Are you preparing to put your house on the market? Selling your home can be an exciting yet overwhelming process. However, making the wrong decisions or overlooking important details can prove to be costly mistakes.
In this comprehensive guide, we'll uncover the deadly sins of selling your home, giving you the upper hand to outsmart common pitfalls and maximize your property's potential. By understanding and avoiding these cardinal errors, you can ensure a smoother, more profitable transaction.
1. Don’t Overprice Your Home
“There’s a big reward for those who resist the urge to overprice. When contestants on The Price is Right guess the exact retail price of an item, they receive a bonus prize. And in real estate, sellers who price their house at the real, fair market tend not only to sell faster, but also to sell for 2 percent more than their home is worth.” ― Stan Humphries, Founder of Zillow, Zillow Talk: The New Rules of Real Estate
Basically, according to Zillow’s research over years of transactions, those that were fairly priced, or slightly under priced, actually sold faster and for more than those that were over priced.
2. Don’t Be There for the Home Showing
Whether you want to go grab a cup of coffee or an ice cream to treat yo' self, let the prospective buyers tour the home without you there. You don't want to seem pushy or cloud their judgement of the home.
3. Declutter and Stage Your Home
Appearance is everything and so are first impressions. You’ve got the buyer in your home, so make sure you don’t give them any reasons to leave. Your home should look the best it has ever looked. Keeping things minimal inside your house allows the buyer to envision what the space will look like as they'd like it, so limit your clutter to a minimum.
4. Don’t Be Emotional
When you’ve put ton of money into renovating your home or redoing your kitchen/bath/yard, it’s hard not to be emotionally attached. You put in blood, sweat and tears -- or paid someone else to. You remember what it was like before - and the amazing difference today. Buyer’s don’t have this same perspective.
Buyer's see what it is today - compared to price/features of other properties. So while the kitchen renovation may have cost you $20k, that doesn’t mean you can add $20k to the sales price to make up the difference. You have to objectively compare the condition and features of your house with others - just like buyers will, and price accordingly. A good agent should take all that into account and advise you on price.
5. Use Professional Photographers
It's simple. Professional Photos lead to more showings. Majority of home buyers are searching online for their next dream house and the major feature they have to look at is photos. Professional photos ensure that viewers will stop and pay attention to your listing. If you rely on iPhone photos that you took in a rush, your listing is probably going to get hidden amongst the other millions of listings online.
6. Hire an Experienced Agent
Selling a home can be tough which is why you need an agent who knows the process all the way through. This is why it's important to hire an experienced agent, but make sure you understand their commission wants before you list. Calculate their cost versus other agents before you agree. Agents who offer a lower fee will usually save you thousands of dollars compared to others who charge a 3%.
7. Leverage Modern Marketing Techniques
Did you know that listings on Zillow only access about 30% of consumer traffic? If you're wondering why your property isn't being snatched up, it could be because 70% of people looking for homes aren't seeing your listing. With new, tech-enabled real estate brokerages like SimpleShowing, your listing is not only posted on Zillow, but it's also blasted to over 50+ real estate sites as well as the MLS that ensure your listing is being shown to as much of the market as possible.
Other Tips to Help You Sell Your Home
Here is a list of tips to help you navigate the home selling process:
Choose a good real estate agent
Partner with an experienced and knowledgeable agent who understands the local real estate market and has a proven track record of success.
Research recently sold properties
Analyze comparable properties in your neighborhood to gain a better understanding of the current market conditions and price your home accordingly.
Hire a real estate attorney
An attorney can help you navigate all the paperwork and legal aspects of the home selling process, ensuring a smooth transaction.
Be prepared for closing costs
Factor in expenses such as agent commissions, transfer taxes, and title insurance fees, which can amount to a few thousand dollars.
Market your home effectively
Use high-quality photos, virtual tours, and open houses to showcase your property and attract potential buyers.
Stay flexible during negotiations
Be open to considering multiple offers and working with your real estate agent to secure the best price for your home.
Calculate your remaining mortgage balance
Determine how much you still owe on your home, as this will impact your net proceeds from the sale.
Work closely with your buyer's agent
Establish a good rapport with the agent representing the buyer to facilitate communication and collaboration throughout the home buying process.
Be proactive in the selling process
Address any issues, make necessary repairs, and keep your home clean and clutter-free to create a positive impression on potential buyers.
Consider offering incentives to home buyers
Offering to cover a portion of the closing costs or providing a home warranty can make your property more appealing and help you get more money from the sale.
By following these tips and working closely with your real estate agent, you'll be better equipped to navigate the complexities of the home selling process and achieve a successful sale.
Avoiding the deadly sins of selling your home can make all the difference between a smooth and successful home sale process or a prolonged, frustrating experience. By working with a great real estate agent and setting a realistic asking price, you will be better positioned to attract potential buyers and secure the best possible deal for your property.
Remember, the expertise and guidance of a knowledgeable agent can help you navigate the complexities of real estate markets, while an accurately priced home will ensure a swift and fruitful sale. By steering clear of these common pitfalls, you can maximize your home's sale price and enjoy a seamless transition to the next chapter of your life.
Have more questions about selling or buying a home? Chat with us now!