If you’re planning to sell your home in the near future, it’s important to be aware of the mistakes that can cost you time and money. In this blog post, we will discuss 5 of the most common costly mistakes made by home sellers. Hopefully, being aware of these mistakes will help you avoid them during your own sale!
Mistake 1: Trying to time the market
One of the most common mistakes made by home sellers is trying to time the market. They think they can wait for the perfect moment to sell, when prices are at their highest. However, the reality is that no one can predict the future of the housing market. Prices could go up or down at any time, so it’s not worth waiting around in hopes of getting a higher price. It’s better to sell when you’re ready and have a compelling reason to move.
Mistake 2: Not doing inspections
Another common mistake is not having the proper inspections done before listing the home for sale. It’s important to have a professional inspector assess the condition of your home so that you’re aware of any potential problems that could turn off buyers or result in a lower sales price. If you choose to skip this step, you could end up losing money in the long run because you leave the door open for buyers to renegotiate price and terms after you are in contract and are no longer marketing your home to prospective buyers. Disclosing all facts about your home will increase the chances of negotiations happening at the beginning so that once you accept an offer there is the least chance that it will cancel.
Mistake 3: Not staging your home
Another costly mistake is not taking the time to stage your home before putting it on the market. Staging is important because it allows potential buyers to see your home at its best. It helps them visualize how they could live in the space and also makes it easier for them to see the potential of the property. If your home is cluttered or unpresentable, buyers may be turned off and you could end up getting fewer showings and we all know that more showings equals potential for more offers.
Mistake 4: Not having professional photos
Many home sellers make the mistake of not investing in professional photos. In today’s market, buyers are doing a lot of their home shopping online. If your listing doesn’t have great photos, it’s likely that buyers will move on to the next property on their list. Professional photos will help your listing stand out and attract more buyers.
Mistake 5: Overpricing your home
One of the most common mistakes that leads to a longer sell time and potentially having to lower the price is overpricing your home. It’s important to be realistic about your home’s value and price it accordingly. If you price it too high, buyers will be turned off and you could end up sitting on the market for months without any offers. working with the right real estate professional can help you determine an accurate list price for your home.
Remember that it is not just about the sale price. You will want to focus on the net proceeds because this is really what you will walk away with when the sale is over. If you spend money to prepare you home for market to maximize the exposure and interest, you will get a better price but you want to spend money on the right preparations. A professional realtor that sells a lot in your area will know what buyers are willing to spend more money for so be sure to seek guidance in this area. The last thing you want to do is spend money on something that doesn’t have a good return on your investment.
Avoiding these common mistakes will help you have a successful sale and get the most money for your home. If you have any questions or need assistance selling your home, please don’t hesitate to contact us. We would be happy to help!