Selling a home is a complex process that requires preparation and a well-developed marketing plan. Homeowners who are ready to sell their homes must consider a variety of aspects for a successful sale. From renovations to marketing to negotiating a price, it’s easy for something to slip through the cracks. Mistakes made now can be incredibly costly in the future! Here are some of the most common mistakes sellers make, so be sure to avoid them!
1. Overshooting Prices
When you’re excited to sell, and you want to make enough money to put a decent down payment on your next house, it’s really easy to overdo it on the asking price. Some homeowners are unrealistic when deciding on an asking price, and for the most part, it just means that your home won’t sell.
If you’re worried about finding a buyer quickly, you might make the opposite mistake. Many homeowners undervalue their home when listing it. Unfortunately, individuals who don’t seek professional consultation often sell their properties for much lower than the true potential. When it comes down to it, research your area, evaluate your home based on numbers–number of rooms, age of the house, recent renovations–and ask a real estate agent for their opinion on the value of your home.
3. Showing too Early
When a potential buyer walks into a house, he or she wants to imagine living in it. If you offer viewings while your home is being renovated or while you’re halfway through packing up, a buyer will have a hard time getting the full effect of the house. Viewings should feel comfortable and welcoming to potential buyers. It’s a feeling they’ll carry with them all the way to writing you a check!
4. Not Renovating
In the time of house flipping and renovation TV, homeowners try to market older and rundown homes as “fixer-uppers” or “vintage.” Although you’ll get a few inquiries from individuals looking for a project or contract companies that want to buy low and sell high, you won’t get the prices you want. It takes a little bit of an initial investment, but the results are worth it. Not only can you sell your home at a higher price point if it’s renovated, but buyers while likely trust you more if they see that you really care about the property.
5. Leaving a Mess
Similar to showing your home too early, if you’re still living there, try to clean up a little. This might mean renting a storage unit or just putting things away. Clutter gives the illusion of smallness, and that can greatly decrease the value of your home.
If you’re trying to keep out of lawsuits and embarrassment, don’t lie about your property. Hiding damages or false advertisement will ultimately cost you more than it makes you.
7. Neglecting a Marketing Plan
Do you have a marketing plan in place? Where are you posting? Who are you appealing to? What do the photos look like? These are all things you need to consider when putting your home on the market. Everything is so accessible on the internet that potential buyers can click through your home in seconds without even making a viewing appointment. Make sure you’re posting on popular outlets and taking attractive photos of your home. The more online traffic you get, the better.
8. Being a Little Too Present
It’s generally a good rule of thumb to stay away from your own viewings. If you and your family are lounging around while buyers are looking through your home, they might feel uncomfortable. Maybe they’ll take a quick look around, but they’ll be leaving before your home makes a lasting impression.
9. Listing “For Sale by Owner”
It’s kind of like being your own lawyer. You’re emotionally attached to your home, and you don’t have the time and resources necessary for a successful sale. Research shows that homes sold by real estate agents make over 15% more than homes sold by owners.
10. Skipping out on an Experienced Realtor
At the end of the day, hiring a professional realtor can help you avoid pretty much every mistake on this list. Real estate agents know what they’re doing and have the time to do it, so don’t forget to find professional the next time you’re ready to sell!