Not Choosing the Right Real Estate Professional
Choosing an experienced agent is the most important part of selling your home. Choosing to work with family or a friend may seem like a good idea in the beginning, but if your home doesn’t sell, it can strain your relationship outside of the real estate office. Choosing an agent who has successfully closed transactions can mean a higher price at the negotiating table, a faster sale, and less hassle overall.
Ignoring Market Value
If your home isn’t priced competitively it could come back to haunt you. We have emotional ties to our homes, there’s really no denying that. But it’s important to put the memories and emotions aside when choosing the right price to list your home at. If you price your home too high, potential buyers who can afford your home will opt for larger homes listed at the same price and potential buyers who should be looking at your home won’t set up showings because they won’t think they can afford – both of these scenarios will result in your home sitting on the market for far too long. An accurate market evaluation is the first step in determining a competitive listing price.
Not Marketing your Property Effectively
Marketing is essential when it comes to selling your home. Marketing allows you to distinguish your home from the hundreds of others on the market. Marketing your home effectively means selling the benefits of your property as well as the features. The right real estate professional will have a plan to market your home in the best way possible to get you the best offer possible.
Not doing Minor Fixes before Listing/Showing your Home
A property that isn’t well maintained or clean is a turn-off to potential buyers. Even small issues indicate to the people viewing your home that there may be hidden defects that could be very expensive down the line. Cleaning your home, both inside and out, and fixing minor issues, such as replacing old gutters can make the difference between selling your home quickly and your home sitting on the market for awhile.
Making Huge Updates to your Home
Spending thousands to improve your home prior to listing it may seem like a good way to get more for your home. Unfortunately, this is not always the case. If you are making updates to improve your living experience while still in the home, that’s great, but sellers rarely recoup these costs. It’s always a good idea to speak to your real estate professional prior to making any costly updates prior to listing your home.
Following Potential Buyers Around while they View your Home
Leave your sellers alone, for the most part, during a showing. Buying a home is an emotional experience and buyers like to be able to picture themselves living in the space -- this is difficult for them to do when you are following them from room to room and pointing out all the features. It’s better to let potential buyers discover for themselves what your home has to offer and pointing out only features that you know they are interested in.
Ignoring the First Offer
Sellers tend to think that one offer means there will be many offers - especially if the offer comes in quickly. However, holding out for better offers can be a costly mistake. The first offer is often the best offer and many times sellers end up having to take much lower offers down the road because they didn’t take the first one seriously.
Not Knowing your Rights and Obligations
You sign a complex and legally binding document when you sell your home. It’s important that you completely understand it to avoid consequences down the road. It’s also important to make sure the contract is written properly. An improperly written contract can allow the purchaser to void the sale, or cost you the seller thousands of dollars.