Selling your home is a tedious task and if you’re a part of the “sell my home” club, you would agree. Half the battle is won when you list down some of the common mistakes you need to avoid that sellers tend to make. Selling a home is probably one of the most important financial decisions you will ever make. One little mistake can cost you a fortune.
Consider all the steps that need to be taken to sell your house — preparing and listing, making repairs, finding the right buyer, navigating the closing process, and finally moving into a new home.
Wondering who can guide you through all of these? This article will help you to know what are some of the common home selling mistakes you need to avoid.
- Underestimating the selling cost:
When you sit down to estimate the total cost of selling your home, there’s a lot to consider. If you work with a real estate agent, they will consume 5–6% of your selling cost as their commission. Not to forget repairs and maintenance costs that will cost another 10% of the selling price.
The Closing Cost Calculator is one of the best tools you can rely on to get the accurate selling price of your home.
2. Setting an unreasonable price:
The price you want and the practical price that the market has to offer are two different things. If you’re a seller, this could get a little tricky for you if you cannot hit the right negotiation spot. Stay firm on your expectations but also be open for buyers to put their deal on the table.
Talk to people in your neighborhood who are also looking to sell their house. Understand more from the local committee about how the house is priced. This will help you to stay away from making irrational decisions.
3. Only considering the highest offer:
While the highest offer may sound exciting, don’t forget to check on other parameters. Consider factors such as a buyer being more flexible to bear some repair expenses versus the buyer who is paying you a higher amount. Knowing the buyer’s behavior is crucial since this is one of the important financial decisions you would be making.
4. Choosing the wrong way to sell:
In today’s digital era, if you’re still relying on a real estate agent helping you sell your house, you’re losing out on a major chunk of profits. Selling the wrong way is one of the biggest mistakes a seller can make.
There are many flat fee multiple listing services websites available that help you list your house at minimal cost and attract genuine buyers. This saves almost 6% of your commission fees and extra hidden costs that you may incur during the sale.
Flat Fee MLS giants like Houzeo, Zillow, Redfin help people sell their houses effortlessly.
5. Ignoring repairs and maintenance
Assuming not repairing and fixing basic issues like a broken roof or a leaking tap is not important, is another mistake sellers often make. When a buyer wants to imagine your space as a homeowner, they would notice every intricate detail.
Also, it is said that a well-renovated and maintained home sells faster than the one which isn’t.
6. An unprepared home
Similar to fixing minor repairs, staging a house is essential to ensure a faster sale and better profits. A staged, well-cluttered home and a clean home are likely to attract more buyers. As per Realtor.com, staged homes sell 88% fast and 20% more in value than the ones which are not staged.
Don’t miss out on paying enough attention to the exterior of your home. It is a cover of the book which is the first thing that is judged by potential buyers.
7. Not being flexible with showings
Once you’ve listed your house on any multiple listing sites or if you’ve hired a selling agent, try being as flexible as you can when your agent wants to show it. That could mean approving a showing during your dinner time or vacating the house in the middle of the day for a couple of hours. Host an open house during the weekend to attract more footfalls.
When you’re showing the house to a potential buyer — don’t sell the property, sell a lifestyle. Let them absorb the space and feel at home.
Bottom Line:
At the end of the day, a smoother home selling experience is what you want. To avoid unnecessary hurdles and unexpected issues, be aware and research as much as you can. Now that you’re aware of these common selling mistakes, double-check the process to be more confident.
Save this article for later and make sure to go through each step intricately to get more profits.
