5 Mistakes to Avoid When Selling Your Home
Selling a property is one of the biggest financial sales most people will experience in their lives. A house is a big asset for many people, so it’s important to avoid common mistakes when selling your home.
For many people, especially first-time sellers, it can be tough to sell your home objectively when you’re emotionally attached to it. There are many things to keep in mind, from managing issues with the property in the right way to considering all offers carefully.
In this article, we’ll explain the common mistakes to avoid when selling your home (applicable to homeowners, landlords, and property investors).
1. Selling a House On Your Own (Without a Real Estate Agent)
A big mistake to avoid when selling your home is trying to sell a house on your own, without a real estate agent. Planning to sell your house on your own, especially when it’s your first time, can cause trouble. This is especially the case if you try selling a house on Craigslist, rather than a trusted property site (like Zillow or Opendoor).
It’s not a good idea to sell your house without any professional consult. While hiring an agent can raise your expenses and closing costs, you get what you pay for. A good property management company can set your house at a fair and competitive price. They know the market value of your property and ensure you position yourself in a good place on the market from the get-go.
Plus, they look after the paperwork and important documents. Property Management OKC even checks if your house is well maintained or not. So, there won’t be any delay in the process or issues that arise later.
2. Not Keeping Emotions Aside
Understandably, many people have trouble when it comes to keeping their emotions aside during the selling process. We can understand your home is more than four walls and a roof to you. It’s normal to have emotions attached to your home, especially when it’s your first home. However, this can make it more difficult to sell a property fast.
If you have made up your mind about selling your house, you need to stay strong. Think of yourself as a salesperson rather than an owner. Look at everything you do, from completing renovations and rejecting offers, from a financial perceptive. This can help you distance yourself from the emotional aspects of selling the property.
3. Setting an Unrealistic Asking Price
Setting an unreasonable price for your house is another mistake to avoid when selling your home. It can cost you time and make buyers think there’s an issue with your property should you have to drop the price later. Plus, houses priced incorrectly will stay on the market for longer, which is another bad sign for potential buyers. It can put many people off from even booking a showing!
Whether you are with a real estate agent or not, setting a realistic price is crucial to selling a house fast. In fact, 75% of real estate agents say setting an unrealistic price is the top mistake homeowners make, based on our research. When properties are priced right, the average time a property stays on the market is around two weeks (according to these quick real estate statistics).
Setting up your home price on the low side brings in more offers, which automatically bids the price up to the actual market value. This is a strategy many real estate agents advise on doing when selling a property.
4. Expecting the Asking Price
It’s natural that any buyers will ask for negotiation. As a homeowner, you have to play along. Most homeowners list their houses at a reasonable price, but, at the same time, leave some space for negotiations.
Buyers need to feel like they are getting a home at a good market value. This is the same for landlords, who want to feel like they are getting a good amount of money from the sale and a good price when buying.
Ending up with more or less than your asking price depends on whether you’re in a buyer’s market or a seller’s market. It also depends on how well managed your home is. But, generally, you should expect an offer to be made that’s just below the asking price.
5. Hiding Major Issues
Do you regularly inspect your house? Another mistake to avoid when selling your home is to fix major issues or be upfront about them, instead of attempting to hide them.
Trying to hide issues is never successful, as the problems will arise later during the homebuyer’s inspection. This can lead to you losing money if the buyers remove themselves from the sale. It can also lead to you losing the property you’re buying, as your house will need to go back on the market.
If your house has major issues, you have a few options:
- Fix the problem before listing your property
- Price the house below market value
- Offer the buyer a credit to fix the problem
Avoiding the above mistakes when selling your home can make your work (and life!) easier. Prevention is always better than treatment, so it’s good to be in-the-know about the common pitfalls. This enables you to avoid problems and sell your house faster.
Are you selling a house in Philadelphia or San Diego? Brotherly Love Real Estate are your local property experts. We buy houses fast for cash, helping you close on a property in as little as 21 days (for a fair price!).
Contact us online today or give our team of real estate agents a call at (215) 769-9875 to learn more.