Selling your home is a huge job – one that you should take very seriously. There are some very costly mistakes that you can make during the home selling process that could cost you thousands of dollars. Merit Real Estate has compiled a list of the top eight mistakes that we see home sellers making so that you can avoid these costly errors during your own home sale process.
Overpricing Your Home
You know what you paid for the house. In all likelihood, the potential buyers do too. Don’t make the mistake of overvaluing your property. It is absolutely crucial that you understand the true value of your home before you put it on the market. Have a few realtors – or a single appraiser – give you the value of your home based on comps and improvements.
From there you can decide on a value that makes sense, whether it’s a little above to try to make a profit or a little below to try to move your home quickly. Knowledge is power when it comes to the home pricing game.
Skipping Marketing
Marketing is the best way to sell your home. Buyers are more frequently doing the legwork that a realtor might have previously done. Gone are the days of sticking a For Sale sign in your yard and letting the buyers roll in.
You should have your home staged, take no fewer than 30 images of your home and property (by a professional if it makes sense financially), and get your home on every possible real estate website – primarily Zillow, Trulia, and Realtor.com at a minimum.
For Sale by Owner
Ouch. FSBO is one of the biggest mistakes you can make in the home selling game. You don’t sell homes day in and day out, but realtors do! Get a recommendation from a friend, family member, or colleague. Chances are that you won’t save a dime by avoiding a realtor, but will end up losing money on the sale of your home because you don’t have the knowledge and experience to put up a good negotiation on the selling price.
Neglecting Repairs
Do a walk-through of your home pretending that you’ve never been there before. What strikes you as strange or tacky? A jiggly doorknob? Squeaky floorboards? A rather large hole in the drywall? Get those things fixed before even one potential buyer does a walk through.
Getting Emotionally Involved
Don’t get more attached to silly things that you need to. Have your realtor walk through your home and if he or she says, “This paint color doesn’t work.” Or “You should consider swapping this carpeting out for something more neutral,” follow their advice. Just because that carpeting is something you and your significant other chose together after marriage, doesn’t mean it’s something that others will like.
Leaving Clutter in Your Home
The number one thing you can do to stage your home is to remove clutter. Pack it up into a storage container and store it neatly in your storage space or get a storage unit if necessary. It’s very challenging to picture yourself living in a home if another family’s clutter is all over the place!
Being Offended by Lowball Offers
Just as you are trying to get the most money for your property possible, buyers are trying to get the best bargain for a property they love. Keep everyone’s motivations in mind before you take offense to a lowball offer.
Losing a Sale over Something Petty
Don’t lose your home sale over something small. If you’re about to sell your home for your asking price or above and the buyer decides they really love the light fixture that you were planning to take from the kitchen, give them the light fixture. It’s not worth losing the sale.
To learn more about the services that Merit Real Estate has to offer, visit us online at www.MeritRealEstate.com or call (310) 379-4444 today!