The saying goes, “you make your own luck.” But when it comes to selling your home, the quickest and easiest way to that pot of gold at the end of the rainbow is by following a proven plan for success. Selling your house takes work — a lot of work. You can’t simply list it and assume it will sell quickly. While you may be tempted to take shortcuts, these mistakes will prove costly in one way or another. Many homeowners try to sell their houses on their own but get discouraged by the time they’ve wasted and the small number of buyers they’ve been able to reach. Many others hire the services of a realtor or property manager but receive little help in developing a marketing plan that sells their home rather than just sitting on the market.
When the time comes to sell your home, you want to get the best price possible. But in your excitement to sell, you may make some mistakes that will cost you money. Here are five of the most significant errors to avoid when selling your home.
Here is the list of five mistakes that you need to avoid while selling your home.
Don’t let your emotions hinder you when selling your house:
It is easy to become emotionally attached to your house for sale, especially if you’ve raised your family there or have spent a lot of time renovating it. But when it comes time to sell, you need to put your emotions aside and treat the transaction like a business decision. Don’t let your emotions get in the way of a sale. You bought your home for a reason and put a lot of time and money into it. But when it comes time to sell, remember that it’s just a house — it’s not worth taking less money or letting it sit on the market if it means you can buy something better.
Selling without a plan:
Before you put up a house for sale sign, take a step back and figure out your plan for selling your home. Do you want to hire an agent or go it alone? What’s your strategy for negotiating with buyers? Are there any updates you need to make before selling? Get it all figured out before taking action. Otherwise, you’ll lead with your emotions and make drastic mistakes. Once you’ve determined that it’s time to sell, put together a plan for unloading your property as quickly and painlessly as possible. If you haven’t sold real estate before, find someone who has — preferably someone who has sold in the same area recently — and ask for advice. This person might be a friend or family member who recently sold their home or an agent who specializes in selling in your area.
Not Getting an Expert Opinion:
Real estate agents have experience selling homes and can help you determine the right starting price and negotiate a deal with buyers. If you’re not hiring an agent, at least get a few opinions from real estate agents who have experience in your neighborhood and can offer advice on how much to list your home for sale and what updates might add value. You’ll also need to check with your mortgage lender before listing your house for sale. Some mortgages require the permission of the bank before any sale can complete.
Overpricing the house:
The best way to find out how much your home is worth is to hire an appraiser or a real estate agent who will conduct a comparative market analysis (CMA) — which means looking at the prices of similar homes in the area that have recently sold and those currently for sale. You’ll get an idea of what your own home is worth by comparing it with those other properties that have sold and those currently for sale. It’s great to have lofty goals, but setting an unrealistic asking price won’t get you anywhere. It can hurt your chances of getting top dollar. And pricing too high can even make it harder to get a fair price later on.
Not fixing up the house:
Whether or not you’re hiring a real estate agent, give the house a thorough once-over before putting it on the market, looking especially closely at structural issues, like cracks in walls. You’d never show up at a job interview in wrinkled clothes and unkempt hair, so why show your house when it’s not at its best? If you want to get top dollar for your home, it needs to be clean, clutter-free, and in good repair. You can make many small improvements to increase the likelihood of a fast sale and add value to your house. They don’t need to be expensive or time-consuming; even something as simple as decluttering can make a difference in how potential buyers view your house.
If you keep these things in mind and consult with a realtor before listing your home, you are sure to sell the house without encountering difficulty. Real estate agents can help you set a price and make your house for sale more attractive to potential buyers.