Selling your home is both an exciting and stressful experience, especially if it's your first time. No matter the reason you have decided to sell, there are several mistakes you can make that can result in more stress or a lower sale price than you're hoping to get. In this article, we've put together a list of the most common home-selling pitfalls sellers fall into, so you can sell your home with the peace of mind that you've avoided them.
Not Working With a Real Estate Agent
Some people selling their home might think it's an easy process, and they can save money on commission fees by selling their home themselves. This is often a mistake, especially if you haven't done it before. There are regulations and strategies to sell a home that you may not be familiar with, resulting in legal ramifications or short-changing yourself on a sale.
Like our agents at Michael St. Jean Realty, a good agent has your best interests at heart and will help you set a competitive and fair price for your home, which increases the odds for a faster sale. Even if negotiations are a part of your job, your real estate agent will likely have more experience negotiating home sales, helping you get more money than you could on your own.
Using a real estate agent is also beneficial if problems arise, and they often do. An experienced agent will handle them for you, and they are familiar with all the piles of paperwork involved in the transaction process. They can help ensure the process goes smoothly, avoiding delays or glitches in the deal.
Not Pricing Correctly
Of course, you want to get top dollar for your home, but it's essential to be realistic about how buyers will see it. Overpricing can lead to a lingering listing, and the more time that goes on, the fewer showings you're likely to have.
This is another reason why having a real estate agent is vital. Based on other sales in your local market, a good agent will be honest with you about what your home will sell for. To determine what price this is, consulting with a top local real estate agent is an excellent start while avoiding the temptations of believing what you may find online.
Ask a real estate agent for a comparative market analysis that will show you how much homes like yours are selling for in your area. Setting the right price from the start can make all the difference in how quickly you sell your home and how much money ends up in your pocket at the closing table.
Not Investing in Necessary Repairs
If you think you can get away with hiding significant repairs and upgrades your home needs, think again. Many buyers get a home inspection after you accept their offer. If a major problem with your house is discovered during the inspection, it could cause issues, including delaying your closing date or even the buyers terminating the deal altogether.
Maybe you've slapped on a coat of paint or pulled up carpeting, but it might be a good idea to fix significant issues as well. Foundation problems or a new roof are expensive fixes that you may not be keen to take on, especially when you won't likely recoup the entire cost in the sale. But you're better off fixing these issues now rather than having the buyer ask for a credit to cover the repair cost later.
Not Investing in Aesthetics
One way to quickly derail your home sale is to neglect to prepare your home for the market. Your home has likely taken a bit of beating from the elements over the years, and it's crucial to spruce the place up before listing. If that's the case, take the time to enhance the overall curb appeal of your home by power washing and painting, so it gives off a great first impression when buyers show up for a viewing.
You'll want to spruce up the interior as well. While that bright pink or sunshine yellow may have matched your personality, you want to make sure it's easy for potential buyers to picture themselves in your home. Painting in neutral colors is more buyer-friendly and allows them to think of your walls as a blank canvas.
Not Staging Properly
It's challenging to show off your home's best features when it's full of clutter. Scattered paperwork and torn-up furniture likely won't give off the impression you're hoping to make. Clear surfaces, eliminate odors and pack up toys.
The purpose of staging your home is to allow potential buyers the opportunity to picture themselves living there. When the furniture and art are arranged in a way that highlights your home's key selling points, it allows people to see what they can do with the space, rather than only seeing what you did with it.
Avoid these pitfalls when selling your home to get the best sale price you can and ensure the process goes as smoothly as possible.
