4 Mistakes to avoid when selling
The process of selling a home is vast and complicated which can lead many considerations to slip through the cracks and cause problems later down the line. Consider these four common mistakes to avoid headaches in the home-selling process.
Overpricing the Home
If you have lived in a home for a significant time a common mistake is over-pricing the home. The sheer time you have spent in the home may tempt you to see it as more valuable than comparable properties in the area. This is a natural side-effect of owning a home for a lengthy time—one that can turn away buyers.
Overpricing your home could prevent potential buyers from even considering it, or it could cause the house to sit on the market for an extended period. The longer your home sits, the more it is perceived as overpriced or as a home with something wrong with it.
When you finally do drop your price, buyers may give you low offers in hopes that you are desperate. If you have waited six months for a buyer to match your price, they may be correct.
The longer your home sits, the more it is perceived as overpriced or as a home with something wrong with it
Overpricing often leads to accepting a price far below your original number. Putting your home up for a fair amount—perhaps even for a slightly lower price than others in your market—can do the opposite.
Check out this guide by Zillow.com to get an idea on how to properly price your home.
Not hiring a home inspector
Like you would get a second opinion on a medical treatment, a home inspection is a similar necessity. Do not skip the home inspection to save money or because you think it is unnecessary.
Homes are filled with expensive components and fixing one or several can add up quickly. It is very important to have an inspection done by a good home inspector to find the most accurate value of your home. More importantly, buyers expect the condition of your home to match the description, therefore hiring a good inspector is a must. You do not want to be caught off guard by an offer from the buyer that considers details of your home you were not aware of. This is not the time to save money. Referrals and your buyer’s agent can be a good resource to find a great home inspector.
Ignoring major repairs and making costly renovations
A long list of maintenance issues is guaranteed to turn away buyers and possibly decrease the value of your home. Unless you are selling the home as-is to a wholesaler or flipper, it is important to address the most glaring issues that are likely to turn up during a home inspection as many buyers will require an inspection before closing.
Address the most glaring issues that are likely to turn up during a home inspection
According to this post from Opendoor.com, it is important to look for items that are broken, in poor condition, or can affect the safety, structure, or functionality of the home. This could be anything from problematic wiring to foundational damage. Be sure to do research or consult a professional when addressing your home’s issues. Renovations can be costly, and improvements will not always recover the cost in the purchase price. Be sure to carefully consider any renovations if your goal is to add to the home’s value.
Skimping on property photos
These days, most buyers are starting their real estate searches online, thus taking proper photos of your home is a must for marketing. Without visuals of your home, the chances of a buyer becoming interested significantly decrease. With so many listings online, it is also important to take quality photos to separate from the crowd.
Ideally, hire a professional real estate photographer for quality results. However, it is entirely possible to take quality photos yourself. Good photos should be crisp and clear and taken during the day with an abundance of natural light. Be sure to show off your homes best faces. Consider using a wide-angle lens to allow potential buyers a better idea of what entire rooms look like.
If you really want to separate your listing from the rest, consider adding a video or 360-degree tour. Although it cannot replace an in-person visit, buyers will appreciate the ability to gather more information about your home online.
Check out our DIY curb-appeal guide for some good ideas on how to freshen up the exterior of your home for better photos.
The internet is filled with solutions to these mistakes and more you may have not considered. Be sure to do your research to avoid home-selling headaches.
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