Mistake #1 — Placing the Wrong Price on Your Property
Of course, every seller wants to get the most money possible for their property. Ironically, the greatest approach to do this is not to list your item at an exorbitantly high price! A high listing price might deter potential buyers before they even get a chance to inspect your home. It may also encourage other purchasers to demand more than what you are willing to give during negotiation. If you want to sell your property quickly and at a fair price, ask your real estate agent for advice on what would be a reasonable listing price.
Mistake #2 — Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been provided at an inflated price. In order to motivate re-financing, lenders frequently calculate the value of your home to be greater than it really is. The market value of your property might in fact be lower. If you can’t get enough information from your realtor, you should ask for comparative market analysis (CMA) from at least three different real estate agents. This report will give you an accurate estimate of your home’s value in the current market.
Mistake #3 — Not Making Necessary Repairs and Improvements
If your home is in need of repairs or improvements, it is important to make these changes prior to listing your property. Potential buyers will be turned off by any obvious flaws and may low-ball you on their offer as a result. By making these repairs and improvements, you can help to ensure that you get the best possible price for your home.
Despite how often this error is addressed and how simple it is to avoid, it persists. When selling your property to possible purchasers, ensure that the condition of your home is appealing. Make any necessary repairs, clean and make sure everything works properly. A house in poor repair will significantly reduce the sale value of your property while also preventing potential buyers from making an offer.
Mistake #2 — Not Staging the Property Properly
You may have heard of the saying, “you never get a second chance to make a first impression.” This is especially true when selling your property! Most buyers will decide whether they are interested in purchasing your home within the first few minutes of seeing it. It is important to stage your home in a way that would appeal to the majority of potential buyers. This includes decluttering, depersonalizing, and depoliticizing your space. You might also want to consider hiring a professional home stager to help you maximize your home’s appeal.
Mistake #3 — Not Disclosing Enough Information
When selling your property, it is important to be as transparent as possible with potential buyers. This means disclosing any and all information that might affect the value of your homes, such as past repairs, renovations, and other significant events. Buyers have a right to know about any potential issues with the property before making an offer. Not disclosing this information could result in legal action being taken against you down the road.
Mistake #4 — Not Being Flexible with Showings
If you want to sell your property quickly, you need to be willing to accommodate potential buyers’ schedules. This means being flexible with showings and open houses. The more available you are, the greater the chance of finding a buyer that is interested in your home.
Mistake #5 — Not Working with a Real Estate Agent
Many sellers try to go the “for sale by owner” route in an attempt to save money on real estate commissions. However, this can often be a mistake. Real estate agents have the experience and knowledge necessary to help you navigate the complexities of selling a home. They can also provide valuable marketing and negotiating assistance.
Mistake #6 — Not Utilizing Technology
When selling your property, it is important to make use of technology in order to reach the largest number of potential buyers. This includes creating an online listing on real estate websites, as well as using social media platforms to market your home.
Mistake #7 – Trying to “Hard Sell” While Showing
The purchase of a home is always an emotional and stressful process. As a result, you should make every effort to let potential purchasers have free reign over your property. Haggling or trying to sell immediately is not the best idea. Be courteous and receptive instead. Any minor features that may pique their interest should be highlighted, as should any major selling points. You can also provide literature about your home and neighbourhood for them to take with them.
Mistake #8 – Trying to Sell to Lookers
A prospective buyer who is interested in your property because of a “for sale” sign that he or she saw may not be genuinely interested. Buying does not usually happen for 6-9 months after the listing goes live, and these buyers are more concerned with seeing what’s out there than making a purchase. They might still have to sell their home or may not have been approved for a mortgage yet.
If you are contacted by someone who wants to see your home but doesn’t want to provide any information about themselves, chances are they’re just looking. Politely decline or offer to show them the house if and only if they give you their name, contact information, and proof that they’re a serious buyer (e.g. a pre-approval letter from a mortgage lender).
Mistake #9 — Being Ignorant of Your Rights & Responsibilities
It is critical that you are well-informed about the specifics of your real estate contract. Real estate contracts are legal documents that might be complicated and confusing. Not knowing the terms of your contract could result in thousands of dollars in repairs and inspections. Before signing the agreement, find out what you’re responsible for. Is it possible to sell the home “as is”? What does the contract say about inspections? What happens if the buyer wants to back out of the deal? These are all important questions you need to answer before proceeding with the sale.
Mistake #10 – Choosing the Wrong Realtor
It’s possible that the most significant financial transaction of your life is selling your house. As a result, finding the ideal real estate agent for you is really crucial. Experienced real estate professionals typically cost twice as much as novice ones. The seasoned agent is more likely to be able to get you a higher price faster and with less hassle. Take your time when interviewing real estate agents.
Check out their credentials, and make sure they’re familiar with your neighbourhood. Ask them how they will market your home. The answer should be more than just “open houses” and “classified ads”. Also, make sure that you’re comfortable with the agent. You’ll be spending a lot of time with him or her, so it’s important that you get along.