5 common mistakes in selling your home and what to do to avoid them
5 common mistakes in selling your home and what to do to avoid themSelling a home can be a challenging and frustrating process. It is even more difficult for first time sellers who are prone to committing real estate missteps.
Every seller’s goal is to sell the property in the shortest possible time at the highest possible price. This can be achieved by knowing the common pitfalls and taking actionable steps to correct them.
Keep reading to find out how to head off these common mistakes.
Mistake #1 : Getting too emotionally attached to the home
How to correct it: Be objective
You love your home, you have made a lot of memories in it, and have developed an emotional attachment to it. However, not all potential buyers will look at your home the way you do.
Try to look at your home the way a potential buyer would. It is common to hear unfavorable comments when buyers view your home. Detach yourself from the emotions tied up in your property and try and look at the whole selling process as a financial transaction.
Mistake #2: Doing it on your own
How to correct it: Hire the right listing agent
It is not recommended to sell your own property (see mistake #1) especially if you’re a first-time seller. A listing agent will be able to guide you with a competitive selling price for your home.
The right listing agent will get your home in front of as many potential buyers as possible. This is the first step in getting multiple offers. Additionally, your agent can help you evaluate and negotiate offers with a more neutral viewpoint (again see mistake #1). Finally, there’s a ton of paperwork and process that is required in a transaction. You will need an expert to guide you through the process.
Mistake #3: Asking for unrealistic price
How to correct it: Know your property’s value
An overpriced home is a big turn off to potential buyers. Do a comparable market analysis. Setting the fair selling price is the key to guarantee a fast sale.
A good strategy is for you to price it a bit lower to attract more offers or start a bidding war. Have some wiggle room for negotiations.
Mistake #4: Neglecting or hiding problems
How to correct it: Do the necessary repairs
Most buyers are on the lookout for turn-key properties. Do a thorough inspection of your home and repair problems before even considering putting it on the market.
Consider also the problems that may be uncovered during inspection. You don’t want to be surprised by unexpected expenses due for repairs while in contract.
Mistake#5: Not preparing your home to show and sell
How to correct it: Stage your home
I cannot reiterate enough the importance of staging your home. There is only one opportunity to wow potential buyers. When presented with a completely empty house, most buyers have a difficult time envisioning how they would live in a property. Staging fills in the blanks. Showcase the beauty of your home. Charm potential buyers with curb appeal. To truly understand the impact of staging, consider:
- 83% of buyers’ agents say staging helps their clients visualize a property as their future home.
- 46% of sellers’ agents say staging increases property value from 1% – 20%.
- 53% of sellers’ agents say staging decreases a property’s time on market.
If you’d like to stage your home without paying any out of pocket costs, check out the Compass Concierge program.
Don’t let your house sit in the market longer than necessary. Avoid these common selling mistakes for a faster and better selling experience.
Do you have questions about the home selling process? Schedule a free consultation now. Please fill out the form and indicate the best time for me to call back.
