecticut was supposedly poised for a windfall this year after a so-so performance last year – that is, until COVID-19 happened.
Given the more volatile situation with the local market, you will need the guidance of a good Realtor now more than ever. It’s not just the seasons you have to watch out for – it’s also buyer confidence. So, tread a little more carefully but steadily, and be in constant communication with your agent who can read the market better.
Getting too emotional
We understand that the house you are selling has grown on you. However, getting too emotional over a buyer’s offer can get in the way of a smooth transaction. Remember that at the end of the day, selling your home is a business transaction. You and a potential buyer come to the negotiation table, not to negotiate on the years you spent raising your family in that property but to negotiate on the merits that make your house worth their investment.
Not factoring in all possible costs
One major problem that most first-time home sellers face is not being able to factor in all the costs of selling a home. You need to set aside funds for repairs, staging, taxes, other seller concessions, the cost of your next home, and everything else in between. Pro tip: Don’t skimp on or skip the process of staging a house for sale. If you hire a professional stager to prepare your home before the sale, you do away with the stress of doing it on your own. Plus, your home is sure to generate attention from the right kind of buyers.
Hiding major problems
It’s not uncommon to find a home seller who’s not forthcoming in revealing issues with the home they’re trying to sell. Doing so can degrade the level of trust between you and the potential buyer.
If you want to lay out all your cards on the table, have your own home inspection conducted. While this task is usually shouldered by the seller to aid in finding out the actual market value of a house, you can do this even before negotiations take place. That way, you will know the repairs that need to be done and have these fixed at once. Doing so can also better justify your stated market price.
Another option is to factor in the potential repairs to your asking price. If the buyer agrees to the contingency, the repair costs will be on their tab.