When selling your home, the last thing you want to do is delay the process. No matter your motivation for moving, give yourself a competitive advantage as a seller by avoiding the 10 following common mistakes.
1. Ignoring maintenance
Before listing, make any necessary substantial repairs that might turn up on an inspection report. If you neglect to make those repairs, a prospective buyer may be curious as to what’s hiding beyond the naked eye which may cause them to turn away from your home. And in the event a buyer is secured, the sales price may ultimately be affected if many repairs are needed post-closing.
2. Pricing too high
Overpricing may affect your ability to sell quickly, if at all. If buyers feel the price is too steep, your home is more likely to sit on the market for a longer period of time which, in turn, may cause buyers to perceive a problem with the home and also, to look elsewhere.
3. Not staging
Staging is the process of highlighting a property's greatest features to draw in as many possible buyers with a goal of ultimately selling the property under the most ideal terms. It may include more in-depth tasks such as repainting rooms or installing new carpet, or may be as simple as swapping bold prints and art with soft linens and accents. While hiring a stager will cost a seller, it has generally proven to be money well-spent. Staged homes tend to sell more quickly and for a better price and terms than non-staged homes, as the buyers can truly envision themselves and their lives in the space.
4. Neglecting curb appeal
Curb appeal refers to what a potential buyer may think of your home’s exterior when driving by or viewing external property photos online – including the driveway, front door, roof and landscaping. Create a positive first impression with the exterior of your home by cleaning up and refreshing these areas.
5. Not allowing showings
While it may be difficult to allow prospective buyers wander through your home, it’s necessary. The chances of finding a buyer who is prepared to buy your property swiftly and fairly increase if you allow them to tour it, even if it means inconveniencing your plans a tiny bit.
6. Ignoring disorganization
When listing, take the time to declutter and clean – remove any miscellaneous items that distract from a room’s overall space and pick up your personal belongings. Clean the garage, store your kitchen supplies and put away children’s toys so prospective buyers can see the blank slate in front of them.
7. Displaying excessive personal belongings
Minimize the presence of personal objects before putting your home on the market – this means, before photos are taken, as well. It’s crucial to create a neutral space so that prospective buyers can visualize how their life and family will fit into your home.
8. Turning a blind eye to unpleasant smells
Lingering odors resulting from pets, garbage and cigarettes tend to turn off buyers as they tour a home. Ensure no obnoxious odors are present before you start showings.
9. Not hiring a real estate advisor
FSBOs typically skip hiring a real estate agent in the hopes they won’t have to pay commissions. However, listing FSBO historically results in lower sales prices, which can end up costing sellers money, in the end. Often times, the commission paid to an advisor is less than the money a seller may risk losing by selling the home themselves. Real estate professionals are better able to position a home in front of the desired audience, typically bringing about more qualified buyers.
10. Not budging on negotiations
In an ideal scenario, every seller would want to close above the asking price. However, the reality is that many real estate transactions include counteroffers and discussions of terms. If a seller is unwilling to negotiate with a potential buyer, they run the danger of missing out on the sale and remaining on the market for a longer period of time.
Selling a house requires intelligence, effort, and perseverance. But, being aware of and avoiding these 10 common errors may ultimately help to make the process go more smoothly for sellers and buyers, alike. For guidance with buying or selling in any market, connect with me via email [email protected] or on social media.