For many, selling a home seems like a much easier job than trying to buy one. While there’s certainly less paperwork when selling your home, it’s not as simple as listing it and it sells. There are many sellers out there that will make mistakes when trying to sell their homes, and mistakes can make the sale process longer and possibly more difficult. If you’re thinking of selling, make sure you don’t fall victim to these common seller mistakes.
Not Using an Agent
Selling a home is a lot of work, especially when you consider all the time that goes into marketing and the actual sale process. Unless you have unlimited free time and a broad understanding of your local real estate market, a big mistake when selling your home is trying to do it without an agent. A real estate agent has the knowledge, the experience, and the time needed to get your property sold. An agent will also do all they can to help you get your home sold. Selling a home can be emotional – an agent will help guide you through the entire process, especially if you know it’s going to be hard for you or your family.
Not Expecting Selling Costs
Buyers are not the only party in a home sale that need to expect spending money – sellers have a number of costs that come up once a home is on the market. Common costs associated with selling can include agent commissions, closing costs, staging costs, repairs that come up from the inspection, seller concessions, and moving expenses (it’s important to note that not all property sales will include these costs). Some sellers may have two properties with two monthly payments while they wait for their current home to sell. For sellers, listing your home can come with some unanticipated upfront costs; an additional benefit of hiring an agent is that an agent will be able to go over and help you understand the additional costs that come with selling your property before it goes on the market.
Hiding Major Repairs
Every seller would like to get top dollar for his/her property, and it can be enticing to hide major repairs from potential buyers in order to get the biggest return on your home. Many buyers will schedule a home inspection after their offer is accepted, and should an inspector find any major damage to the home, the deal could fall through. It’s best to be upfront about the state of the house as this can help find buyers who are open to properties that need work and weed out those that don’t want a project. It can also help with negotiations if both parties are privy to all pertinent information about the property.
Traditionally, in-person home showings were the way to go for potential buyers to view your house. While things have slightly changed due to the Coronavirus, showings are still incredibly important. Buyers still want to view homes in-person, and while virtual showings and virtual open houses have become popular throughout North America, many people still want to physically visit a property before they make an offer on it. Limiting access to your property decreases your chances of a quick sale. Accommodating buyers, especially those that are motivated, is still vital to selling real estate. If you can accommodate potential buyers, do so (but abide by any local regulations pertaining to the Coronavirus).
One of the most important parts of selling a home is the preparations. Buyers react better to homes that are de-cluttered, well-lit, staged, and have nice listing photos than those that do not. Many buyers begin their home search online, and listing photos need to make a great first impression. Lighting plays an integral part in selling a home, especially in photos but also during showings – a well-lit home is inviting and enticing. You don’t need to go out and rent or buy new furniture if you’re putting your home on the market, but you should be aware of ways to clean your rooms and arrange your current furniture to best showcase your house. Taking the time to prep your property could mean an offer in a matter of days versus weeks or months.
When it comes to real estate, every party involved has something to expect. Selling a home isn’t easy, and a fair amount of work goes into getting a home on the market. Don’t make the mistakes others have – plan and be ready to go as it will only make the process easier for you.