Want to sell your home hassle-free? Here are 6 mistakes to avoid
The process of selling your home can be very time-consuming and challenging, especially if it’s your first time doing it or if you’ve lived in that house for a very long time. Emotional attachment, the dreadful process of packing all your things, and the invasion of privacy some people feel when strangers come visiting the house and poking around their cabinets. These can all be real turnoffs for prospective buyers and can make selling your house a tad bit difficult.
When you have no experience with such a complex and emotional process, it’s easy to make mistakes. These mistakes, unfortunately, can drop a bomb on your financial goals, so you need to do your due diligence and inform yourself before even thinking about putting your house up for sale. With a bit of research, you can avoid many of these mistakes and turn the house selling process into a fulfilling adventure.
To help make the process a little less exhausting, here are some of the most common mistakes first-time home sellers are prone to make and how to avoid them altogether.
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Setting unrealistic expectations
Many homeowners are tempted to believe their house will sell at a much higher price, but that’s mostly because they tend to be subjective when it comes to how much their home is worth. But try to remember how it was when you were looking to buy a house. As a buyer, you need to do a market analysis and determine the fair offering price for a house, so there is no way they will be willing to pay for an overpriced home.
Be one step ahead of your potential buyers and do a thorough analysis of houses that are similar to yours, to help you determine a fair price. Don’t be afraid to go a bit under the market price, as this trick can actually generate multiple offers. This way, buyers are forced to outbid each other and raise the price up to the home’s real value. You can contact a real estate auction company to help you handle this the right way and increase exposure.
Getting too emotional
Especially if it’s a house you’ve lived in for a long time, selling it will easily get you emotional. You spent time in that house, you’ve gathered memories, you saved money to buy that nice piece of furniture that only fits in this particular corner of your living room, so it’s only normal to grow attached. However, when you are selling your house, these emotions will only cloud your judgment and leave you prone to mistakes, so it’s important to keep them in check.
It’s not easy seeing the home you lived in as nothing more than a good for sale, but that’s the only way you will be able to think like a true salesperson. You are not just the homeowner. You are a business person trying to land a good deal, so keep that in mind every time a prospective buyer comes to see the house.
Not hiring an agent when clearly you need one
Real estate agents do have a reputation for commanding hefty commissions, but if you’ve never had any experience with selling a house, venturing on uncharted territory alone may not be the best decision. Agents usually ask for 5-6% of the home’s sale price, but they are the ones who will hunt for potential buyers, schedule open houses and handle all the paperwork, so if you come to think about it, it’s not a huge price to pay.
A good agent will have your best interest at heart and will try to help you get the best price for your house. After all, the higher the price, the higher their commission will be as well. They can also help you tone down your emotions by handling negotiations, arranging visits, and talking to potential buyers.
Selling during the wrong time of the year
Whether you like to believe it or not, there is a certain period of the year when it’s better to put off selling your house. This happens mostly during wintertime, especially around the holidays. People are busy with social events, meeting up with family, going on ski trips, and whatnot, so they are not willing to spend time negotiating price offers. It’s best to wait until spring to list your house, because the fewer the buyers, the fewer chances you have to sell your house fast and at a good price.
If you do decide to sell your house during the winter, one perk is that there won’t be as many sellers either, so competition is much less aggressive. If your agent knows how to use that to your advantage, you might actually end up with a good deal on your hands.
Hiding major house issues
Many sellers think they can get away by hiding major property issues, but this rarely works out. If a buyer is interested in your home, they will likely be doing an inspection, which is when all your attempts to conceal the problems will fail, so why risk it all for nothing?
When it comes to dealing with issues on your property, you have two options: either fix the problems and list the house at the appropriate price, or offer the buyer credit that is taken from the price house to fix those problems themselves. If you choose the latter option, however, you risk losing an important segment of buyers – those who are looking for a turnkey home.
Not accommodating potential buyers
Once your listing is up, you will start to receive visits from prospective buyers, so you need to make sure they are feeling welcomed, even if it comes out as a sort of inconvenience for you. Yes, tidying up the house before every visit is time-consuming and tedious, but your need to do it if you want a chance at selling that home at a good price.
A buyer is not going to care if your home was clean the day before, and you wouldn’t either if you were in their shoes, so even if it’s a lot of work, keep your eyes on the prize and remember why you are doing this.