When you are selling your home you want to get the most money out of it that you can, so it pays to do everything the right way. According to Forbes, home sellers usually make up to three costly mistakes each sale. We have put together a list of 10 of the most common mistakes made by sellers. Sellers that can avoid making these mistakes may find that they save thousands of dollars.
Not Being Emotionally Prepared
Many people grow attached to their homes and selling it can prove to be much more emotionally taxing than they thought. If you aren’t relocating for emergent reasons, such as a new job or job loss, or sick family member, try making a list of “Pros” and “Cons” to weigh the alternatives and ensure you are really ready to sell your home. Being overly emotional can cloud your judgement when it comes to negotiating offers.
Failing to Hire a Professional to Sell Your Home
Professionals are not attached to the home in any way and know what numbers are fair when it comes to setting an asking price. They are expert negotiators and can make sure that things go in a way that is fair to you and the buyer. Home sellers who try to go it alone will not only take longer to sell their home, but will often sell for far less than those who work with an agent. In short, you need their expertise.
Failing to Understand the Market
In other words, your home is over-priced or underpriced. When you are selling your home, it is important to know what similar homes (often called comps) are currently selling for. A realtor can give you a strong market analysis to help you determine what a reasonable price for your home might be.
Not Making Necessary Repairs
If you don’t make necessary repairs to your home before you put it on the market, you will lose money. Leaving repairs untended will come back to haunt you in the negotiating process. Most buyers will ask for a home inspection before they agree to sign papers. If issues arise, they will either offer less, or ask for credit back in order to pay for repairs before the deal closes.
Listing with Bad Photos
On-line listings are often the first impression people will have of your home. You want it to look appealing and inviting. Almost 90 percent of home buyers start their home searching process on-line and you want your home to stand out. You want buyers to want to see your home in person. Using low quality cell phone photos and not having enough photos can really put a dent in the amount of traffic your home sees.
Failing to Remove Clutter
It may seem like such a small thing, but the impact it has on the selling process can be huge. Often times, buyers won’t be able to see past your clutter and really appreciate the things your home has to offer. It may come across as crowded, small, and/or dirty, which can be a real turn off. It also makes the home appear to have minimal storage, and buyers like that storage! From cluttered countertops in the bathrooms and kitchen, to over-full closets, to overcrowded built-ins, clean it out before you put your home on the market. It costs nothing to box it up and get it out of the way, but can have a huge impact on the price you are offered, and how quickly that offer comes in.
Trying to Sell an Empty House
Just like too much stuff is bad, having nothing there can be just as damaging to your sale. Having a dressed or “staged” home keeps buyers eyes open to the possibilities it has to offer. It is more difficult for a buyer to imagine themselves in a space when it is empty. If you are unable to keep your furniture and décor in the space, then it is worth the small investment of hiring a stager to fill the home with charm to impress your potential buyers.
Taking the Negotiation Process Personally
Now is not the time to let your ego get in the way. When a seller takes the negotiation process too personally they can potentially lose out on a win-win deal. It is important to remember that selling a home is a business transaction, probably the biggest one you will make in your life, and it is not a good time to lose your head. This is when having a realtor by your side comes in handy. They can help you stay focused and calm and keep the big picture in mind.
Not Disclosing Problems or the History of the Home
Never try and keep your homes history a secret. Was there a leak in the ceiling 5 years ago? Let buyers know, and let them know what was done to correct the issue. If repairs are still needed, make them before trying to sell. Being upfront about the home’s issues with save lots of time and money, especially if the buyer discovers the problem (which they will). Dishonesty will only turn off home buyers.
Not Taking “Hidden” Fees into Account
Often times the seller is asked to cover part of, if not all of the closing costs in negotiations. Go over a list of all fees and expenses with your realtor before it is time to hand over the keys.
The home selling process can be an emotionally draining and daunting task, but it doesn’t have to be! Let us at Boise Real Estate Pros help ease the burden of the selling process. Please call us with any questions that you may have, we are happy to help. (208) 577-7777