Selling a home can be challenging, regardless of the market conditions. Some sellers struggle with leaving a beloved home, while others are eager to move on and start fresh. Nearly all sellers want to maximize their profit. The path to closing can be filled with obstacles, from showings and negotiations to unexpected inspection issues. However, many of these challenges are avoidable with an experienced real estate agent by your side.
Here are seven common mistakes home sellers make that can cause anxiety, delay, and financial loss. Fortunately, we can help you navigate these pitfalls and ensure a smooth, profitable selling experience.
MISTAKE #1: SETTING AN UNREALISTIC PRICE
Pricing too high and waiting for the “right buyer” can backfire, leading to your home sitting on the market and eventually necessitating a price drop. Pricing at or slightly below market value can attract multiple offers and create a competitive bidding environment. We use a comparative market analysis (CMA) to set a realistic price based on recent sales of similar properties in your area.
MISTAKE #2: TRYING TO TIME THE MARKET
Attempting to sell when prices peak is risky and nearly impossible to predict. Delaying your sale could mean higher prices for your next home and rising mortgage rates, shrinking your buyer pool. Instead of timing the market, choose a sales timeline that suits your personal circumstances. We can help you determine the best time to sell based on your specific needs.
MISTAKE #3: FAILING TO ADDRESS NEEDED REPAIRS
Neglecting minor repairs can make buyers wary of hidden issues. Most buyers will have a home inspection, and any major issues will likely result in costly repair requests or lost deals. Addressing repairs before listing can prevent surprises and make your home more appealing. We can advise you on which repairs and updates are worth your investment.
MISTAKE #4: NEGLECTING TO STAGE YOUR HOME
Staging helps buyers envision themselves in your home and can lead to faster sales and higher offers. Staging can involve redecorating, decluttering, and deep cleaning, both inside and out. We can recommend professional stagers or offer DIY tips to enhance your home’s appeal.
MISTAKE #5: EVALUATING OFFERS ON PRICE ALONE
The highest offer isn’t always the best. Consider financing, buyer qualifications, deposit size, contingencies, and closing dates. We can help you assess your priorities and select the offer that best meets your needs.
MISTAKE #6: ACTING ON EMOTION INSTEAD OF REASON
Selling a home can be emotional, but letting emotions drive decisions can cost you. Low offers and repair requests can feel personal, but it’s important to stay objective. We provide rational advice to help you make decisions in your best interest.
MISTAKE #7: NOT HIRING AN AGENT
Selling without an agent might seem like a way to save money, but it often results in lower sale prices and more headaches. Agents bring market knowledge, negotiation skills, and a network of contacts that can expedite the selling process and maximize your profit. We handle the complexities of selling, allowing you to focus on your next move.
BYPASS THE PITFALLS WITH A KNOWLEDGEABLE GUIDE
Your home-selling journey doesn’t have to be difficult. As your listing agent, we’ll develop a customized sales plan to get you top dollar with minimal stress. Thinking of buying or selling a home? Contact us today to schedule a free consultation and home value assessment.
Sources:
- The Washington Post –
https://www.washingtonpost.com/business/2019/07/22/just-because-its-sellers-market-doesnt-mean-you-should-overprice-your-home/ - Realtor.com –
https://www.realtor.com/advice/sell/spark-a-bidding-war-for-your-home/ - American Society of Home Inspectors –
https://www.homeinspector.org/Newsroom/Articles/Before-You-Sell-6-Reasons-to-Get-a-Pre-Listing-Inspection/15766/Article - Real Estate Staging Association –
https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548 - National Association of Realtors –
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
