7 Common Mistakes to Avoid When Selling Your Home
When it comes to selling your home, there are plenty of mistakes you could potentially make. Selling a home is a complex process, so you should be aware of some of the more common mistakes people make so you can avoid them. Here are 7 common mistakes you can avoid:
1. Trying to sell your house yourself.
You may get out of paying an agent commission by selling your house yourself, but you also miss out on a lot of advantages that come with hiring a professional. For example, data from the National Association of Realtors shows you will likely make more money when you hire an agent.
Many additional services come with hiring a professional agent, including professional guidance, a network of agents, and professional marketing strategies. A Realtor® will have much more experience in selling homes than you, along with a deeper understanding of local trends on the housing market, regulations on closing a sale, and many more aspects of the process. Their expertise will help you make the best decisions for selling your home in your particular area.
Your Realtor® will also be connected to a network of agents, meaning your home can be put in front of many potential buyers that would not have found it otherwise. When selling your home yourself, you often rely on word-of-mouth and other less effective methods for advertising your home.
Finally, agents can provide much more advanced marketing strategies that you might not have access to–or the resources for–on your own. This can include digital ads, print ads, and much more.
If you’re unsure how to find the right Realtor®, check out our blog post from last week, Questions to Ask Your Potential Realtor®!
2. Failing to declutter your home prior to going on the market.
Do not underestimate the importance of cleaning and decluttering your home before showing it to potential buyers. Buyers want to be able to envision themselves in your home, and clutter may make the space seem tighter and smaller than it actually is.
Make it as easy as possible for them to picture themselves in your home by decluttering as much as you can beforehand.
3. Setting an unrealistic price.
This is another mistake you can easily avoid by hiring a professional agent. An agent can provide you with a comparative market analysis (sign up for yours for free here!) and guide you toward a price that will bring you the best ROI and help you sell your home quickly.
4. Letting your emotions get in the way.
We get it–your home has been a huge part of you and your family’s life! But it’s important to set any emotional attachment to the side when selling your home. Stay open-minded, don’t be offended by low offers, and be willing to make any necessary repairs or staging decisions that will help your home sell.
5. Underestimating the costs of selling.
Be sure to prepare for the additional expenses that come with selling a home. This can include agent commissions, staging costs, closing costs, necessary home repairs, other moving expenses, and more.
Here is a breakdown of some common costs sellers pay:
- Agent Commissions: Typically 6% of the home sales price (Ex. if your home sells for $350,000, you can expect to pay about $21,000 in agent commissions)
- Staging: Can be anywhere from $500 to over $2,000
- Moving Expenses: The average cost for a local move is $1,250 and the average cost for a long-distance move is $4,890
6. Trying to hide or ignore major problems that need repairs.
You can fix this by paying for a home inspection before listing your home. Buyers often opt for a home inspection anyway, so you can avoid delaying the closing process or risking losing the buyers by getting an inspection ahead of time.
7. Underestimating the power of high quality listing photos.
According to the National Association of Realtors® Profile of Home Buyers and Sellers, 43% of buyers looked at properties online as their first step in the home search process, and a whopping 97% used the internet to search for a home. High quality photos of your home are increasingly important, especially as the pandemic has pushed a lot more of the home search process online.
Listing photos are often the first impression potential buyers get of your home; make it count!
Have any questions about the home selling process? Let us know! We’re happy to provide you with answers!