7 Common Home Selling Mistakes
Oct 4, 2021
7 Common Home Selling Mistakes (And How To Avoid Them)
There are a lot of opportunities to make a mistake with a process as complex as selling your home.
It's an emotional and stressful time in your life, no matter how many times you've gone through it before. Any time emotions run high, there's a greater chance of making a mistake.
However, there are some common mistakes that home sellers make. Since you're here reading this, you're already off to a great start in preventing mistakes!
Let's take a look at some of the most common home selling mistakes, and what you can do to avoid making them.
DON'T FORGET ABOUT SELLING COSTS
On average, you can expect to pay 10% of the price of your home in selling costs. That's not including how much you owe on your mortgage.
Here are a few of the costs associated with selling you should be aware of and plan for.
Real Estate Agent Commission
Repairs From Home Inspection
Your Next Home Purchase
SELLING WITHOUT A REAL ESTATE AGENT
You may be thinking that because a real estate agent charges a commission to help you sell your home that it might be worth it to sell your home on your own. This is a HUGE mistake!
Real estate agents have the expertise to help walk you through the entire home selling process (so you don't make a mistake!). They also have your interest in mind, so they want to make sure you get the best price possible for your home. That can equal tens of thousands of dollars more than if you tried to sell on your own - much more than the commission cost of hiring an agent!
Your real estate agent will have a level head about selling your home and will be able to help temper any emotions you may have. They also have much more experience negotiating and selling homes than you will, which is a major benefit.
NOT CONSIDERING YOUR FINANCES
If you're underwater or upside-down on your mortgage - when you owe more than the actual value of your home - you'll really want to consider if it's the right time for you to sell.
If you find yourself underwater, it's generally better to hold off on selling until you can build more equity in your home.
You also need to consider if it makes financial sense to sell your home.
You need to honestly assess if you can afford a new mortgage after paying the costs associated with selling a home and paying off your current mortgage. Your new interest rate may be higher, and if your loan is for a higher amount, you risk putting yourself in financial trouble.
Knowing how much to charge for your home can be tricky.
Price it too low and you miss out on profit. Price it too high and no one will be interested, which can have negative consequences.
It's our natural desire to want to get the most for our home, and our own emotional bias leads us to believe it's worth every last penny.
Your real estate agent will be your best resource to help you accurately come up with a list price for your home. They can perform a comparative market analysis of your area to put your home right in line to be sold and make you money.
There's no way around disguising needed repairs on your home. If the buyer doesn't notice an issue, the home inspectors they hire most definitely will. If you tried to hide the repair, that won't reflect well on you, and you may lose the buyer.
If you know about repairs needed to your home, it's best to be upfront with potential buyers. Some may be looking for a fixer-upper and are willing to buy your home without you needing to make the repairs, but they'll likely offer you less money than you're asking.
If you're not mechanically savvy, consider paying for a home inspection prior to listing your home so you can be aware of what work needs to be done.
NOT PREPPING YOUR HOME FOR SALE
Preparing your home for sale may seem like a minor thing, but it can have huge implications on the impression of potential buyers.
You don't want to show a completely empty home, but you do want to depersonalize it from your belongings - you want the buyer to envision themselves living there.
Clean up the clutter around your home - inside and out - and make it feel like a welcoming place.
Minor issues like leaky faucets, broken door knobs, and missing cabinet handles can make potential buyers leery of what maintenance was neglected and if there are bigger, hidden issues.
Consider a fresh coat of (neutral) paint, renting some furniture, and updating the lighting to make your home feel larger and more welcoming.
USING BAD LISTING PHOTOS
Nearly everyone carries a phone around in their pocket these days. But when it comes to snapping photos to show off your home, your cell phone camera isn't going to cut it.
Selling a home is an occasion that calls for a professional real estate photographer. You need someone who understands how to stage a shot and stage lighting to make your home look its best.
When 97% of buyers use the Internet to search for homes, you can't skimp on visuals. Poor quality photos - or not enough photos - can instantly turn a potential buyer off.
FIND YOUR LISTING AGENT AT ORIZON REAL ESTATE
Are you preparing to sell your home? Our team of talented real estate agents are ready to help get you listed today.
We'll help you avoid major mistakes as you navigate the selling process, so you have less to stress about. Call 260-248-8961 to connect with an Orizon Real Estate agent today!