7 Fatal Mistakes Every Home Seller Must Avoid Right Now
Putting a house on the market is usually one of the most significant financial dealings in a person’s life. One needs to be aware of the pitfalls, as they may end up costing you dearly. There are seven mistakes in particular that you should avoid before you begin the process.
Overpricing to Leave Room to Negotiate
Some real estate agents believe buyers always bargain, so they set the initial price very high. In actuality, overpricing leads to less foot traffic and reduced interest in your home. This is how homes get “stale.” Eventually, buyers become wary of a house that has been on the market too long, and it becomes harder to sell, even when you bring the price down.
Price it based on recent sales, the current market, and the condition of your home. A well-priced home, not too low or too high, is what creates the most leverage in negotiations.
Disregarding First Impressions
The reality today is that buyers make their judgments in seconds, sometimes online, before ever setting up a viewing. A dark photo, a messy room, overgrown landscaping, or a fishy smell in the hallways can be enough to make a good home into one that buyers quickly cross off their lists.
When thinking to yourself, “How do I sell my home in Gig Harbor?”, approach the listing like a product release, which it really is. Clean it thoroughly, declutter relentlessly, and address curb-appeal fixes. Trim the bushes, spread fresh mulch, clean the front entrance, and replace burnt-out lighting fixtures. Take professional listing photos. These little touches all combine to form that all-important first impression.
Skipping Repairs You Think Don’t Matter
Sellers often pass on making minor repairs. They may consider the matters trivial and not want to put money into a house they’re not going to be living in much longer. To a prospective home buyer, any problem means something unwanted they’ll have to deal with. It can lead to a perception that the owner is generally negligent in maintenance. A dripping tap, a door that won’t open, loose outlet covers, and peeling paint should be addressed before opening the house to showings.
Reacting Emotionally
Sellers tend to have a strong personal attachment to their homes. On the other hand, buyers pay attention to space, floor plan, condition, and price. If you are very sensitive to feedback or questions, you could act in a way that turns away potential buyers.
The goal should be a business mindset. It was your choice to put the home on the market, so it’s normal for buyers to treat it like a commodity. When you get questions, comments, or offers, respond logically. Don’t take the process personally.
Lack of Preparation for Showings
Some people list their house before they are prepared. There may be pets roaming around, kids’ toys scattered everywhere, or essential documents left out in the open. Another issue is the homeowner who’s only available at select times, which may not be convenient for buyers. When it’s hard for people to view your house, or they aren’t seeing it in its best light, you are diminishing demand.
Create a plan for showing. Make accessing the home easy and ensure everything’s in the right state to be viewed. Take the trash out, keep the lights on, keep the blinds up, keep pets out of the way, and ensure the house looks and smells good.
Not Understanding the Financing Process
An offer is more than a number. Sometimes, a higher price with dubious finance or too many contingencies could actually be a worse offer than a slightly lower, cleaner one. The seller may accept what appears to be the best offer on the surface, only to end up with appraisal issues or a buyer who cannot close.
Thoroughly examine financing arrangements. Is conventional financing involved, FHA/VA, cash, or a combination of these? Is an appraisal gap analysis in place? Which contingencies are in place? Typical contingencies include inspection, appraisal, and buyers selling their own property before buying yours.
Your real estate agent can assist with an estimate of closing prospects so you look beyond just price.
Underestimating Closing Costs, Timelines, and Logistics
Disclosures, inspection negotiations, appraisals, repair documents, moving logistics, seller fees, and closing costs all come into play when selling a house. Keep these points in mind:
- Be flexible about the closing date.
- Have adequate and reliable moving plans.
- If needed, make sure you’ve arranged temporary replacement housing.
- Contact services such as utilities, internet, water, and trash. Turn them off or have them forwarded so you don’t get double-billed.
A Strategy For Avoiding Mistakes
Most selling difficulties are not caused by a single major mistake but rather by several minor oversights that accumulate. The key message here is that such problems can be prevented. Plan each phase of the process well in advance. When needed, consult with experts such as real estate professionals, repair services, or appraisers. Make selling your home a seamless effort so minor details and hurdles don’t throw you off course.
