Selling a home doesn’t have to be so difficult. However, there are some homeowners who make it seem like it is. The main reason why these homeowners make it seem really strenuous is because they are making some very common home selling mistakes.
There are many reasons why a home may sell within days, or sit on the market for an extended period of time. Often times, the important elements of the transaction can be overlooked by homeowners who lack the proper experience and try to work on their own or homeowners who work with the wrong agents.
Below is our list of the top 6 mistakes various home sellers make as well as some home selling tips:
1. Incorrect Pricing
Setting the price of your home too low or too high is one of the most common mistakes sellers make. If you set the price of your home too high, your home is most likely to stay on the market for longer than necessary as buyers will always look at comparable properties that are priced more reasonably. On the other hand, if your home is priced too low, you risk sacrificing potential profit.
When selling your home, you need to consider the market conditions, demand, home condition, location as well as compare the prices of properties that have the same features as yours before setting a price.
A good agent will take all of these factors into account when advising you on a pricing strategy.
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2. Failing to Market the Property Effectively
Effectively marketing your property is essential as anything less can increase your chances of a loss or waiting too long to get your property sold.
Taking great photos or videos of your home to emphasize it’s important features can go a long way in helping you achieve a quick sale. With technology at its peak, most buyers search for houses online. The pictures or videos of your house would be the first impression you give them about your property, you do not want to lose their attention.
An effective agent will realize the importance of making your home look great as well as using traditional and online advertising to help push your property to the forefront of the housing market.
3. Not Getting the Home Ready for Sale
Another common mistake homeowners make is not preparing their home for sale. When a buyer discovers poor maintenance, it may lead to them having notions of some other potential issues your property might have, thereby stalling on payment or stop considering your property altogether.
You may lose money if you don’t take care of repairs before the house goes on the market. It is always going to cost you less out of pocket to fix things ahead of time, rather than have buyers see your house in disrepair. Poor decorating choices, a dirty compound, can prevent the buyer from falling in love with your home.
4. Hiring the Wrong Agent
Trying to sell your home by yourself can be discouraging and tiring. You need the help of a professional . Home sellers who try to sell their homes themselves often end up taking longer to sell or even sell for far less than homeowners who work with an agentHiring an Inexperienced real estate agent can increase the risk of poor results and no sale ; Hiring experienced, knowledgeable agents increase the likelihood of success.
Hiring an inexperienced real estate agent can increase the risk of poor results and no sale. Hiring experienced, knowledgeable agents increases the likelihood of success.
A good agent should be able to recommend the proper listing price based on the position of the current market. He/she should also be able to negotiate effectively on your behalf and help you navigate through different logistical and legal obstacles.
5. Not Agreeing on Key Details
Many homeowners make the mistake of failing to agree on important details of a sale before they get an offer.
To prevent this from happening, a good agent will work with you in advance to determine things like your required net proceeds from the sale, your ideal closing date, channels you will agree to and the compromises you need to make in order to close the deal.
6. Letting Your Ego Get In The Way When Negotiating
Too many sellers take negotiating personally and lose out on making a favorable deal. Remember, this is a business transaction – perhaps the biggest one of your life. Take your ego out of the equation and put your head back into it.
The bottom line is that there are dozens of home selling mistakes that a seller can make but by avoiding these common home selling mistakes, you can increase the chances of your home selling experience been relatively stress-free and most importantly, successful.
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