It’s good to be able to learn from your mistakes, but it’s arguably better and less costly to learn from other people’s mistakes so you can avoid them altogether. When it comes to major financial decisions, such as selling your home, avoiding costly mistakes is crucial because it has a massive impact on your financial well-being.
Below are a few common mistakes that sellers have made in the past, to help you avoid them in the future:
Selling your home solo
There’s more to selling a property than listing it on a portal and waiting for the right buyer to scroll across it. It can be a complicated and intricate process. Although avoiding an estate agent’s commission may be tempting, working with a trustworthy real estate professional will ensure that your home is sold for the best possible price within the shortest possible time.
Selling with the wrong real estate agent
Selling solo can be costly, but so can choosing the wrong agent. Working with the wrong agent could be detrimental to the success of the sale. While there’s a level of professionalism across the industry, not all agents are the same, so it’s imperative that you select the right one for the job. Select an agent who has working experience in the area in which the property is situated with a depth of knowledge on the micro-market in your neighborhood.
Pricing the home too high
Many sellers overprice their homes in an attempt to counteract the buyers who try to negotiate the price down. However, instead of giving themselves a cushion, inflating the price chases away buyers and has the home sitting on the market for longer than necessary. Research shows that the longer a home sits on the market, the bigger the gap between the listing and the actual selling price. A savvy agent can help you set the best, most competitive price based on recent sales and local market trends.
Forgetting to stage your home
Sellers often forget the importance of home staging. That’s not to say that you need to spend a lot of money to make your home look fancy, however, setting up the space to look inviting and interesting is necessary. You have to remember that you’re not just selling bricks and beams, you’re selling the potential of a space and possibly a family’s origin story.
Spending too much on home renovations
It wouldn’t be wise for you to invest too much money on expensive renovations as they may not always add to the value of your home. The last thing you’d want is to spend a ton of money on upgrading your property only for potential buyers to not like the style of the home and ultimately pass up the option to buy the property.
Be overruled by emotions
While it’s natural to have an emotional connection to your home, prospective buyers will be looking at the home itself. Don’t let your emotions cloud your judgment. Being objective is key during the selling process. Instead of viewing yourself as a homeowner, think of yourself as a businessperson making a sale.
Take the next step
Avoiding these mistakes will help to ensure that the process of selling your home is less stressful and easier to handle. If you’re ready to put your house on the market, reach out to a trusted real estate professional who’ll guide you through the process from start to finish.