Selling Mistake # 1 – Selling your home before you’re ready to make the move:
Selling you home can take time and effort even before you list the home on the market. Listing your house on the market can be thrilling and exciting but it can also be a very frustrating experience if you are not prepared. The mental and emotional stress can go on for weeks or months if you’re not ready.
Before you decide to list your home and get that for sale sign in the front yard, really consider if you are ready to move. It is usually best to receive input from others such as your family and friends. If you need to make a list of the “Pros” and “Cons” to consider the alternatives, do so to ensure you are really ready to move before listing your home for sale.
Selling Mistake #2 – Underestimating the costs of selling your home
The total cost to sell a home can amount to much more than the commission you will pay to your Realtor. The costs of selling your home will need to take into consideration several factors. You should always account for storage costs to clear some of the clutter, moving costs, closing costs, home inspection repairs and other concessions you may need to provide to your buyer.
Selling Mistake #3 – Setting an unrealistic price above the market
Every home can have plenty of sentimental value however the sentimental value will not add to the market value of the home. The price you may want to get and what the market will pay can be two totally different things. A cost market analysis can help you better determine what you may want to list your home for based on the fair market value at that time. Pricing a home too high can have an effect on how many people may view your home and home long the home may stay on the market.
Selling Mistake #4 – Only considering the highest offer to be the best offer
The highest offer may not always be your best offer. It can be exciting to receive an offer near your asking price, however it may not be your best offer given your potential needs. It is usually common in many traditional sales to receive an offer with buyer contingencies. These are specific terms or conditions that must be satisfied for the sale to close. You may have to review several buyer’s contingencies that protect the buyer’s interests such as selling another home they own, a financing contingency or an inspection contingency. It’s important to review the entire offer from each potential buyer and be aware of any contingencies that impact the timeline of the sale, the certainty of the sale, and the complexity of the sale.
Selling Mistake # 5 – Ignoring major repairs before listing your home
Many buyers today want a home they can just back up the truck and move into and not have to worry about making immediate repairs especially on major items such as a roof, air conditioner, etc. Many buyers will have a home inspection performed and the home inspector will note many of the items that can be an issue or need an immediate repair. Repair and maintenance issues can turn buyers off and potentially decrease the value of your home.
Selling Mistake # 6 – Making costly upgrades and renovations to your home
Sellers may consider making improvements to try to get top dollar for their home however these improvements may not always increase the value of the home. It is important to remember that renovations are often costly, and you won’t always recover the renovation cost in your selling price. The most important rooms in the house are the kitchen and the bathrooms.
Upgrading your kitchen and master bath will most likely get you a better price for your home but make sure you don’t over improve because you may never get the money back out of the home. When making renovations try and stay in-line with your neighboring houses. Interior design is important, but don’t go to the extreme in customizing because 0buyers may prefer to make their own improvements to personalize the home space. It is a wise idea to carefully consider any potential improvements if your goal is to add to the home’s value. Always remember the golden rule not to over improve the home for the market.
Selling Mistake # 7 – Not preparing your home for sale
You always want to show your home in the best possible way. One of the biggest challenges of listing your home on the market is trying to show your home to appeal to various prospective buyers. Some of the best tips include clearing the clutter, a clean home with tastefully decorated furnishings. You may want to consider placing excess items in storage, cleaning your home from top to bottom and also staging to show your home in its best light.
You want prospective buyers to picture themselves living in this home. You want to also remember the importance of curb appeal. You never get a second chance to make that first impression and many prospective buyers start forming an opinion of your home as soon as they pull in front of the home.
Selling Mistake # 8 – Choosing the potential wrong way to sell your home
You may be considering selling your own home as a For Sale By Owner (FSBO) and raking in plenty of cash from the sale. Some people may choose this scenario but always make sure you have the time to devote to it. Understanding the best way to show your home to perspective buyers and navigating the legalities of selling your home as well as several other factors will come into play. Ensure you are committed to doing the research before taking on the task of selling your home on your own.
You may want to consider five of the most common reasons why not hiring a Realtor® can be a huge mistake when trying to sell your home
- FSBOs don’t usually know the best way to properly price their home for sale often leaving money on the table
- FSBOs don’t usually know the best real estate marketing strategies to use and how to leverage the best types of exposure for their home
- FSBOs don’t usually know the best way to schedule and handle showings of prospective buyers to be efficient and effective as possible.
- FSBOs don’t usually know the best ways to negotiate purchase offers
- FSBOs don’t usually know the best ways to negotiate home inspection findings
Selling Mistake # 9 – Limiting the showings of your home
The more flexible you are on having availability to show your home, the greater chance you have at receiving more offers. Once you’ve put your home on the market, you’ll have to try to cooperate with Realtors that want to schedule a showing. This can mean being flexible on evening or weekends. The goal is to accommodate as many potential buyers as possible, even if their timing is inconvenient to your personal schedule. If your house isn’t easy for Realtors to gain access to show, it won’t be easy for you to receive offers to sell. Showings can be seen as interruptions and often feel inconvenient, just remember the end goal is to have your home shown to as many buyers as possible to increase your chances of multiple offers.
Selling Mistake # 10 – Hiring the best Realtor® to sell your home
Hiring a Realtor® can be a major plus when selling your home. Make sure you select a Realtor® that understands your market. It is always a good decision to take the time to interview potential Realtors and make sure they have plenty of experience selling in your particular area and price point. Don’t be afraid to ask your potential Realtors questions such as their marketing plan for your home and how often they will communicate with you.
A Realtor® should be able to help you price your home, research comparable properties that are currently on the market as well as comparable properties that have sold in your market. Contact me today! Joseph Jurek, Re