3 Seller Mistakes That Can Bring Down Your Home Sale
To some people, selling a home seems to be a simple process. Clean it up, show it off to few people and one of them agrees to buy. But, the trouble begins when the process becomes complicated, with legal formalities and practical considerations and which you may know nothing about. Sometimes, not just sometimes! But, maybe every time sellers make mistakes that could cost them big, even after the home sale is complete.
Therefore, you need to avoid the below-mentioned common mistakes that sellers make while selling a home:
-
Fixing the Listed Price on Subjective Terms
Many homeowners think that the most objective term to implement for the price is the amount they paid for a property, plus the cost of repairs and renovations, in addition to the real estate agent’s fee. But, that list pricing justification is not objective from a buyer’s perspective – and has little to do with actual market value.
Testing the market by keeping the price high is potentially where the seller makes their first mistake. Avoid playing games with a price. Set it perfectly right from day one.
The listing price must be based on a current market value which is typically estimated by a comparison of recent home sale and current listings for similar or relatable homes. If you overprice or hype-up your home, you run the real risk of having the home sit on the market for months.
You just need have the common sense to price a home so that it sells quickly. The fact is, the longer a home awaits an active listing, and the more buyers start to wonder what is wrong with it. Over-hyped homes don’t offer any favors to sellers except the savvy sellers of nearby homes who will make use of overpriced listings as leverage.
-
Selling Your Home without a Real Estate Agent
Many homeowners do not hire the services of a real estate agent. It is true that real estate agents charge a commission on the sale price as their fee. However, with this fee comes a significant amount of expertise and support for you as the seller. Moreover, the agent earns nothing if the home doesn’t sell – so they are taking “risk” as well.
To put it differently, selling your home without an agent makes buyers hesitant to engage with you. It is because they know they are probably not working with a professional.
-
Disregarding the Advice by A Real Estate Agent
Sellers pay a real estate agent to help them sell their homes with the least amount of tension. It is a service that is outlined to make your life easier and to profit you more at closing. You should be an active member in the discussion about how to sell your home the best way, but all advice should be taken seriously.
Hiring a local agent has major benefits. The local agent knows all about your local market, right down to your neighborhood. They can tell you exactly what buyers look for in homes like yours, which makes their expertise invaluable.
If you do not feel comfortable following your agent’s counsel for whatever reason, you are better off finding a different agent whose advice you will accept.
Conclusion
Selling a home calls for amazing attention to detail. Homeowners who set reasonable prices, reduce major upgrades, follow their agents’ advice and maintain honesty in the selling process are more likely to sell their homes without hassle.