Selling a home is a significant life milestone but isn't as easy as most homeowners expect. Surprisingly, it can be emotionally challenging and time-consuming, particularly if it is your first time. What you need to expect is that it will be a complex process.
There are different steps involved in selling a home, including making repairs, preparing, listing, finding potential buyers, navigating, closing, and, of course, moving into your next home. This big decision is often overwhelming, especially to first-time home sellers. They often make mistakes that affect the efficiency of their home selling process.
If it's your first time selling a home, there are things you need to avoid that will prevent pitfalls from happening. Here's a list of the most common mistakes home sellers make and why you should avoid them.
1. Excessively Increasing Your Selling Price
As a seller, we always want to get the most out of our property. However, practicality and judgment often get clouded by wishful thinking and emotions. Keep in mind that the market price is different from the price you want for your property.
The most crucial factor determining your home's selling price is the value of comparable home sales in your area. Real estate agents use these comparable sales or "comps" to suggest a listing price.
Secondary factors include market strength, location, home's condition, and local demand. But these factors are less important compared to comps.
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Don't plan to sell your house at an unrealistic price as it will turn-off buyers. If you price your home appropriately in terms of market comps, you can expect that it is priced to sell. You are more likely to close the deal at what you are asking for.
2. Ignoring Major Repairs
One of the major turn-offs for most home buyers is the long list of maintenance issues. It can negatively affect the value of your home too. Take note that buyers expect the home's condition to match the description. Homebuyers are not looking for a project. They are looking for a home.
Although it's costly to take major and minor repairs before listing it, it will be worth it as it can definitely increase the chance of getting a quick sale. Keep in mind that buyers require inspection before closing. During the home assessment, buyers will look for items that are in poor condition, broken, or affect the home's structure, safety, and functionality.
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3. Not Preparing Your Home for Sale
Showing your home to potential buyers is one of the challenges of selling your home. In general, a house that is clean, clutter-free, and well-decorated is more appealing to home buyers. You might not realize, but clutter can make your home appear smaller. It will also make it harder for buyers to picture themselves living in such a messy place.
Curb appeal matters a lot, too. Buyers will most likely be skeptical about the property's condition if a home appears to be in a state of disrepair or looks neglected. It will affect their decision to consider your offer. There are different home staging steps you can follow to prepare your home for sale.
4. Listing your home at the wrong time of the year
Another most common home selling mistake is listing your home at the wrong time of the year. Even great properties may sit for a while because there's no demand or lack of general buying interest.
The best time to hit the market is between late February and mid-May. This is the best time to list your home. But it is only applicable if you're not moving out of necessity or have flexible time on listing your home. Listing your home at the right tie will give you a better chance of selling it quicker and closer to your selling price.
Other home selling mistakes may seem simple, but it can actually affect your entire home selling process. It includes underestimating the cost of selling, deciding whether you need an agent or not, as well as skimping on listing pictures. You might think that it's just simple mistakes that most home sellers make. It's best to avoid such mistakes so it won't cost you big money, time, and stress.
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