1. Putting your home on the market prematurely.
Are you REALLY sure you want to sell? The process of selling your home can take longer than some people expect, and the mental, physical, emotional toll it can take is sometimes unexpected. Before you sell your home, consider why you would like to put it on the market and take your time exploring the “why” with your family.
2. Entering the market without thorough research.
The housing market has gone through historic lows in the past few years, but many feel it is beginning to bounce back. Before you sell your home you need to research your local communities and market statistics in the neighborhood. For example, your neighborhood could be a highly desired tourist area, versus a neighborhood with some stagnant listings.
3. Choosing to go “For Sale By Owner” without research.
Many sellers choose to do the “FSBO” listing but often people aren’t sure how to properly market the property, how to relate to realtors who are bringing their buyers, and knowing legal issues that may arise. Having a professional realtor guide you along the way can save you from costly mistakes – and lots of time – that many people have no clue they are making.
4. Not trusting your gut when interviewing realtors.
There are many realtors to choose from, and all have their own styles and methods for selling properties. Be careful selecting someone who was referred you by a family member, or who you only know because they knocked on your door last week. While either scenario may yield great results, we recommend thoroughly screening several candidates to ensure you find the right person.
5. Keeping up with the neighbors.
Some sellers are so motivated that they go to great lengths to make a huge impression or increase their home value. Often times, big renovations may seem like they’ll add equity, but the perceived value may not be obvious. Checking neighboring homes and comparable properties may leave you feeling like you need to upgrade your home to sell in your area, but that may not be the case. Hold off on major technological upgrades or facelifts until you talk to a trusted realtor.
7. Pricing your home based on profit.
While it may seem a challenge these factors should come into the decision: What price have comparable homes sold for in your area? How long has it been since a comparable house has sold in your area? What is the condition of your home and what amenities does it have? Lastly, have a professional appraiser assess the value of your home before you formulate your asking price. Buyers have the power of the web just as you do, and they’ll be looking around with their agents too. Pricing is often determined by the market and the home’s features, so putting your home on the market higher than the area can bear is risky.
8. Letting your emotions lead with buyers.
As emotional as selling a family home can be, try to think of your home as a “Product” that is for sale in the market. This will help you to avoid being too picky or unwilling to work with buyers that have solid offers. Again, refer to point 7 above – and consult a realtor you trust.
9. Not disclosing everything about your home.
You’re trying to sell your home – so you don’t want to disclose that you had a tree fall on your roof and it’s been repaired, right? Wrong! Revealing everything that could possibly affect a potential buyer is crucial – and often there are laws requiring specific disclosures. Being honest is the best policy because appraisers and inspectors can find issues and it is better to disclose what you know than regret it later.
10. Trying to sell your home before it’s physically ready.
Small improvements, like a fresh coat of paint or some curbside gardening, are things to consider that are fairly inexpensive but make a big impact. Make sure your home is clean, organized and “staged” as much as possible. Remember, vacant homes make it harder for buyers to imagine their furniture inside, so try and only show your home when it is full of furniture. Having your own furniture staged properly or hiring a professional stager could be worth the cost if you are looking to impress buyers.
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10 Common Mistakes Sellers Should Avoid