7 Common Home Selling Mistakes to Avoid
It’s an exciting time when you are ready to sell your house and move onto the next chapter of your life. Maybe it’s time to downsize for retirement. Maybe you want to move up in to a bigger and better home. Maybe you are selling for other reasons.
No matter why you are selling, it’s important to make smart decisions as a home seller. There are some common home selling mistakes that you will want to avoid:
Perhaps the most common mistake that a house seller makes is overpricing the property. Maybe you saw one in your neighborhood listed for a high price or you are just projecting your own sentimental value on top of the actual value. It’s easy to get greedy and ask for a lot, just in case you get an offer. In most cases, you will be pricing the property a little higher than what you are willing to accept. That leaves wiggle room for negotiation. However, you don’t want to list it too high or you may turn away a lot of potential buyers.
2. Rushing to Sell
Another common home selling mistake is rushing to get the house on the market without getting it properly prepared. In many cases, it’s worthwhile to make some necessary repairs, add a fresh coat of paint and clean it from top to bottom. Hiring a professional home stager is also sometimes a good investment to show the property in its best light. If you don’t get the house ready, you won’t get as many serious offers. Plus, the offers you do get may be way lower than you hope because buyers are seeing a run-down property instead of what it really is with a little fixing up and cleaning.
3. Hiring the Wrong Real Estate Agent
There are many real estate agents out there. Most of them are great at what they do. Some left something to be desired. If you are going to hire a Realtor®, take the time to interview several before signing any listing contracts. Find someone who makes you feel comfortable and confident in their abilities.
4. Selling for the Wrong Reasons
Some homeowners might see a spike in the market and choose to sell without giving it enough thought. Obviously, you want to make sure you have a proper exit plan and also know what your next move is. Are you going to buy another home, rent for awhile or something else? Selling just for a big cash grab is not always a good idea.
5. Accepting the First Offer
Opposite of overpricing earlier, some home sellers may set a proper price. However, they end up accepting the first purchase offer that they get. They get anxious and sell the property before really seeing what kind of interest there is from buyers. Unless you’ve had the house on the market for awhile and that’s your only offer, it usually pays to be patient and see what offers you can get before accepting one.
6. Accepting the Wrong Offer
There is an art to reading all the fine details of a purchase offer. One buyer may offer more money, but their offer may not actually be the best. They could have complicated contingencies, weak financing or other hurdles that could ultimately blow the deal in the closing process. It’s important to look at all the details of your purchase offers to choose a buyer who presents less risk. You should always weigh the pros and cons of every offer before accepting any of them.
7. Not Disclosing Known Problems
Some sellers think they can be sneaky by not disclosing problems with the house that they know about. For example, maybe you have a slab leak or a cracked foundation. The home inspector will likely find any significant issues and this could easily delay (or outright kill) a house sale, or it could lead to legal action if discovered after the buyers move in.
Needless to say, there are a lot of complicated aspects of a traditional real estate sale. As a seller, you want to understand all your options and make smart decisions throughout the sales process in order to avoid these home selling mistakes. If you don’t have time to go through a traditional house sale that could take months, or if you don’t want to deal with real estate agents, home inspectors and complex buyer offers, you have another option:
You can sell for cash to a real estate investor like PropertyLark. We buy houses of all types, and we buy them fast in as-is condition. You don’t have to worry about cleaning, staging or repairs. You don’t have to worry about the buyer’s funding falling through, agent/broker commissions, home inspections or other complications that can derail the sale. You get cash for your house in as few as 7 days, so you can move on without delay.
Selling for cash is not for everyone. If you have the time, money and resources to sell on the open market, that may be best. If you want to move sooner and avoid the hassles of a normal real estate sale, then a cash offer may be worth looking into.
There is no obligation to sell to PropertyLark. We are happy to give you a fair cash offer within 24 hours of your request. You can get a sense of your home’s true value and then decide what you want to do from there. It never hurts to at least get an offer! Just fill out the contact form on any page of our website and we will get you your cash offer within a day. It really is that simple!