There’s a common misconception that property selling is a piece of cake. Unfortunately, this can be a very stressful process that can take longer than expected. Unless you’re selling your home as-is, you have a lot of planning to do before you can place it on the market. Otherwise, you risk losing money rather than making a profit. Now, there’s no way to foresee all that could happen during this process. However, some common mistakes can be avoided. Thus, to ensure everything goes as smoothly as possible, look at some of the top mistakes to avoid when selling your home.
No. 1 Hiring the wrong real estate agent is one of the top mistakes to avoid when selling your home
Firstly, if you plan on selling your home, you should consider hiring a real estate agent. These professionals have the knowledge and experience to sell your property quickly without hassle. However, you must carefully pick the right person for the job. More precisely, you must find a realtor who can make the real estate deals a pleasant experience for you. That entails looking for a licensed professional with stellar customer reviews and a long history of selling homes in the area.
No. 2 Not taking into account the selling costs
One of the biggest mistakes people make when selling their homes is thinking that the buyer will cover all the costs. But this couldn’t be further from the truth. Selling a property is pretty steep, so you should prepare for this. Apart from the realtor’s commission, you’ll also have to cover the closing costs and the costs of any significant repairs. All these additional expenses can amount to 10% of the sale price.
No. 3 Failing to set the right price
Failing to set the right price is one of the top mistakes to avoid when selling your home. Of course, you want to make a big profit, but this is not always possible. By overpricing your home, you risk not selling at all. More precisely, you’ll scare off buyers, and your property will remain on the market for a long. Ultimately, you’ll likely be forced to sell at below-market value just to get it off your hands.
At the same time, that doesn’t mean you should underprice it unless you use it to attract lots of buyers and start a bidding war. But this is a bit risky as well. Instead, you should focus on pricing your home right. Research and identify similar properties in the area to determine your home’s worth. You can also ask your realtor for a comparative market analysis. Or, if you’re willing to pay an additional cost, you can hire an appraiser.
No. 4 Not taking care of the necessary repairs
Not taking care of the necessary repairs before placing your home on the market is a big mistake. Buyers almost always ask for a home inspection before finalizing the transaction. If the inspector finds major issues, the buyer can either pull out of the deal or ask you to take care of the repairs. Since you’ll have to do the repairs quickly, the costs will likely be higher than usual.
As such, it’s best to avoid this situation. The best solution here would be to do a pre-inspection of your own. Once you identify all the issues, hire professionals to do the repairs. The good news is that even minor repairs can increase the value of your home. So your money won’t go to waste. If your budget allows it, you can also do minor updates to increase the property value. But this is not mandatory.
No. 5 Failing to stage your home
Any realtor can tell you that staging is essential for selling a property. If you do it right, you’ll be able to attract the right buyers and sell faster. Here are some of the things you should focus on:
- Clean and declutter your home. Because clutter and mess are some things buyers don’t want to see when they view properties; that will distract them from noticing the beautiful features of your home and will make the place appear smaller.
- Depersonalize your home. Buyers need to be able to envision themselves living there. And this is impossible to do when the property is full of your belongings. Thus, you should remove family photos, your kids’ toys and artwork, collectibles, and heirlooms. You should also consider redecorating with neutral colors.
- Improve your home’s curb appeal. Since the front yard is the first thing buyers see when they view the property, this will affect how they perceive the rest of the house. So, make sure you mow the lawn, trim the bushes and trees, and plant flowers.
No. 6 Letting your emotions get in the way
If you’ve been living in your home for many years, it’s normal to have a strong emotional connection to it. After all, you’ve made many beautiful memories there, and it’s hard to let go. The problem is that these emotions often get in the way of a good deal.
For example, you might not be willing to negotiate a lower price because of how much that place means to you. Or you might be inclined to limit viewing because you feel uncomfortable with too many strangers entering your home. Still, you have to remember that this is a business transaction. Therefore, if you want to sell and profit, leave your emotions out of it or let your realtor take care of everything for you.
No. 7 Making rash decisions
If you’re under a lot of pressure to sell fast, you risk making rash decisions you’ll regret later. Therefore, discussing things with friends, family, and professionals is best to develop the best solutions.
For instance, if you have to relocate for a job as soon as possible, this doesn’t mean you should sell below market value. Instead, look for a temporary rental until your home sells. Then, you can look for last-minute moving services in California and hire movers. These pros can help you on short notice and even provide storage solutions for items that don’t fit into your rental.
Conclusion
Selling a property is not easy. There are many things to take care of before placing your home on the market to get the best possible deal and sell fast. Of course, this also depends on how much time and money you have. At the same time, no matter how well you prepare, some things might still not go your way. In any case, to ensure the best possible outcome, remember the top mistakes to avoid when selling your home.
