3 Common Mistakes People Make When Selling Their Home
There are as many ways to ruin the sale of a home as there are real estate transactions. However, some mistakes are definitely costlier than others, while some mistakes are both surprisingly common and costly. Here are 3 common mistakes people make when selling their home and how to avoid them. We’ll also explain why these mistakes are so harmful.
Setting the Wrong Price
The wrong home price can hurt you in several ways. If you list your home for the high price you wish you could get, your home may sit on the house for several months as you slowly lower the price while literally paying the price through monthly utility and mortgage payments. If you list the home for a price too far below the expected retail value, people will wonder what is wrong with the property while many will avoid it. If you need to sell the home quickly and are thinking of selling it for a low price just to move it, talk to multiple real estate agents to find investors who can close quickly with cash instead of listing it at a low price. Find out the standard value of Ulster County homes of the same size and condition as yours instead of listing the property for the value you wish it were worth.
Not Hiring a Professional
Some people think that they can pocket the realtor’s fee when they try to sell their homes themselves. Data shows that home buyers factor that into the equation and offer several percent less for homes listed without a realtor. There’s another reason you should hire a professional – you’ll have help listing the home where it is seen by as many people as possible, increasing the odds the home sells for the price you want or even more.
Letting Your Ego Interfere with the Sale
A serious mistake is letting your ego interfere with the sale process. One version of this is lecturing people about how flaws they’re concerned about are really signs of a well-lived in home. Arguing about issues in an attempt to minimize them sets it in their minds, whereas they would have put the issue on their list to have an inspector look at it and then move on to the rest of the home.
If your real estate agent is negotiating the value of the home and you try to argue in favor of a higher number, you may drive away potential buyers. Don’t get emotionally involved in the transaction, and if you cannot keep your emotions in check, leave it all to the realtor. If buyers think you’re difficult to work with, they may move on to their second choice instead of dealing with you.
If you want to improve your chances of selling your house, make sure you refrain from committing these mistakes. A home that is underpriced or over-priced will sit on the market for a long time. Fix up the house by both cleaning it and repairing what you can repair. And don’t let your emotions or your ego get in the way of selling your home.