A successful house sale involves unwavering patience and a firm understanding of the real estate market. Without extensive knowledge of the housing landscape, homeowners tend to make crucial and costly selling mistakes. If you want to get the best possible deal for your property, here are 12 pitfalls you need to avoid.
Impulsively listing your house
Unless you need to sell your house quickly, never place it on the market without carefully weighing all your options. Evaluate your current situation and possible reasons to sell. Make sure you are entirely ready to handle the challenges of house selling before starting this journey.
Not conducting in-depth research
One of the biggest mistakes some homeowners commit is not conducting research. Keep in mind that the housing market is volatile, so you must be well-informed on the recent trends and statistics. Read up on real estate experts’ forecasts and evaluate the selling situation in your area. Check the type of market you are in so you can adjust your approach accordingly. Remember that the timing of your sale plays a significant factor not only in your home’s final price but also in your financial obligations as a seller. Make sure you know the tax penalty for selling a house so that you can properly prepare for it and avoid financial complications.
Not seeking help from the professionals
While hiring real estate professionals seems like an unnecessary expense, it is advisable to seek their assistance, especially if you cannot do the legwork yourself. Find a qualified real estate agent who suits your needs and preferences. They should be knowledgeable on the ins and outs of the local market and have a high success rate of selling homes in your area. Get referrals from loved ones who recently sold their properties and check third-party platforms for reviews and recommendations. Try to interview several agents and ask for client references before hiring.
Not exploring other selling solutions
Depending on your preferences, you can either sell your house traditionally or use non-conventional techniques such as selling it to a cash buyer, auctioning it online, or listing your home for trade. If you want to maximize the offers for your house, you need to consider all selling options. Weigh each selling strategy and evaluate them based on your needs and present situation.
Spending thousands on renovation
Some homeowners assume that if they make costly upgrades, they will be able to sell their homes for a higher price. While certain improvements can increase your property’s value, it is unwise to drain your finances on renovations that may not even appeal to buyers. Instead of giving your home a total makeover, focus your efforts on home projects with a high investment return.
Unaddressed house issues can also significantly interfere with the success of your sale. Consider hiring an inspector to assess your house before placing it on the market. Conducting a pre-inspection is not only cost-effective, but it can also help you set a realistic price for your property. If you need to upgrade your window furnishings, then consider buying your blinds online. DIY blinds will save you a small fortune. To increase your curb side appeal for a higher appraisal, install cheap DIY shutters.
Overpricing your house
Every homeowner wants to sell their properties for the best price, but overpricing your home can cause it to sit on the market longer than necessary. Avoid setting a price tag based on how much profit you would like to receive. Compare your house with similar properties in your neighborhood, and consider your property’s condition. Work with your real estate agent on formulating the best price for your home and avoid including the sentimental value in your computation.
Hiding major house issues
If there are costly property problems you can’t afford to resolve, make sure you inform your potential buyers. Remember that failure to disclose present and previous house issues can lead to legal consequences. An inspector can easily discover these problems, so never attempt to hide them to save money on repairs.
Allowing your emotions take over during negotiations
If you want your house sale to progress, you must set aside emotional attachments and approach the transaction as a business deal. Instead of looking at your house as a haven of memories, view it as a product for which you would like to get the best possible price. Avoid taking low offers personally and concentrate on securing a premium proposal for your property.
Failing to prepare your house
Before listing your home, exert effort in making it appealing to any buyer. Keep in mind that the real estate market is highly competitive, so you need to make your property stand out. Avoid customizing it based on your personality, as buyers need to see themselves living in your space. Make sure to clean your house thoroughly and get rid of the clutter. Remove bulky furniture and unnecessary decorations that might discourage home seekers. The fewer items you have, the more spacious it will look.
Disregarding curb appeal
Not paying attention to your house exteriors can reduce your chances of getting a quality offer for your property. You can enhance your curb appeal by:
- Planting a shade garden
- Replacing your mailbox
- Painting your shutters
- Fixing cracked windows
- Trimming nearby trees
- Pressure washing your sidewalk and driveway
- Revamping your front door
- Trimming your hedges
- Painting your garage door
- Updating your outdoor light fixtures
- Cleaning your gutters
- Mowing your lawn
- Repairing your fence
- Styling your balcony
- Painting your front stairs
Not hiring a real estate photographer
Since most buyers look for houses online, your listing photos must be attractive and impressive. If you want to present your property in the best possible light, consider hiring a real estate photographer. They can highlight your house’s best features, increasing your chances of attracting serious buyers.
Unwilling to negotiate
Regardless of whether you received an offer below your selling price, you must maintain an open and positive mindset during negotiations. You can utilize several negotiating strategies to help you have the upper hand and secure the best deal for your house.
Selling your house need not be complicated and stressful. Avoid these mistakes when selling your home to ensure that the sale runs smoothly and productively.