Selling a home for the first time is a major life milestone but as most homeowners find out, it can be quite a time-consuming and emotionally challenging process. Not even mentioning the countless stressful steps involved, including making repairs, listings, finding a buyer, getting a new place, etc.
A single mistake throughout the whole operation could significantly impact your finances. Without any experience with real estate or complex transactions, homeowners tend to make more than a few blunders.
Here are a few common mistakes that homeowners make when selling their house that you should avoid.
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Getting Too Attached
Since you’re likely the one who’ll be handling the financial aspect of selling your home, it’s important to look at it as a salesperson rather than the home’s owner. By focusing on the transaction from a business perspective, you’ll be able to sell the property without getting emotions mixed into it.
Buyers are susceptible to getting emotional when buying a home too, so try to think of what they would want to see. Slightly remodeling the house is a great idea as it could improve the image of the property you’re trying to sell and make it less familiar for you.
Asking For Too Much
When buying a new house, people, or the agents they’re working with, conduct comparative market analysis to get an idea of which homes for sale are offering the most at the lowest price. Being a seller, you need to be one step ahead. No matter how good you think your home is, overpricing is one of the worst mistakes you can make.
You’ll lose a lot of interest from potential buyers if they believe your asking price is too much of a hassle to negotiate over.
Underpricing on the other hand can do wonders for you. Not only can a good price generate multiple offers and bid the price to a higher value, but it can also be a great strategy to create extra interest in your listing. You’ll always have the option to say no to a price that’s too low but not the other way around.
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Not Hiring a Real Estate Agent
Not everyone has the time or knowledge at hand to handle such a major transaction all by themselves, especially with all the little details and paperwork to deal with. Ideally every homeowner would like to avoid the 5-6% commission rate that a real estate agent takes from the transaction, but hiring one could do you a lot more good than bad.
Since the agent’s pay depends on the transaction, they’ll do their best to get as much cash as possible. An agent can help you:
- Set a competitive selling price
- Increase the odds of a quick sale
- Interact with potential buyers
- Negotiate with the buyers
- Manage all of the paperwork involved in the transaction
- Help you deal with any problems that arise during the process
But after all that, if you still decide not to hire a real estate agent, that doesn’t mean you can’t sell the property on your own. You’ll need to handle the marketing and list your home on the multiple listing service (MLS).
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