Selling your home can be a complex process, involving time, money, and strategy. Whether it’s your first time selling or you are a seasoned investor, pitfalls can arise. You’ll want to be sure to make the right decisions along the way, in order to lessen your chance of common mistakes. These mistakes can not only cost you a significant amount of money, but they can waste your time as well.
You can lessen your chances of falling prey to these typical home selling mistakes by working with an experienced real estate agent. A good agent knows exactly which types of mistakes sellers are prone to, and will work with you to help avoid them. You can find a qualified agent in your area by registering your details at LocalAgentFinder. This allows you to compare and contrast your options, at no obligation or cost. As you get started, you’ll also want to take a closer look at some house selling tips that will help you avoid the most common mistakes.
Selling Home Tip #1: Don’t price your property above its market value.
Although this advice is given time and time again, it bears repeating. When you are selling your house, take care not to set a price that is distinctly higher than similar listings in your area. At first glance, it may seem like a sound strategy to start out with a high listing price. This could give you room to negotiate down to a realistic sale price. However, this strategy hinges on there actually being buyers who will be willing to take a look at your property with a high listed price. It’s fine to leave yourself some negotiating room, but there is always the risk that buyers won’t even consider buying your home if it’s perceived as overpriced.
Selling Home Tip #2: Don’t choose your real estate agent based on personal ties.
After making the decision to put your home on the market, you’ll need to keep your emotions separate from what is at heart a business transaction. If you have a friend or relative who is a real estate agent, you may be tempted to use their services. After all, someone who is close to you will be unlikely to take advantage of you. However, there are many other factors to consider when choosing the right real estate agent to work with. You may not be comfortable terminating your contract with a relative, leaving you few options if you are unhappy with their performance. It’s safer and more professional to choose a real estate agent based on other criteria, including their experience and skill.
Selling Home Tip 3: Don’t put off maintenance and repairs.
Putting off basic maintenance can come back to hurt you when you are ready to sell your home. This could delay you getting your home up on the market, and could also leave a negative impression with buyers. When they see obvious need for repairs, potential buyers may start to have second thoughts about your home being a sound investment.
This is because buyers worry not only about the upfront cost of purchasing a home, but also all of the future costs that this investment will incur. They will need to think about furniture, new appliances, and the cost of repairs. If your home comes across as a money pit, they will be likely to choose a slightly costlier home that is in ready move-in condition. A property that shows that regular maintenance has been taken care of will reassure buyers, who will feel safe in the knowledge that they won’t be on the hook for these additional major expenses after moving in. Money can be tight for buyers, who are putting the majority of their savings into this major purchase. If they need to worry about additional costs such as replacing an old roof or musty carpeting, they may wonder if they will even have the money after the purchase is complete.
Selling Home Tip 4: Don’t cut costs in an attempt to save.
One of the primary decisions for a seller to make is whether or not to use a real estate agent. Because selling a house is one of the most significant financial undertakings that most individuals will take in their lifetimes, it’s sometimes worth investing a bit to improve your chances of a favourable outcome. Although you could save some money in an agent’s commissions and fees, you could very well lose out in the time it takes to sell your property. This is because real estate agents not only have access to databases and potential clients, but they do this every day. The tasks they undertake on a daily basis, such as posting online listings, pulling comparative statistics and data, or creating advertising materials, are tasks that you will have to learn.
Organising market appraisals and arranging auctions can be difficult to navigate, which is why it may save both time and money to hire a professional. You can compare agent qualifications to find a suitable fit by using the free online dashboard at LocalAgentFinder.
Selling Home Tip #5: Don’t sit waiting around for the “right” time to sell.
There are certain times of year when conventional wisdom dictates that it’s better to sell. Your house may look its best during the Spring, when the flowers are in bloom. However, there is no rule that states your sale has to take place during the Spring or Summer. There are numerous factors that could weigh into a buyer’s decision to buy a property. They may want a holiday home, need to move due to a work transfer, wish to move before a new school year starts, or buy a flat for a child just entering university.
The popular buying months are not the only times of year when a buyer will be looking for a property, in other words. It’s important to consider the fact that there will be more competition during this time, so you may want to consider other times of year. It’s best to choose a time that suits your personal needs as well as current market conditions. If you sit around waiting for the perfect time to sell, you could hold onto your property for months with no guarantee that you’ll end up with a quicker sale or higher price.
Selling Home Tip #6: Keep your eyes on the end goal.
Selling your home can be emotional and even stressful. Many home buyers have a hard time letting go of a property that has served as home for years, and may jeopardise the sale due to harsh buyer feedback as a result. It’s better to leave the sale in the hands of your real estate agent. He or she can give advice, handle the negotiating process, and run open inspections. Remember that you are trying to make a sale, and so if someone wants to make you an offer that’s contingent on keeping your outdoor patio set, you should consider your priorities rather than rejecting it outright.
If a household item is easily replaceable and you are offered a high sale price, it’s worth considering the offer and allowing your agent to proceed with negotiations. Don’t lose sight of your end goal along the way. Along the same theme, you’ll want to consider all of the serious offers you receive, especially the first. Serious buyers tend to make their moves quickly, even when the home is first listed. If you reject this first offer in the hopes that something better will arrive down the road, you may miss out. Be sure to discuss factors including the current market conditions and interest level in your property with your real estate agent before you make a decision.
Although selling a home can be stressful, if you put the appropriate strategies to use you can enjoy a successful sale. Support from a good real estate agent is also highly important. There are thousands of agents registered at LocalAgentFinder, making it a useful source of information. Register now to find an agent that suits your needs.