Top 3 Home Selling Mistakes
Half the battle of selling a home is anticipating problems before they arise. Selling a home is a major life milestone, and it can be complex when you consider all of the steps involved: preparing and listing; making repairs; finding a buyer; navigating the closing process; and finally moving into your next place.
Our team provides sellers an alternative to the stress and uncertainty of a traditional sale. We understand the challenges many of our customers face, especially in slower markets.
These are some of the most common mistakes you should avoid when selling a home:
1. Setting an unrealistic price
The price you want and what the market will pay can be two very different things. You might hear the term Fair Market Value, which refers to how a home is valued when both the buyer and seller are reasonably knowledgeable about the property and neither is under any pressure to buy or sell.
We use a robust valuation model to compare individual features for hundreds of pairs of comparable homes. This allows us to make a competitive offer based on market data, as well as inputs from sellers themselves.
2. Ignoring major repairs and making costly renovations
A long list of maintenance issues can turn buyers off and potentially decrease the value of your home. More importantly, buyers expect the condition of your home to match the description. Consider prioritizing the most glaring issues, particularly those that are likely to turn up during a home inspection—many buyers will require an inspection before closing.
When we conduct home assessments, we look for items that are broken, in poor condition, or can affect the safety, structure, or functionality of the home. These are some of the most common repairs items we find. If you’re preparing your home for sale, use our home maintenance and repair checklist as you inspect each space.
Many sellers also consider making renovations or improvements to increase their home’s value. Renovations can be costly, and you won’t always recover the cost in the purchase price. Furthermore, some buyers prefer to make their own renovations to personalize the space. Be sure to carefully consider any renovations if your goal is to add to the home’s value.
3. Not preparing your home for sale
One of the challenges of listing your home on the market is showing your home to prospective buyers. Generally speaking, the cleaner, less cluttered, and more well-decorated your home is, the more appeal it can have. Moving.com suggests that clutter can make your home appear smaller and make it more difficult for buyers to picture themselves living in your home. In fact, staged homes sell 88% faster and for 20% more than those that aren’t staged, according to Realtor.com.
Written by Gina DeMillo Wagner