Selling your house can be a difficult task especially if it is your first time doing so. Many sellers make these mistakes when it could be absolutely avoided. Emotions are very difficult to overcome but this guide will help eliminate emotions from your home selling process.
Of course, there are many benefits to selling your house in today’s day and age. Many application and online processes help market and advertise your home to thousands of people instantly. Your home selling experience is massively affected by today’s technology so it is best to avoid the common mistakes to selling a home.
#1 Getting Emotionally Involved
Rather than holding on to your attachment to your home, think of your home selling process as a business. Be a home seller, not a homeowner. Thinking purely from a financial standpoints helps eliminate emotions in the home selling process.
Try thinking back to when you were first shopping for a home. How was that process like? It’s worth the effort to stage your home keeping your home free and clear of any personal belongings. Home buyers are very emotional. Your home is not just a property in the eyes of a buyer but a dream, a future home for their family, a new life.
#2 Not Hiring An Agent
If it is your first time selling a home, it is highly advised to hire a real estate agent. Agents help eliminate the emotional and mental part of selling your home. Realtors deal with buyers, paperwork, and negotiations in the real estate transaction.
A good agent will set a fair and competitive price for your home. If any problems occur during the transaction, your agent will work to fix it. Most agents know the pitfalls involved in the real estate transaction and know how to prevent them.
#3 Assuming You Must Hire An Agent
Some homeowners manage to sell their home without hiring an agent. The homeowner is responsible for doing their own research on the homes that have sold recently and homes that are currently listed on the market. Of course, you need to factor in the commission of the buyer’s agent in the pricing of your home.
You’re responsible for all marketing for the sale of your home. Having your home listed of the MLS is creates the widest reach for other buyers. You’re also responsible for showing your home and dealing with buyers, which can be stressful and time-consuming.
If you are not planning on hiring a real estate agent, consider hiring a real estate attorney for handling the transaction and escrow. The cost of hiring an attorney, even out of pocket, can still save you money.
#4 Setting An Unrealistic Price
The key to selling a home quickly and efficiently is pricing it right. Buyers will run their own comparative market analysis on your home so its best to stay ahead of the curb and price your home right.
Overpriced homes do not sell well. The longer a home stays on the market, the less desirable it is. a better option is to price your home a little lower than it is worth to create competition and multiple bids on your property.
#5 Expecting To Get Your Asking Price
Most buyers come to the table expecting to negotiate your asking price. Negotiations are a key part of the home buying process so it’s important to factor in negotiations in your asking price. Whether you end up with more or less than your asking price will be determined whether you are in a buyers market or a seller’s market.
#6 Selling In Winter
Winter months are often the slowest months of selling real estate. People are out celebrating the holidays in the comfort of their own homes. Although you may not get the highest price selling your home in winter, there won’t be as many active sellers in the market to compete with your listing.
#7 Skimping On Listing Photos
If you don’t have high-quality photos of your home online, consider hiring a professional photographer to photograph your home. Buyers judge your home based on the photos advertised online. The better the photo, the higher chance your listing will stand out and generate more traffic to your home.
#8 Not Being Properly Insured
When buyers start touring your home, it is especially important to be insured in case someone injures themselves and tries to sue you for damages. A good way to prevent this is to clear out any potential hazards and obstacles from your home to prevent injuries.
#9 Trying To Hide Significant Problems
Any major problems with your home will be uncovered with a home inspection. A buyer will most likely require a home inspection done on your property so it is best to fix any problems before this situation occurs. You either fix any problems beforehand, lower your asking price, or offer the buyer a credit to fix the problem.
Paying for your own personal inspection can be a worthwhile investment in order to solve any problems with your home and smooth out the buying process. Not fixing the problem beforehand may turn away potential buyers.
#10 Not Preparing Your Home For Sale
Not preparing your home for sale is basically throwing money away. Keep your home tidy and staged in order to provide the buyer with the best experience when touring your home. If you cannot afford a professional stager, there are cheap alternatives to staging a home yourself.
Failing to fix even minor details in your home may reduce your sales price and even prevent your home from selling. Have a fresh pair of eyes point out any flaws and blemishes your home may have. The goal here is to leave a good impression on buyers.
#11 Not Accommodating Potential Buyers
Selling your house means accommodating buyers whether you like it or not. Make sure you properly clean your home before every showing. Buyers don’t care whether your home was cleaned last week if the house isn’t clean when they see it. Keeping this in mind helps sell your home faster.
#12 Signing a Purchase Contract With An Unqualified Buyer
It is best to work with buyers that have been pre-approved by a bank or mortgage lender to purchase a home. Signing a contract that is contingent on the buyer selling their home before purchasing your home can be uneasy especially if you need to sell by a particular date.
For more information on Maryland Real Estate be sure to visit Carlos.thinknewman.com for access to live, up to date information on homes in your area. Text Carlos on Facebook, Twitter, Instagram or call 301-785-1946 for your free consultation.
Looking for a new home? Click here for my guide to the pros and cons of renting vs buying.