Selling a Home: Common Mistakes Sellers Make
Even under the best of circumstances, sellers experience common mistakes when selling a home, which can be a trying experience fraught with challenges. Many homeowners shoot themselves in the foot right out of the gate by making common mistakes that are easy to avoid. Here are the top 3 missteps homeowners make when listing their domiciles on the open market.
Selling a Home Mistake #1: Pricing Your Home Incorrectly
Selling a home for the most money is usually a seller’s primary goal, but don’t think the way to go about this is by pricing high. In fact, when you demand an ambitious figure for your home, you’re setting yourself up for failure from the word ‘go’. Ultimately, you won’t get any realistic bids. What’s worse, you’ll end up ‘chasing the market’. ‘Chasing the market’ is pricing your home too high and then continually decreasing the price, again and again. Ultimately, your home ends up turning ‘stale’ and then buyers start wondering what’s wrong with it. Do you think a buyer is going to submit a high offer when they think something is wrong with the home or if the home has been sitting on the market for a while? No!!
Every seller thinks their home is the best on the block. Even if this is the case, its best to price the home at or even slightly below market value. Pricing your home under market value may generate multiple offers, which then drives the price up, many times resulting in selling for a price over market value!
Selling a Home Mistake #2: Hiring an Agent with Little Experience
Why do sellers hire the friend down the street who works part time and sells real estate on the side? Why do sellers not look at an agent’s experience and how many years they’ve been in the business? These factors matter when deciding on an agent! You need one with experience, who knows what they’re doing. After all, they’re handling probably the largest financial investment you’ve ever made! Baker Realty agents are some of the best in the business, highly capable of doing the following:
Highlight the Home’s Unique Selling Points
Successful real estate agents are experts at looking at a home and knowing who they should market it to. After all, certain homes are far more amenable to the lifestyles of certain buyers than others. Experienced agents know how to showcase properties to prospective buyers into envisioning themselves in a property for the long haul. Experienced Realtors can easily decipher a home’s selling points and focuses on those attributes.
Time Sales for Maximum Profit
Hiring a gung-ho agent that understands the local market can net you thousands of extra dollars. The prime selling time for a home in any given area depends on a variety of factors ranging from the weather to local economic trends. Experienced agents can ensure that you sell your home when you want for the price you desire.
Produce Superior Marketing Materials
Real estate agents that have been in the game for awhile understand the importance of obtaining photos and copy that sell. They know how to take professional photos of the outstanding features of a home and display them in the best light. What’s more, most Realtors are de facto SEO experts who can make sure that your online listing is seen by the most people possible.
Stage the Property
There’s no denying that staging a home can make it sell for a higher price than you’d command otherwise. Beautifying your home will more than pay for itself. Sometimes homes need a facelift and experienced agents point out the best ways to get superior results.
Deal With the Legal Red Tape
Once you have a willing and financially capable buyer on the property, the real work of sealing the deal begins. Good real estate agents can save you hours of frustration and thousands of dollars when it comes to inking contracts. Experienced Realtors know what to look for in contracts, how to negotiate the best deal for you, and fine tune the details.
Letting Your Emotions Dictate Your Actions
Selling a home can be a pretty emotional experience for multiple reasons. It’s hard for many to let a place they’ve lived in go. It’s even harder to get the right price for your property if you’re emotionally invested. That’s why hiring a professional makes the most sense if you want to avoid negative outcomes.
Selling a Home Mistake #3: Failing to Prepare
Most homes need a little pre-sale TLC to attract the right bids. Do the following before you list a property.
Spruce Up the Exterior
Curb appeal is the name of the game when it comes to generating enthusiasm from would-be buyers. Power-wash exterior surfaces like decks and siding to blast off debris. Strip and repaint wood that’s showing its age. Finally, give the grounds a makeover by mulching trees, trimming limbs, and rejuvenating lawns with fresh sod.
Cut Back on Interior Clutter
Nowadays, a crowded house is the last thing buyers want to see when touring a potential purchase. Letting some light in by ditching drapes around windows is a good start. Remove bulky or awkward pieces of furniture that break up the flow of the floor plan. Take out about half of the items in your closet, pantry, and kitchen cabinets. Buyers need to be able to see some space!
Touch Up the Interior Paint Job
A few coats of fresh paint can radically transform a home by making it look a lot more expensive and modern. Picking the right sheen and color for any given room is the key to achieving top-notch results. If you’re not handy with a brush, save yourself some time and frustration by hiring a professional.
Have Carpets and Flooring Cleaned
Carpeting that is in relatively good shape can be rehabilitated with the right cleaning techniques. Steam cleaning will generally produce the best results in terms of aesthetics. Carpeting in poor condition should simply be replaced. As far as hardwood flooring is concerned, sanding old boards and applying a new coat of stain will work wonders.
Replace the Light Bulbs
Upgrading CFL and incandescent bulbs with more modern LED units is a great way to make your home look radiant inside and out. LED bulbs allow homeowners to deliver the perfect color temperature and level of illumination to any space. Invest in high-quality daylight LED bulbs to show your home in the best light!
The Bottom Line
Ultimately, getting the best price for your property at the right time is equal parts art and science. If you heed the tips mentioned here, you’ll be that much further ahead of the game. Planning out the selling process in as much detail as possible ahead of time will deliver the best results and that’s what Baker Realty is here to do. Contact us today so we can put your goals into action and sell your home!