Selling your house is not an easy task. It takes time and is emotionally and sometimes even sentimentally, demanding.
It is emotionally demanding because you will see strangers walking through your house and poking around in your cabinets and closets.
It is sentimentally demanding because you do not sell only a house; you sell in fact, memories, a part of your life. It is also frustrating to see strangers criticizing your property that is only a roof and a few walls for them but it was a home for you, not to mention that their offer will be smaller than you expect.
Therefore, it is natural for you to make many mistakes when selling your home, especially if you are for the first time home seller.
Let’s see how to avoid these mistakes and to get a high price for your house.
1| GETTING EMOTIONALLY INVOLVED IN THE SELLING PROCESS
Certainly, you will be in an emotional state but also the buyer.
Try to put yourself in the house buyer position. Try to remember the moments when you bought this house.
How did you feel then?
What were your Expectations?
How did you proceed to get an affordable price?
What were your arguments? What were the owner arguments?
Were you aware of all details?
The best attitude is to be relaxed. You should distance yourself from the sentimental and emotional factor when you sell your property. Also, the best is to see the whole process as a business transaction. Perhaps some small renovations and minor remodeling could help you to get a good price for your home. However, any improvements will not only increase the curb appeal of your property but also, will help you to detach yourself from its old look, from the emotional aspect.
2| IT IS A MISTAKE DO NOT HIRE A REAL ESTATE AGENT
Although you have to pay a significant commission (generally between 5 and 6% of the total price), hiring a real estate agent has obvious advantages. Trying to sell your house without the help and advice of a professional could be a big mistake.
Only a good realtor will sell your home to a competitive and fair price, not to mention that an agent will take your emotional state out of this in fact, business transaction. He will interact personally and directly with the potential home-buyers. They have enough experience to eliminate those who want only to look without any buying intention.
They have also more experience than you in negotiations. Therefore, an agent will obtain a better price for your home. More than that, a professional is able to solve or handle any problem that could arise during this process and is familiar with all the paperwork required in a real estate transaction.
3| SOMETIMES IT IS A MISTAKE TO HIRE A REAL ESTATE AGENT
It may seem paradoxical, but sometimes it is a mistake to hire an agent. Why to pay a hefty commission if you can manage to sell your property yourself without any help?
After all, you only need to do some research regarding the market price in your area such as the price of recently sold houses and properties and properties that are currently on the market. In this way, you can have an idea, which is the right market price of your home. More than that, because you do not have to pay a selling commission, you have enough room to make a discount to your asking price. Your offer will be more attractive to the potential buyers.
However, you are responsible for the marketing, so you have to be sure to get your home advertised, to try to reach a large number of potential buyers. Also, it is wise to hire an attorney, specialized in real estate that can help you with all the transaction paperwork. Even if you hire an attorney, selling your property yourself can save you a lot of money. However, you need to pay a commission to the buyer agent, which is between 1 and 3% from the total selling price.
4| EXPECTING TO GET THE ASKING PRICE IS A MISTAKE
First, you should know that every wise and good merchant negotiate his commodity. Therefore, you need to negotiate if you want to complete your sale in a fashion time.
Some of the sellers prefer to list their house to a high price to have enough room for negotiations. It could be a mistake. A high price is unrealistic in the buyer eyes.
You should list your home at an attractive price but also realistic price. Only in this way, you can attract home-buyers while having enough room for negotiations.
5| IT IS A MISTAKE TO SET AN UNREALISTIC PRICE
Returning to an unrealistic price, I mentioned above that is a mistake setting a too high price for your home. It is critical, to set a right and attractive price whether you work alone or with your realty agent.
You do not be afraid about setting a low price. This low price will generate more offers and of course, you will choose the highest bid, which is in fact the true market value of your house. After all, underpricing your house can be a smart strategic move.
6| IT IS A MISTAKE TO SELL YOUR HOME IN WINTER
Selling your property in winter can be a costly mistake especially if you have another option. Think about it!
Winter, is in fact the holiday season, “the best time of the year”, but the worst time for house selling. Everyone is busy with his social events and engagements not to mention the cold weather that makes you to stay at home. That means not too many potential buyers who are willing to face the bad weather to see your property.
7| IT IS A MISTAKE NOT TO HAVE HIGH RESOLUTION PHOTOS OF YOUR PROPERTY
Today, an increasing number of buyers try to find a home online and the offer is huge. Having your home listed online is a big advantage but having no pictures or poor quality pictures of your home can be a real disservice.
Good quality, high-resolution pictures that are clear and crisp can make a big difference. You should take them in a sunny day when you have a lot of natural light. Do not forget the interior of your home and highlight what is the most characteristic.
8| IT IS A MISTAKE TRYING TO HIDE A HOUSE PROBLEM
You should know that you cannot hide a house problem. Any problem will still be discovered at any inspection. You have in fact, two options:
- To fix the problem;
- To sell your property under the market price.
The first option is perhaps the smart one. If you do not fix the house problem before showing your home, you might turn away many potential home-buyers who want an impeccable home.
Having your property inspected by a professional prior to listing it is a wise idea. You can avoid any unpleasant and costly surprise.
9| IT IS A MISTAKE NOT TO BE PROPERLY INSURED
It is critical to be properly insured. You will have many “open house”. That means a lot of people will be on your property and you do not want someone to have an accident and trying to sue you.
However, try to mitigate any potential danger. Do not allow your dogs to run free around and keep the children away from the pool.
10| IT IS A MISTAKE NOT TO PREPARE YOUR HOME FOR SALE
It is extremely important to prepare your property for selling. In fact, if you do not do at least a basic cleaning you are going to throw a lot of money down to the drain.
Similar with the small repairs such a broken doorknob, a failing siding, etc. If you cannot do yourself this small repairs maybe now it is the right time to hire a professional to do that.
Putting a new fresh paint coat, cleaning, decluttering, getting rid of the unpleasant odors will make a good first impression on the home-buyers.
11| IT IS A MISTAKE NOT TO ACCOMMODATE THE POTENTIAL BUYERS
In the event that a buyer would like to see your property, you should accommodate this potential buyer, even if this is not quite convenient for you. Once again, it is critical to declutter and clean your home prior every visit. Yes, it is a lot of work but the buyer must see your property clean and tidy at all times.
12| IT IS A MISTAKE TO SIGN A CONTRACT WITH AN UNQUALIFIED BUYER
You should always keep in your mind that this selling process is a very important business transaction. You need a serious and honest buyer.
It is absolutely fair to ask a buyer to bring some sort of pre-approval letter from an important mortgage lender or perhaps, a proof of funds. In this way, you can have a proof that the buyer has the money.
Signing a transaction contract with a home-buyer whose purchase of your property is correlated on the sale of his house could put you in a critical bid if you should close by a certain date.