When you are listing your home for sale, you will be subjecting yourself to the challenges that come with it. These challenges include the feeling of losing your privacy with strangers in your home, getting criticism about it, and being offered a price less than your expectations. You’re more likely to make these common mistakes along the way.
You’ve likely established an emotional bond to your home, so selling it feels like a painful divorce. You will then get emotional about it, a no-no considering that real estate transactions should be arms-length business dealings. You should maintain an objective eye so you can put in the effort to make your home attractive to potential buyers.
But it also pays to be just a bit emotional in terms of selling your home’s form and function. Perhaps you can point out the large family den where your family spent many fun nights.
Skip the agent
If you’re a newbie in selling homes, you’re well-advised to hire an agent to do it on your behalf. While an agent takes 5-6 percent of the selling price as commission, he has the connections and skills to sell your house for a profit.
You can put up online ads, such as, “I wanna sell my house Boynton Beach,” and you won’t get your desired results because of your inexperience. You may even end up selling it for a significant discount! You can forgo the agent because that’s your prerogative. But you will probably second-guess yourself and become your worst enemy, sale-wise.
Give an unrealistic price
Your home’s market value isn’t just measured by its sound structure, excellent curb appeal, and spacious rooms. It is also measured in terms of the real estate market’s current state, its neighborhood, and its provenance, among others.
You must then set a realistic price based on the wide range of factors that affect its market value. Your agent will provide his professional opinion, and it’s usually to your advantage. You should also put yourself in the buyers’ shoes and ask yourself, “Will buyers see my home’s value in the same way?”
When setting a selling price, think about your room for negotiation. You may want to set a slightly higher selling price than its market value, so when buyers ask for a discount, you’re still within your profit goals.
Withhold information on major issues
No matter your efforts in hiding major problems in your home, you won’t succeed. It is because most buyers will make thorough inspections or hire a certified home inspector. You can select one of these options in dealing with these issues:
Fix these issues, such as repairs and replacements, and set the corresponding price
List the property at a discounted price and inform buyers about these issues
Other mistakes include failure to post listing photos, carrying insurance, and accommodating buyers as well as selling during winter. Keep in mind that listing photos are likely the potential buyers’ first impressions of your home, while home insurance is a come-on for them.