Homes are very close to our hearts and selling them is not something we do very often. But in certain cases where we have bought a house as an investment plan, we need to sell as judiciously as possible. Following are some of the mistakes sellers make that can be avoided during this process.
10. Waiting for the correct time to list:
Even if the selling period does not seem quite favorable, it can actually work for us. Listing homes in the market when it is off-season will give a better competitive advantage and increase the chances of a good sell.
9. Compromising the time on reviewing the contract:
The contract is a very important legal document that states the buyer’s expectations and the seller’s obligations. Make sure to go through it thoroughly and understand the contract language well.
8. FSBO – For Sale by owner:
This is very much possible provided you have good experience in home selling and up-to-date market knowledge, something the buyers would not compromise on.
7. Keeping unrealistic expectations:
Keep your emotions under check while selling your home. To ensure a reality check, talk to your agent to understand the actual sell value of your home. This way you will be saved from unnecessary disappointments when the buyer negotiates the price.
6. Cost-cutting on advertisements:
The realty business has totally gone online and some of the best deals are cracked because of good advertising techniques. Make sure your selling proposition reaches out to as many buyers as possible by keeping the visibility high.
5. Not ensuring the buyer’s capability:
No matter how good a deal you have made by the buyer, the buyer should be able to pay you the amount or get the loan from the bank. Make sure he is pre-approved not just pre-qualified.
4. Minimizing your home show:
Home shows are the best way to engage buyers by making them experience the place that they are planning to stay in. Keep your home in a proper show condition so that you do not lose an opportunity for a good sale. Allow your agent to keep a lock box at home.
3. Not readying your home for display:
The first impression is the last one. So keep your home clean and hygienic. This does not take much of your time but goes a long way in attracting buyers.
2. Ignoring ROI:
Use your money wisely and spend on improvements that actually make a difference. The value of your home is actually determined by the neighborhood houses. So beyond a point, there is not much advantage in trying to make your home beautiful and appealing.
Overpricing will get you nowhere. That is where the agents come to the rescue. They have been on the negotiating tables many times and understand the past, current, and future market trends much better. Let them have a major say in the price and your homes will sell faster and at a much better price.