Regardless of the state of the housing sector and the local market trends, the home-selling process can be quite challenging and not without its pitfalls. Some factors are emotional like letting go of a place woven with happy memories while others are financial like getting the best price for the house.
Whatever might be the reason, when you think “I want to sell my house” be sure that it is not going to be easy. There are so many aspects to contend with starting from going through the steps to list your house for sale, showings, negotiations, and finally closing the deal.
For the common person, the legal complexities of the real estate deal are not generally comprehensible. If you want to go through the sale transaction on your own, it might lead to financial strain and mistakes that will haunt you in the future. What you need are real estate professionals like Just Livin Realty to guide you so that you get the best price for your property.
Given below are seven common mistakes to avoid if you are looking for the quickest way to sell a house. Fortunately, we can help you avert these missteps and set you up for a successful and low-stress selling experience.
MISTAKE #1: Setting an Unrealistic Price
It is natural for sellers to be tempted to fix a high sale price to get the most out of the home selling process. However, if you do so, you will be pricing your property out of buyers’ wish lists as their agents too follow market trends. Your house will be sitting on the market for months and ultimately you may have to sell it for whatever price comes along.
On the other hand, if you set a price that is slightly below the market rate, buyers will find it an attractive purchase and value for money. You will receive several offers as this is the quickest way to sell a house.
At Just Livin Realty, we follow the best steps to list your house for sale to quickly close a deal. First, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that similar properties have recently sold for in your area.
Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). We can help you find that sweet spot that will draw in buyers without undercutting your profits.
MISTAKE #2: Trying to Time the Market
You’ve probably heard the old saying, “Buy low and sell high.” But when it comes to real estate, that’s easier said than done.
Delaying your home sale until prices have hit their peak may sound like a great idea. But sellers should keep these factors in mind:
- Predicting the market with certainty is nearly impossible.
- If you wait to buy your next home, its price could increase as well. This may erode any additional proceeds from your sale.
- If mortgage rates are rising, your pool of potential buyers could shrink — and you would have to pay more to finance your next purchase.
Instead of trying to time the market, choose your ideal sales timeline. This may be based on factors like your personal financial situation, shifting family dynamics, or the seasonal patterns in your neighborhood. We can help you figure out the best time to sell given your individual circumstances.
MISTAKE #3: Failing to Address Needed Repairs
As a seller, do not think that a potential buyer will ignore minor issues like a leaking faucet or a jammed window. These leave buyers worrying that these are red flags and major issues are lurking below the surface.
If you do receive an offer, you can be sure that a buyer will hire a professional home inspector to dig deeper to find out any issues including structural flaws that require major repairs.
If you do not address major issues after the thought “I want to sell my house” first crosses your mind, you can be sure that you will be forced to make these repairs before the sale. In worst-case scenarios, a buyer may ask for money back or even walk away from the home-selling process altogether.
To avoid these types of disruptions, it’s important to make necessary renovations before your home hits the market. We can help you decide which repairs and updates are worth your time and investment. In some cases, we may recommend a professional pre-listing inspection.
This extra time and attention can help you avoid potential surprises down the road and identify any major structural, system, or cosmetic faults that could impact a future sale.3
MISTAKE #4: Neglecting to Stage Your Home
Staging is preparing your house to help buyers envision what it will be like to stay there after they invest in it. Do not skip this step as it is one of the quickest ways to sell a house and not going through it might cost you time and money. In 2021, the Real Estate Staging Association released data that showed that staged homes sold an average of $40,000 over the list price and nine times faster.
What part does staging play in the home-selling process? It involves everything that makes your room appealing to buyers including redecorating, rearranging the furniture to create more space, decluttering, deep cleaning, and more. You can also create a welcoming mood outside by planting flowers and hanging a wreath on the main door.
You may not need to do all these tasks, but almost every home can benefit from some form of staging. Before your home hits the market, we can refer you to a professional stager or offer our insights and suggestions if you prefer the do-it-yourself route.
MISTAKE #5: Evaluating Offers on Price Alone
When reviewing offers, most sellers focus on one thing: the offer price. While dollar value is certainly important, a high-priced offer is worthless if the deal never reaches the closing table. That’s why it’s important to consider other factors in addition to the offer price, such as:
- Financing and buyer qualifications
- Deposit size
- Contract contingencies
- Closing date
- Leaseback options
Depending on your circumstances, some of these factors may or may not be important to you. For example, if you’re still shopping for your next home, you might place a high premium on an offer that allows for a flexible closing date or leaseback option.
Buyers and their agents are focused on crafting deals that work well for them. We can help you assess your needs and goals to select an offer that works best for you.
MISTAKE #6: Acting on Emotion Instead of Reason
It’s only natural to grow emotionally attached to your home. That’s why so many sellers end up feeling hurt or offended at some point during the selling process. Low offers can feel like insults. Repair requests can feel like judgments. And whatever you do — don’t listen in on showings through your security monitoring system. Chances are, some buyers won’t like your decor choices, either!
However, it’s a huge mistake to ruin a great selling opportunity because you refuse to counter a low offer or negotiate minor repairs. Instead, try to keep a cool head and be willing to adjust reasonably to make the sale. We can help you weigh your decisions and provide rational advice with your best interests in mind.
MISTAKE #7: Not Hiring an Agent
There’s a good reason 90% of homeowners choose to sell with the help of a real estate agent. Homes listed by agents sold for 22% more than the average for-sale-by-owner home, according to a recent study by the National Association of Realtors.5
Selling a home on your own may seem like an easy way to save money. But in reality, there is a steep learning curve. And a listing agent can:
- Skip past time-consuming problems
- Use market knowledge to get the best price
- Access contacts and networks to speed up the selling process
If you choose to work with a listing agent, you’ll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent’s commission.
We can navigate the ins and outs of the housing market for you and make your selling process as stress-free as possible. You may even end up with an offer for your home that’s better than you expected.
BYPASS THE PITFALLS WITH A KNOWLEDGEABLE GUIDE
Your home selling journey doesn’t have to be hard. When you hire us as your listing agent, we’ll develop a customized sales plan to help you get top dollar for your home without any undue risk, stress, or aggravation. If you’re thinking of buying or selling a home, reach out today to schedule a free consultation and home value assessment.
Sources:
- The Washington Post –
https://www.washingtonpost.com/business/2019/07/22/just-because-its-sellers-market-doesnt-mean-you-should-overprice-your-home/ - Realtor.com –
https://www.realtor.com/advice/sell/spark-a-bidding-war-for-your-home/ - American Society of Home Inspectors – https://www.homeinspector.org/Newsroom/Articles/Before-You-Sell-6-Reasons-to-Get-a-Pre-Listing-Inspection/15766/Article
- Real Estate Staging Association –
https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
National Association of Realtors –
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics