Selling real estate is a great way to make money and now is a great time to think about doing it. The American real estate market has been rebounding across the nation, and that’s good news for everyone looking to sell.
When you go about selling real estate, it’s important that you do everything right. Amazingly, statistics show that the average home seller is making at least three very big and very costly mistakes when they sell.
We’ve put together a list of some of the most common mistakes to help you avoid losing thousands and possibly even tens of thousands, of dollars in home worth.
1. Not Making the Necessary Repairs Before Selling Real Estate.
Sometimes you just want to be out of your home and done with it. You’ve moved on emotionally and are looking forward to the next step in life. Just remember that new homebuyers don’t want to take on your problems.
It’s not just a matter of cost; it’s also a matter of time and effort. Most people who are moving in are not interested in putting that off while they get the HVAC system repaired. The price you pay to fix the issues around your home will actually be cheaper than what you are likely to lose if you have to price your sale at what buyers will be interested in.
2. Not Taking Great Pictures.
Almost all home buys these days start with online searches. In fact, if you are selling real estate you should know that no one will come to your home in-person who hasn’t already looked at it online.
What does this mean? It means you need to tidy up all the kid’s toys from off the lawn, clean your floors until they gleam, clear out all that clutter, and take your photographs at the best time of day to give the inside and outside of your home its best look.
3. Not Getting Rid of Your Clutter.
This is a little thing to do that reaps giant rewards. Having every shelf and cabinet completely stuffed full of junk, half of which is going to get thrown away when you move anyway, makes your home seem smaller than it really is. Buyers will get the impression of less space and may start to question your asking price. You’re going to have to move that stuff at some point, so why not move it before selling real estate so you can be sure that your home looks spacious and inviting?
4. Not Disclosing Everything.
Every home has issues. Unless buyers are interested in a brand-new home, they’re going to accept that houses have some problems. If you have an older home, you may have more problems than newer homes. Yet older homes have their charms, and often the base quality of construction is excellent.
The worst thing you can do, though, is to fail to reveal all of the issues in your home before closing. The buyers will find out about all these issues, and you will pay for it. You may have to pay a lot more if you wait until they find it for themselves after closing.
5. Not Properly Staging For Walk-Throughs.
Getting your home ready for sale is a bit of a balancing act. On the one hand, you don’t want it to be completely empty. On the other hand, you don’t want it to be cluttered and unclean. What you want to do is give the impression of a beautiful home full of possibilities.
You do this by staging your home to make it ready for potential buyers to look at. It should be clean and all the clutter should be removed, but there should still be furniture and other items that make it look like a place you would want to live. It’s important that your potential buyers be able to see themselves and their families in the space, so remove those highly personal items like family pictures and your private collection of knickknacks.
6. Not Looking At The Competition.
All the homes in your area that are similar to yours are in competition with your sale. You have to take these homes and their prices into consideration. In the end, it’s not so much a matter of what your home is worth as what buyers are willing to pay for it. If the competition is selling a lot lower, you may have to wait before selling real estate or accept a lower price.
Look at homes in similar geographic areas, of a similar size, with a similar adjacent property size. You should also be looking at homes that have similar features, such as a newly renovated roof or a pool, and also at homes that are in a similar school district to yours. This will give you an idea of what your home is really worth at the moment.
7. Not Cooperating With Your Agent.
Nobody is going to buy your home unless they can see it. It is going to be inconvenient to allow the agent to come by and show it, but if you don’t open your home up for showings, you’re not going to ever be able to attract the right buyers.
It may take a bit of planning, especially if you have children, but it’s important to remember what your goal is: getting the best price you can for your home so that you can move on to the next stage in life.
8. Trying To Do a Sale by Owner.
This might seem like a good way to save money because you don’t have to pay any commissions to your real estate agent. The problem is this isn’t the best way to get the most qualified buyers. It is the way to attract cutthroat bargaining that lowers your sale price. It may also be the way of getting involved with a seller who in the end can’t actually get qualified for a home loan.
Selling real estate is both rewarding and tricky. Avoid these eight common seller mistakes and you’ll be on your way to getting the best price for your real estate.