Common Home Selling Mistakes That Most People Make
Selling a home can be amazingly time-consuming and emotionally challenging, especially if you have never done it before. Sometimes, it can feel like an invasion of privacy as strangers will enter your home, open your closets and wander around.
They will criticize your place, which has probably become more than just four walls and a roof over your head, and to end it all, they will offer you less than the value of your house.
It’s easy for first-time home sellers to make many mistakes without experience and have to deal with a complicated and sometimes emotional transaction. However, these things can be avoided with a bit of knowledge. So read on to find out how to sell your home in a timely matter, and get the most value without losing your mind.
1. Ignore the Market Price
When many sellers demand a high price, sometimes they do not attract buyers to their property and fail to get their house sold.
Generally, sellers who do not know the market value of their property demand a price that is too high and later regret it after learning the actual market value.
However, some price their property too low and leave money on the table. It’s the most underrated home selling mistake.
It’s important to study the market value of your home and price it accordingly.
2. Sell Property by Yourself
Trying to sell the property yourself without any preparation is a big mistake. A lot goes into preparing to sell your house. Make sure the house looks attractive to buyers, repair things that need attention, correctly assess the market value and pricing accordingly, take good photos, advertise, and more.
3. Failed To select an Experienced Agent
Choosing an experienced agent is crucial for a home seller if you are considering using an agent. In addition, you should research real estate agencies and thoroughly interview agents before working with them. One should not rely on an agent because the agent is someone’s friend, relative, or acquaintance.
You can check out Falaya for an experienced real estate agent who will help you sell your home at a reasonable price.
4. Hiding Problems
There is no point in hiding severe issues with the home. There is usually an inspection done of the house for sale by the potential buyers, and they will likely find these issues. So if you have any serious problems such as roof leaks, sink problems, or drainage problems, fix them well before selling.
Otherwise, the hidden problems will be discovered during the inspection and could discourage the buyer from going through with the sale. If an examination reveals a significant problem with your home, it could delay your closing or cancel the deal altogether. So before listing your home, consider paying for a home inspection to ensure it is in the best shape for your buyer.
5. Taking Perfect Pictures
These days, shopping is done on the internet from sofas to homes. More than half of buyers who bought a house last year found it online. So if your online photos are taken with a camera phone in five minutes, you might lose interest in buyers before they even see your home. Therefore, working with experienced professionals who know how to brighten up your home on camera is essential.
You’ll be amazed at the difference between proper lighting and wide-angle lenses.
It is a common home selling mistake of sellers not to take professional pictures to sell their house. Buyers are likely to want to see homes with professional photos. In addition, they may want to click on great images, which will increase the chances of selling your home.
6. Trying To Sell a Messy House
Every buyer looks for a neat and clean home with minimal personalization so they can imagine living in the space. Thus, a significant mistake in selling a home is forgetting or neglecting cleaning, decluttering, and de-personalizing the house.
So, pack toys, remove odors, and get rid of half-chewed raw hides. You are marketing your home so that a buyer will want to put an offer in, and the way to market it is by making sure it is clean and tidy.
7. Selling a Vacant House
Vacant rooms may seem spacious, but they look empty to potential buyers. The buyer has no way of knowing how much space is available and if they will be able to fit their furniture and things in the area.
If possible, leave some furniture in the vacant home or consider hiring s stager to stage the house with furniture and decor. Make sure to take your professional photos before the house is empty.
8. Not Expecting Home-Selling Costs
Overestimating your home price might cause buyers to lose interest in your home and look for another. Exaggeration does not increase a property’s value but instead reduces potential buyers’ attractiveness. Demanding a reasonable price will help you sell your home faster, while a higher price might minimize that possibility. Some sellers think because they are selling the house and someone else is buying it; there is no need to prepare for any expenses. Big mistake! Don’t be surprised of these home sale costs:
Did you know sellers typically use their proceeds to meet the commissions of their listing agent and buyer’s agent? According to most real estate websites, you will probably pay about 6% of the value of your home to cover the agent commission.
So, if your home sells for $200,000, don’t be surprised if $12,000 goes to agents who helped you sell the house. A good agent will probably help you get more money for your home to meet their commitments and put more money in your pocket.
The seller’s share of the closing costs is usually 1–3% of the home’s value. These costs may include sales tax, title transfer, attorney fee, and final-day transaction fees.
Cost of Staging:
The cost of staging a home varies depending on where you live, the size of your home, how many rooms you have, whether you will rent, and the fee.
Home Inspection Repair:
It may be wise to pay a few hundred dollars for a home inspection before listing your home. Depending on the severity of the problem, repairs can cost up to thousands of dollars. If you don’t repair things that need to be addressed, buyers will expect a discount on the sale price.
Speaking of discounts, buyers may try to negotiate a lower asking price – depending on the housing market. However, sometimes if you offer a value to the seller, they may offer to pay you the total asking price. These may include an arrangement where you leave items like your washer and dryer or pay for all their closing costs, which are usually 3–4% of the value of your home.
8. Selling home At The Wrong Time of the Year.
The real estate market testifies to the buying and selling seasons, and if you are listing your home for sale during the off-peak season, you are making a common home selling mistake, resulting in fewer buyers. However, there will be people who are interested in your property. In contrast, quick research of the area can show you when home buying in your area is on the rise, and then you list your home in the market accordingly to get the most out of it.
It is essential to learn how to sell a home. Make sure you are mentally and financially prepared for less ideal scenarios, even if you don’t make any mistakes. If you don’t find a buyer on time, you may have to try to pay off two mortgages until you find a buyer or rent your home.
However, if you avoid the costly mistakes listed above, you should achieve a smooth, profitable sale that every home seller hopes to get.