4 Mistakes to Avoid When Selling a Home
Selling a home is more complicated than most people realize. Markets can be incredibly unreliable, and finding a buyer who wants what you’re selling is not always guaranteed. It’s not uncommon for first-time sellers to list their homes and then watch them sit for months with minimal communication from their agents. Thankfully, most of the reasons your home won’t sell quickly can be avoided. Read on for four common mistakes home sellers make and how to avoid them.
1. Choosing the Wrong Realtor
Realtors come with their advantages and disadvantages. One of the biggest downsides to selling through a real estate agent is that they sit between you and potential buyers and limit your ability to influence the sale. They also pay little attention to individual properties as they usually have dozens of other homes in their catalogs. If you are going to hire a realtor, consider appraising all your candidates before committing to a service. It will also help to lower your expectations, as some listed homes take months to get out of the market.
2. Pricing Your Home Out of the Market
It’s okay to want to get as much money as possible from your home sale, but overpricing it will immensely lower your probability of finding a buyer. A comparative market analysis (CMA) should help you attach a reasonable price to your home, so make sure to perform one.
Real estate investors usually evaluate homes for free. If you sell your home some other way, you may have to hire a professional home appraiser. Factors that dictate the value of your home include market strength, location, and the home’s condition. If you feel the valuation you’re receiving is incorrect, you can seek a second opinion and make a comparison. Proper pricing will attract more buyers and expedite the hectic home selling process.
3. Failing to Depersonalize
A prospect is likeliest to buy your home if they form an emotional connection with it. But that may not happen if there are still pictures of your family hanging on the wall. Depersonalization is a crucial step that sellers often overlook. It may feel like an inconvenience and sometimes a waste of time as you are not guaranteed to sell the property eventually. However, home selling remains a game of psychology as much as it is about proper marketing and pricing. Ensure your home is as aesthetically neutral as possible when showing prospective buyers around to increase its charm and value.
4. Not Being Honest About the State of Your Home
If you can’t afford or are unwilling to repair your home before selling it, it is advisable to be honest about any existing problems. Most buyers will have second thoughts if the inspection report contradicts your description of the property. You might also face a lawsuit if the eventual buyer finds out that you lied about the property’s condition.
Endnote
Failing to avoid these mistakes can set you back a fortune and keep your property on the market for months. Play your part in streamlining the process, and take every pricing and marketing factor seriously to sell your home quickly.