Common Home Selling Mistakes to Avoid //
Setting an unrealistic price
For the seller, it’s the sweet spot between asking too much or too little. If you can’t hit the sweet spot, you risk leaving money on the table or having your home sit on the market for a longer period of time, which can costs you even more money. You may have a general idea of how much your home could be worth based on homes with similar sizes and features that have sold near you. These comparable sales, also referred to as “comps”, are what many real estate agents use to suggest a listing price.
Only considering the highest offer
The highest offer, while exciting, isn’t always the best offer given your needs. It’s common in many traditional sales to have contingencies. These are conditions that must be satisfied for the sale to close.
It’s important to be aware of these types of contingencies because they can impact the timeline of the sale, the certainty of the sale, and the complexity. For example, you may receive a really high offer that is contingent on the buyer selling their existing house.
You and your agent will need to discuss how the added timing and uncertainty compares to a slightly lower offer without that contingency.
Ignoring major repairs and making costly renovations
A long list of maintenance issues can turn buyers off and potentially decrease the value of your home. More importantly, buyers expect the condition of your home to match the description. Consider prioritizing the most glaring issues, particularly those that are likely to turn up during a home inspection—many buyers will require an inspection before closing.
Many sellers also consider making renovations or improvements to increase their home’s value. Renovations can be costly, and you won’t always recover the cost in the purchase price. Furthermore, some buyers prefer to make their own renovations to personalize the space. Be sure to carefully consider any renovations if your goal is to add to the home’s value.
Not taking time to prep your home before going to market
One of the challenges of listing your home on the market is showing your home to prospective buyers. Generally speaking, the cleaner, less cluttered, and more well-decorated your home is, the more appeal it can have.
If a home is disorganized or appears in disrepair, buyers may be more skeptical about its condition when they’re considering an offer.
Choosing the wrong agent
If you choose to work with a real estate agent, make sure you select an agent who has your best interests at heart.
To help ensure you’re getting the most bang for your buck, take the time to interview potential listing agents. Check their licensing and credentials, talk with past clients, and make sure they have plenty of experience selling in your particular area and price point.
You may also ask potential agents about:
Their marketing plan for your home
Whether they require you to sign a contract with them (and for how long)
Their negotiation style
How often they plan to communicate with you
What their fee is to represent you