Selling your home can be both stressful and exciting, especially if it’s your first time. When it comes to selling your house, you need the confidence to sell and be a profit to you. Home selling largely involves identifying possible issues aforehand. However, regardless of your reason for selling your home, while it might be a significant milestone, you should understand the accompanying complexities, too. These complexities include finding the right buyer, carrying out repairs, closing the deal, preparing the necessary paperwork, advertisement, and others.
There are several pitfalls you can get into, which make the selling experience less than ideal. The consequences of a mistake can impact your peace of mind, frustration, headaches, and, most importantly, your finances. These mistakes can cause your home to sit in the market for months.
If you’re ready to sell your house, be open to suggestions, and work with real estate agents involved. This article has a list of common house-selling mistakes you should avoid.
3 Common Mistakes to Avoid When Putting Your Home Up for Sale
- Wrong Pricing
Sometimes, there are large discrepancies between your asking price and the market’s bid price. Thankfully, as a home seller, you can determine the approximate value of your property using the Fair Market Value. The Fair Market Value helps both the seller and the buyer deeply understand the property under a bargain, eliminating all forms of buying or selling pressure on both parties.
As the seller, you are either pricing extremely low or unconsiderably high. However, the best bargain price for any property lies in the middle of this pricing structure. The inability to locate this exact spot might cause numberless home-selling possibilities, including the inability to eventually sell your home off. Typically, many home sellers complain that they can’t sell their property off – this is usually the reason, wrong pricing.
Comparing similar houses – similar in sizes and features – is another excellent way to determine the value of your home. Popularly termed “comps,” this method has helped several realtors find a perfect listing price for properties. Thankfully, all comps are unique. Hence, the exact price you set for your property, in the long run, solely depends on you.
Summarily, to ensure you aren’t pricing your property wrongly, you can compare similar previously sold properties, find the fair market value of your home, etc. Generally, your negotiation power is also highly consequential in this regard.
- Trying to Sell it Yourself
If you are new at selling a home, then you should allow a professional to handle it. Most people don’t sell or buy a house more than once in a lifetime, and there’s a lot of money involved. Sales contracts are pages of legal boilerplate, and the mandatory disclosures are endless. You’re bringing many liabilities by selling it without a real estate agent or other professional help.
An agent knows the properties selling around you, their prices and can help you to negotiate smartly. Always get a realtor recommendation from a colleague, friend, or family member.
Do your homework, conduct interviews, check references and go with an agent with a proven track record. Don’t fall for their tricks.
- Not using Professional Real Estate Photos
With the production of cameras on smartphones, everyone thinks of themselves as a photographer. Even though your dinner pictures looked very good and clean to be featured in advertisements, you’re still not ready to take a real estate picture. Hiring a real estate photographer is the best way to take pictures of your house.
They’ll make sure your house looks great when you use it for marketing because they have the equipment and understands the angles. If you have a nice view you want to show off, a large house, or a vast expanse of land, you should consider having aerial pictures of your home taken.
Also, the views that drones capture are impressive and can show off your house in a way that will make it stand out from your competitors in the same area. You stand a better chance of closing the most favorable home sale deal when your potential buyers have an excellent first impression of such property. You can influence your property’s first impression by using professional pictures!
In the long run, everyone wants the home selling process to be less stressful and smooth. Thinking about the things that can go wrong is overwhelming. Now that you know some common mistakes to avoid when selling your house, you can be more confident when something doesn’t go as expected. If you can avoid most of these mistakes, then you don’t have to worry about selling the house.