Selling a property is one of the most stressful times in life, so you’ll need all the help you can get. While a great realtor is helpful, it’s also your job to ensure the property sells, and these 20 common mistakes people make when selling a house are easily avoidable.
Selling without a realtor
Although it may save you money to sell without a realtor, the headache it’ll give you is not worth it. A realtor takes the stress out of selling the home, and their expert knowledge will find a buyer quickly. Agents also have great negotiation skills to help you get the best price.
Choosing the wrong realtor
Realtors play a major role in selling your property, but many people jump at the first one in their haste to get it on the market. It’s essential you consider realtors in your area to ensure you are working with one who has a great sales record!
Underestimating selling costs
There are so many costs associated with selling a property that are often overlooked. According to Ramsey Solutions, most of these costs are covered by the equity you get out of the house, but you do need to be aware of them so that the deductions are not a shock when you close escrow.
Listing too high
Your realtor will always advise you of the recommended listing price, but ultimately, you have the final decision. Many people get greedy and overprice their property. Properties get the most interest within the first few weeks on the market, so if they are listed too high, they won’t make a good first impression.
Not negotiating
Selling a house is all about negotiation. Just because your property is listed for a certain price does not mean it is the price it will get. Buyers commonly come in low, and properties are therefore listed higher to gain the correct market value. Don’t be afraid of a little back-and-forth.
Reducing the property too soon
If a property needs a price reduction to attract interest, the realtor must seek authorization from you. While realtors may seem like they have your best interests at heart, in reality, they just want the commission. They may try to get you to drop the price too early, so be cautious!
Not reducing the property
Not reducing a property’s price can also dramatically impact the sale. If the property has had little to no interest in the first 4-6 weeks on the market, the reason is most likely to be the price. To prevent it from becoming stale, a price reduction may be beneficial.
Skimping on staging
Buyers need to see themselves living on the property, and not many have a great imagination. They’ll find it difficult to see the potential and need the possibility presented to them on a plate. So, don’t skimp out on staging your home nicely, helping to show viewers the cozy home they could own.
Hiding major repairs
You may think that hiding major repairs will help attract buyers while saving you the cost of the work, but it never does. Most homebuyers will get a home inspection after their offer is accepted. This inspection highlights any potential problems in their investment and will identify everything you’ve tried to hide.
Neglecting repairs
Some buyers are in search of a fixer-upper, but many want a turnkey family home. Neglecting necessary repairs will turn off buyers who don’t want to spend the time and effort to get it sorted. Any outstanding maintenance will only deter potential buyers.
Bad photos
Photography is crucial to selling a home, and Axios says that 100% of buyers now use the Internet for their property search. Their first impression of your property online is the photos, so it’s important they are high-quality to paint the best picture. The correct lighting and a wide-angle lens make a huge difference!
Taking it personal
Real estate is a competitive market in which sellers aim for the most money, and buyers aim to spend the least. You will always receive lowball offers from buyers; it’s the first stepping stone in a negotiation. So, don’t take low offers personally; it is a business transaction.
Limiting showings
You need to be extremely flexible with showings to get as many buyers as possible through your front door. When you’re still living in the property, it’s not always convenient, particularly when you have children. However, just remember that this is just a season of life until your buyer is found.
Not disclosing issues
Honesty is real estate 101, and you need to disclose every detail about the property. Failing to disclose major issues can lead to legal challenges, even after you have closed escrow. Your buyers need to know what they’re buying, and you don’t want to end up in a sticky situation.
Waiting to sell
US News explains that spring and early fall are the best time to sell, but does that mean you should wait for these seasons to roll around? Of course not! Real estate is a year-round industry, and while these times experience a peak, buyers are always looking.
Listing around the holidays
While there is no right or wrong time to market your property, around the holidays is one time of year that you may want to avoid. No one wants to move around the holidays, and buyers put their search on hold when the calendar is busy with social occasions.
Long decision making
Real estate is a fast-paced market, and taking too long to make decisions can impact the sale of your property. You should definitely consider things carefully but try to make decisions as snappy as possible. This particularly applies when agreeing to a sale, as your buyer may move on.
Thinking it’s a done deal
You’ve found your buyer, so it’s a done deal, right? Wrong! Until you close escrow and the buyer has the keys, it could all fall through. A house sale can fall out of escrow for multiple reasons, so don’t set your expectations too high too soon, as it may lead to disappointment.
Not having a backup plan
If you’re selling a property, oftentimes, you’re also buying one. Many property sales are contingent on at least one party also having a sale or a purchase to go through. If your onward property falls out of escrow, you need to have a backup plan so you don’t stall your own sale!
Skipping a pre-listing inspection
Last but not least, a pre-listing home inspection will help you to get ahead of the game as a seller, so don’t skip it! The National Association of Realtors claims that a pre-listing inspection puts sellers in control; by having one pre-listing, you can identify and fix any issues before the house goes to market.
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