Top 10 Home Selling Mistakes to Avoid
If you are planning to sell your home, you have to be prepared. You have to make smart decisions. As you might expect, there are plenty of common home selling mistakes people can make. Here are some you should try to avoid, according to the home selling experts at PropertyLark:
1. Getting Too Emotional
Yes, selling your house and making a big move is going to come with some emotional baggage. However, you should never let emotions drive your home selling decisions. This is a major financial transaction and your house is a significant asset. Emotional decisions can lead to bad financial outcomes. You have to be able to separate your emotions from the home sale. The best way to do this is to remember that you are selling a “house” for the best value you can get. It is no longer your “home.”
2. Not Seeking Professional Help
You can try to sell your house on your own, but it’s not as easy as it sounds once you realize everything that is involved with preparation, marketing, negotiations, legal contracts and the closing process. Assuming you bought the house you are now selling, you might want to think back and remember how complex that process was. If you are selling your house on the open market and looking for maximum resale value, you will want to hire an experienced real estate agent to help avoid some common home selling mistakes. If you are selling your house quickly for cash, it’s a good idea to talk with multiple investors and real estate investment firms like PropertyLark to explore all your selling/financing options and make the final decisions that benefit you the most.
3. Setting the Wrong Price
It isn’t easy to set the perfect listing price, but it is very important. If you price your property too low, you may get lowball offers and lose out on significant profit. If you price it too high, you will turn away potential buyers and you may find your house tough to sell. You want to find the “sweet spot” that will attract quality buyers in the right price range.
4. Expecting the Asking Price
Houses rarely sell for the original asking price. You want to set your bottom-dollar price before you list and be willing to accept that. This can help you set your price point somewhere above it. That way, if you get lower offers, you still have some wiggle room. If you get higher offers or find yourself in a bidding war between buyers, it’s all icing on the cake!
5. Bad Timing
You want to pay attention to the local real estate market and understand when it’s a good time to sell. In general, spring and summer are great times to list, while winter (especially around the holidays) can be tougher. This isn’t 100% true in every market at all times, though, so study the trends and time your sale well.
6. Lack of Preparation
One of the worst things you can do as a home seller is be unprepared. Understand that most traditional home sales will take time. If you are selling on the open market, make the necessary repairs, clean up the property and get it in good shape. Know where you are planning to move and how you intend to utilize any equity earnings from your sale. If you are in a situation where you need to sell quickly, then a slow open market sale might not be the right option. Consider a cash sale or working directly with a real estate investor to find the best solution(s).
7. Not Disclosing Major Problems
As a home seller, it is your legal responsibility to disclose any known problems with the house or property. If not, you will likely encounter problems during the closing process when home inspections will reveal any issues. This could completely derail the transaction, or put you in some legal hot water. Be upfront about any known problems and it will make everything go much smoother. If your house has major damage that you know will hinder a sale, again we recommend talking to a real estate investor. We buy houses in as-is condition, so you won’t need to make repairs or worry about disclosure complexities.
8. Not Having Proper Insurance
Your lender will probably have required you to have homeowner’s insurance on your property, and it’s important to have proper coverage during a home sale. Make sure there are no hazards on your property and be insured in case there is an accident when any buyers come to see your home. You might be surprised at how often this becomes an issue, especially when people sell houses on their own.
9. Not Properly Reviewing Offers
Unfortunately, many home sellers will look only at the selling price listed at the top of any purchase offer. Remember that not all buyers are created equal and the highest price isn’t always the best deal. You have to look at every aspect of each offer you receive to weigh the pros and cons, understand certain contingencies, make sure the buyer is fully qualified (pre-approved for a mortgage loan or paying cash), and more. Don’t just focus on the price.
10. Not Exploring All Your Options
As we’ve said, an open market sale through a Realtor® may not always be your best option. You should do your research and explore all of your home selling and seller financing options—including a no-obligation cash offer from PropertyLark. This is how you make smart home selling decisions.
These are just some of the most common home selling mistakes we see sellers make. If you are selling your house, contact PropertyLark today. We can present you with a fair cash offer within 24 hours or help you explore other home selling solutions through our vast real estate network. We understand that every situation is unique, so we work with you to figure out the ideal solution.