When selling a home you have lived in for many years, it can be a little tough to detach yourself from the house where you have built so many good memories. Often it’s stressful and emotional. No matter how much you love your home, you have to acknowledging upfront that you have to sell your home based on reason and think of it as a product with good packaging to be marketed.
Selling a home requires good preparation and if you can possibly avoid these costly mistakes when selling your property, you can reap the most possible profit from your sale. Here’s a list of 7 common seller mistakes to avoid.
1. Skipping the prelisting home inspection
It is recommended to have a prelisting inspection. If a home inspection is performed prior to the house being listed, you can address any issues on your home and save yourself the hassle of negotiating with the buyer any issues that need fixing. Last minute discovery of problems can delay, add expenses, and even derail the sale of your home. With a prelisting inspection, all parties will be aware of the physical condition of the house before an offer is drawn and buyers will have more peace of mind. Furthermore, with prelisting inspection done before the home goes on the market can help it sell faster and for more money.
2. Not preparing the home before listing
When selling a home, you have to put your best foot forward. Before you put it on the market, there are things you can do to make your home stand out especially in a buyer’s market where you’ve got more competition. A new paint and minor repairs can add more value to your home and it’s a fact. There are home improvements that can increase the value of your home, go for it especially if you have the budget because not only you can get a return on your investment, your home will stand above the others. If budget is an issue, there are ways to improve your home for less money. Just do not skimp on prepping your home before you list it or it might languish on the market. The condition of your home is always a factor in how quickly your home sells.
3. Not devising a marketing plan
Are you selling on your own or are you using a real estate agent? If you are selling on your own, make sure you know the challenges of FSBOing. Selling a home on your own can save you the commission but don’t forget that buyers may also feel that because you are doing FSBO, they can only save money by offering a lower price.
If you are hiring a real estate agent, take time in choosing the right real estate agent, someone who has an excellent reputation in listing homes and with great knowledge on the local market. Your payoff will be much larger if you list with someone who has a great sales expertise.
4. Overpricing your home
So you’ve seen the comps in your neighborhood, but you just know that your home is more special so you’re going to list it at a higher price – no. If you price your home too high, it’ll take longer to sell and may languish on the market that you’ll eventually have to drop the price anyway. Even if you think your house is special, your house is not going to be that special to other people. You have to price it right according to the market value. See factors to consider in pricing your home. If you’ve hired a real estate agent, your agent can help you determine a reasonable price for your home.
5. Not disclosing information
Home buyers suing the seller for problems they find after moving in happens. While you cannot completely protect yourself from post-sale problems, you can minimize the risk by disclosing any problems the house may have. By law, South Carolina sellers must fill out a disclosure statement, this form allows sellers to answer yes, no or don’t know to several dozen questions about the home’s features and condition.
6. Not prepared for viewings
The ‘showing’ will be the determining factor whether a buyer will buy your home. Neglecting to make sure your home is ‘show time’ ready can be a costly mistake because you’ll never know when the right buyer will view your home and the home didn’t make the best impression. Whether you show the house in the evening or your agent does during the day when you’re at work, your home must be available for viewing and presented at its best light.
7. No back up plan
Are you buying your next home or selling your current home first? You should never commit to buying a new home until you had researched how saleable your current home is. Make sure you have a backup plan in case your transaction on either end takes longer or shorter than you expected or if your home didn’t sell at all.