Sellers often overlook important details when getting ready to place their home on the market for sale. When you are selling something as important as your home, you want to think things through and anticipate problems so everything goes as smoothly as possible to ensure you achieve your goals. The consequences of a few mistakes can have a significant financial impact, but we have you covered! Here are 7 tips to help you avoid the common mistakes sellers make while selling their homes. These tips will give you an edge to help you obtain your desired goals with the home selling process.
1. Be Realistic With The Asking Price
The first most common mistake sellers make is overpricing their homes. While you certainly do not want to start too low, starting too high is sure to alienate and discourage buyers from looking at your home or making an offer. Many potential buyers may not even see your listing if your property is listed way out of an appropriate price range. We have seen countless times sellers who price their property too high for the market, and then suffer the catastrophic results when their property just sits on the market without a single showing. Contact us today to discuss your property’s value.
2. Consider All Offers
It is also very common for sellers to only be enticed by the highest offer. However, it can be a mistake to make decisions based solely on the price and not take the details of the offer into consideration. Often times, sales have contingencies that impact the timeline, the certainty, and the complexity of the sale. For example, a high value offer that is contingent on the sale of the buyer’s property, or an offer from a buyer who will be requesting costly repairs can be expensive for sellers and deduct from the seller’s net proceeds. In such instances, a slightly lower offer with no contingencies or an offer from a buyer that is flexible on repairs could be overall more cost-effective for sellers. Consider timing and uncertainty. While it is exciting to receive higher offers, it is important to consider the details of all offers.
3. Do Not Neglect Major Repairs
If you decide to ignore major repairs or any issues that may turn up during an inspection, you can be sure to be ready for buyers to request a credit or for buyers to demand repairs. Renovations can be extremely costly, so the renovations should only be made if they add to your home’s value. Prioritize only the most glaring issues that are likely to turn up during a home inspection. Be careful not to make personal choices as the home is being improved for someone else. Stay with neutral colors and fixtures that are popular and appealing to the widest variety of people. We can help you to make the best choices when preparing your home for the market and complete the right upgrades to maximize your investment. Even if you’re not quite ready to place your home on the market right away, go ahead and give us a call and we can help you make the best decisions in preparation for future placement on the market.
4. Preparing Your Property for Showing
A very common mistake is forgetting to stage your home properly for showings. According to Realtor.com, recent statistics show that staged homes sell 88% faster and for 20% more than those not staged. Homes that look like a bachelor pad simply do not sell as quickly or at their highest value when compared to homes that are fully decorated with appealing furniture and art on the walls. Failing to clear clutter and failing to keep the home tidy can greatly impact the appeal of your home. Improper staging, or a home that is too bare, can also make it difficult for prospective buyers to picture themselves living in the home. Potential buyers need to be able to see themselves living in the home, therefore, personal memorabilia and family photos should be removed. Lastly, do not forget about curb appeal, as first impressions are everything! Keep lawns green and tidy and the landscape manicured, and consider retouching anything that is an eyesore. We can advise you and answer any questions you may have about how to prepare to place your house on the market.
5. Do Not Underestimate the Costs of Selling
Be sure to price the home in such a way that takes into consideration the costs of selling, including: agent commissions, closing costs, repairs and renovations, buyer concessions and potential costs can push the cost of the selling closer to 10% of the sales price, according to Realtor.com. By not taking these costs into consideration, profits can narrow. If you do not hit the sweet spot in price, you can either be leaving money on the table or having your home sit on the market for too long, which can also have consequences. We can provide you a seller’s estimate of closing costs to help you with costs associated with selling your home. Contact us today, for we would be happy to help you with these important choices.
6. Be Flexible with Showings
Simply put, if your home is not easy to show, it will not be easy to sell. Yes, it is inconvenient to get the kids and the dogs out of the house on weeks and at dinner time, but it is important to make the home presentable and allow showings when buyers are available to visit see the home. Every buyer is an opportunity to sell the property, so to maximize the hard work and investment, making the property available to buyers is an important part of selling the home. Make sure to keep showings flexible, as it is extremely important to the end goal of selling your home!
7. Always Consider Your Broader Financial Situation
Assess every situation before selling in order to avoid any potential surprises. Assess income, debt, and any upcoming expenses during your move. Consider contacting a mortgage advisor to understand your exact financial situation in your current home. Determine a target sale price and the total cost of selling a home. Most often, sellers list their current home to buy a new one. If this is the case, find a realtor that can calculate and budget what you need to net for your sale so you can move into your next dream home!
You want your home selling process to be as quick, easy, and painless as possible. Keeping these critical issues in mind will help make that possible. Feel free to contact us to help you make the best decisions for your home sale and next purchase.