Everyone makes mistakes. But when you’re selling a house? Mistakes can cost you — and heftily, too.
Are you planning to sell your house in the near future? Then make sure you do it right.
Here are the 7 most common mistakes we see with home sellers — and how you can avoid them:
It’s natural to want the absolute highest price for your property possible, but you also need to be reasonable. Pricing your home too high will just mean a longer time on the market and less buyer interest. (In short: it will make your job — and your agent’s — harder).
Try to align your price point with recent comparable sales in the area. You should also factor in the home’s age and condition. A home in need of repairs or lots of TLC will need a lower price to make up for all the extra work.
Keeping your personal photos out.
Even if you’re still living in the home while it’s on the market, it’s important to de-personalize the property as much as possible. That means removing personal photos and art, de-cluttering the home, and getting rid of any signs of pets on the property (smells, scratches on doors, etc.)
Leaving your personal stuff out for photos and during showings just makes it harder for buyers to see the home as their own.
Forgetting to paint over bold colors.
If you’ve made some bold decor and paint choices, then you should probably tone it down before listing your property. Personal tastes and aesthetics can vary widely, and you can’t assume your brave choices will jive with an incoming buyer.
Your best bet is a clean white or cream paint color and more natural decor palettes (think dark greys, blues, blacks, and browns.)
Being inflexible about showings.
The more buyers who see your property, the higher your chance of a sale is. If you’re really serious about selling your house (and doing it quickly), then you need to have an open schedule when it comes to showings. Make plans to get out of the house on the weekends, and set aside a few weeknights for buyers to stop by, too.
Blocking out huge chunks of time and turning down showings will only delay your sale, so try to be as flexible as possible.
Not comparing offers carefully.
The highest offer isn’t always the best bet. In fact, there are actually a lot of factors you should consider when looking at an offer in addition to the price, including the concessions they’re asking for, the inspection period, the contingencies they’re including, their earnest money deposit, and their loan type.
Some buyers will also write you a personal appeal to include with their offer, which could sway your opinion as well.
Skipping important repairs.
If your home has big issues at work, then fix those repairs before you list the house. If you don’t, you can bet those problems will show up during the inspection, and it could delay your sale or even cause the buyer to back out entirely (putting you back to square one). It will also mean significantly less price-wise, especially if the issues are safety hazards.
If you want to be doubly sure your home doesn’t have any big problems that could derail your sale, then consider a pre-listing inspection. This can give you an idea of what repairs you should make before putting the home on the market.
Picking the wrong agent.
If you use a real estate agent, take your time choosing which one you go with. Are they experienced? Do they know your market? Do they have a plethora of marketing tools and skills at their disposal? Most importantly, do they have time for you? You don’t want an agent with dozens of other clients and a jam-packed schedule. Make sure they’ll give you (and your property) the time you deserve.
Remember, though: you don’t have to use an agent at all. You can also sell your home yourself (called a For Sale by Owner) or sell it to an iBuyer like Opendoor or Offerpad. There are also discount agents who will list your home for less than the average commission (usually around 6 to 7% of the home’s price).
Selling and Buying, Too? Don’t Make this Mistake Either
If you’re selling a house and buying a new one simultaneously, then there’s another big mistake you should avoid: forgetting to get pre-qualified for your mortgage loan.
Pre-qualification can give you a competitive edge in a busy market, and it also helps point you toward appropriately priced homes. Are you ready to get pre-qualified for your move-up mortgage loan? Then get in touch with Premier Nationwide Lending today.
Premier Nationwide Lending is an Equal Housing Opportunity lender. Sponsored by NTFN, Inc. 6201 West Plano Parkway, Suite 100, Plano, TX 75093 | NTFN NMLS 75333.