PITFALLS TO AVOID WHEN SELLING YOUR HOME
Making mistakes and learning from them is part of the growing pains of life. But being able to avoid mistakes all together is even better. There are a few common mistakes that sellers can avoid to ensure that they maximize their return on investment. Here are a few preventable mistakes to avoid when selling your home.
Selling your home can be an emotional rollercoaster. There is excitement for a fresh start, but there is also the heartache of letting go of a home you’ve loved for years. Experiencing all these feelings are normal, but it is very important to not get caught up in this whirlwind of emotions and not to allow it to cloud your judgment.
Not hiring an Agent
Selling your house yourself — also known as “for sale by owner” — might sound like a great idea, but unless you're a seasoned real estate agent or know every law regarding property transactions, it might be a better idea to hire a professional real estate agent. Here is a list of why it is better to hire a trustworthy real estate professional instead:
- Agents are able to take the emotion out of the sale
- Selling a home is a full-time job
- Agents have access to a large network of potential buyers and tenants
- Agents are able to weed out unqualified buyers, saving you time on unnecessary viewing appointments
- Final price negotiations take skill that real estate agents possess
- Sellers might ignore their home’s flaws, where agents can address these issues to increase the chances of a sale
- Using an estate agent minimizes the Legal Risks of handling the transaction incorrectly
Pricing the home too high
Determining the best offer price should be dictated by the market. Some sellers may choose to ignore the market and start with a higher sales price, but to do so is risky. That is why this part should be handled by the professionals. Real estate agents use a Comparative Market Analysis and other real time data to determine what your home is worth, and also take into consideration whether the current market is up or down. Following your real estate agent’s advice is the best thing you can do to avoid making this mistake.
Forgetting to stage your home
Home staging refers to preparing your home to sell so it appeals to the most potential buyers who will pay the highest possible price. Start by decluttering your home and removing any personal belongings. A buyer wants to be able to envision themselves making a home for themselves in the house they are viewing. You have to remember that you’re not just selling bricks and beams, you’re selling the potential of a space and possibly a family’s origin story.
After staging it perfectly, the next step is to take professional photos for the online listing. It is advisable to have professional photos taken of your home and most real estate agents will arrange this on the seller’s behalf. The online listing is where the buyers first fall in love with your home. A badly lit photograph could harm your listing more than you can imagine.
Canceling homeowners insurance too early
Homeowner insurance might not be the number one thing on your mind when selling your home. And because it is expensive, you might want to cancel it as early as possible. However, canceling your insurance too early might be one of the biggest mistakes you can make and can cost you a great deal of money. While selling your home, even after all the paperwork has been done, the upkeep and any damage done to the house still falls on you as the seller until the sale has gone through completely. So make sure you keep paying your insurance until your name is no longer on the property deed.
Not accommodating buyers for viewings
You have to understand that most people have a 9-5 job and can’t always view the house when it is convenient for you. If you are going to play hard ball on only allowing potential buyers to view the house when it is convenient for you, you might be alienating a lot of potential buyers. It is also important that your home be in immaculate condition at all times, and that can be a lot of work. But keep your eye on the prize and you will get through it.
The most important thing to remember is that selling a home comes with a lot of emotions, so make sure to prepare for that. If you’re ready to put your house on the market, reach out to a trusted real estate professional who’ll guide you through the process from start to finish.