As a first-time home seller, the home selling process can be challenging and overwhelming if you decide to do it by yourself. Owning a home comes with emotional attachment and you can easily find yourself making costly mistakes when selling your home if you lack of experience in the real estate market. If you want your home to sell fast and at the highest market value, then avoid making the following mistakes when selling your home.
- Getting emotional
If it’s your first home, you will obviously have great memories of this house and how you acquired it. If you don’t manage those memories effectively, you will likely develop strong emotions with your house and this can prevent you from selling your home to another buyer in an objective manner.
Buyers ask all sorts of questions and they will often ask for a walkthrough before they can agree to buy your home something that you might see as a loss of privacy. However, when you learn how to control emotions, you will view everything as a business transaction.
- Not hiring an agent
When you hire a reliable real estate agent to sell your home, you will get rid of unnecessary guesswork. They will represent your best interest, negotiate with buyers’ agents for the best offers, advise you on home pricing, when to sell your home, market your listing in the local MLS, and connect you with other real estate professionals like contractors and real estate attorney.
If you don’t have any prior experience with “For Sale by Owner”, working with a real estate agent is the best option.
- Pricing your home too high
Did you know that overpriced homes rarely sell when the demand is low? If you want a faster home closing, you must be prepared to sell your home at a competitive market rate. Buyers will always conduct a comparative market analysis to see whether your home is overpriced or underpriced before they can make an offer. Therefore, if you want your listing to generate more leads and offers, get your home pricing aspect right.
- Skimping on listing photos
Today, most prospective buyers start their home searching process online. If you fail to include listing photos, you will get very minimal engagements and your house will take a longer time to sell. When listing your home for sale, consider maximizing the power of visuals.
Include high-quality photos that highlight key areas of your home like the sitting room, bathroom, patio, cabinet among others. A walk-through video tour or a 360-degree view can also make your home listing more appealing to many potential homebuyers.
- Lack of home insurance
Most homeowners fail to get homeowner’s insurance once they clear the mortgage. To ensure that you are safe in case something happens to buyers who will frequent your home for viewing, it’s advisable to have active home insurance when selling your home.
You will mitigate any liabilities even as you adequately clean your home and eliminate any hazards that may result in damages during a home viewing tour.
- Not disclosing major defects
If your home has major repair issues, ensure that you have a plan for it because all this will be unearthed during the home inspection phase. If you don’t have a budget to do the repairs on time, you can opt to list the house below the market value to factor in the repair cost.
Alternatively, you can list it at normal market value and be ready to offer the buyer discount so that they can handle the repairs and renovations themselves as per their tastes and preference.
Mastering the art of home selling is an important skill that requires guidance and patience so that you can learn how to handle your emotional attachment and negotiate offers. When you clearly understand the pitfalls to avoid when selling your home, you will partner with the right real estate players, sell your home fast, and at the right market value.