5 Mistakes to Avoid When Selling Your Home
Selling your home can be both time-consuming and emotionally challenging, especially if you’ve never done it before! You will welcome strangers into your home, only to have them scrutinize the property and likely offer you less money than you feel your home is worth.
This is why sellers have to remove their emotions from the process and avoid other mistakes, including setting an unrealistic price, expecting the full asking price, hiding major problems and not accommodating buyers.
Let’s take a deeper look to ensure the process of selling your home is as smooth as possible.
Keep Your Emotions Under Control
It’s easy to become emotional, especially when you’re selling a home for the first time. You’ve spent a great deal of time finding this home, saved for the downpayment and created memories all along the way.
However, it’s important to shift your mindset from “homeowner” to “businessperson” when you put your home on the market. If you view the situation simply as a business transaction, it will become easier to focus on achieving the best price possible, while distancing yourself from the emotional aspects of selling your home.
Keep in mind that most buyers are emotional, too. As Investopedia puts it, “If you can remember that you are selling a piece of property as well as an image, the American Dream, and a lifestyle, you’ll be more likely to put in the extra effort of staging and perhaps doing some minor remodeling to get top dollar for your home.”
Furthermore, staging and minor remodeling will help your home feel different than normal, not only helping you get more money for it but also giving you some emotional distance.
Determining the Listing Price
Whether you’re enlisting the help of a realtor or selling a home on your own, setting the correct price is key. Most often, overpriced homes don’t sell. Therefore, it’s important that you’re familiar with the marketing in your area and price your home accordingly.
When determining the listing price, keep in mind that underpricing your home may be a great way to generate interest in the property, as well as multiple offers which may drive up the price of the home. According to Investopedia, “underpricing your home can be a strategy to generate extra interest in your listing and you can always refuse an offer that’s too low.”
Do Not Expect Buyers to Offer Full Listing Price
Most buyers will negotiate the asking price and in order to sell your home, it’s likely that you’ll have to make some concessions along the way.
“Most people want to list their homes at a price that will attract buyers while still leaving some breathing room for negotiations—the opposite of the underpricing strategy described above” (Investopedia).
This particular strategy allows the buyer to feel as though he or she is getting a great deal, while allowing the seller to achieve the amount of money they need from the sale of the property.
Do Not Hide Major Problems
Do you have plumbing or electrical problems with your home? Does the roof need to be repaired? You will need to address these and any other major issues when selling your home.
Most often, sellers have three options when it comes to addressing home repairs. First, the homeowner can remedy the issue prior to home being listed. Second, the selling can lower the asking price to account for the cost of necessary home repairs. Third, the seller can offer a credit to the buyer to fix the problems on their own.
Remember that most buyers are looking for a turnkey home; therefore, it is advisable to fix any major home repair issues prior to the home inspection. Choosing to ignore home repairs may turn away potential buyers and extend the amount of time it takes to sell your home.
Accommodate Buyers’ Requests
If you want to sell your home efficiently, then you need to be prepared to accommodate buyers’ requests! Make sure to keep your home clean and tidy so you’re prepared to show your home on short notice, even though it may be inconvenient.
Furthermore, create a welcoming environment by planting flowers and tidying up the entrance to your home. Consider baking cookies for prospective buyers or leaving a note to let them know all the great features of your property.
Keeping these ideas in mind when selling your home will help achieve a less stressful experience for both you and the buyer. At GoPrime Mortgage, our local lenders are here to help you every step of the way. Contact our team today to get started on your path to homeownership!