Common Mistakes Made by People Selling a Home
Selling a home can be difficult and more than a little bit stressful. Sellers are trying to get the best price possible for their home and are very often feeling time pressure. Being a seller also means having to make sure the house and property are appealing to buyers. Once an offer is made, the seller has to accept the offer or continue to negotiate. If you’re involved in a home transaction, the decisions you make can cost you money or boost your income, so sellers want to avoid common home selling mistakes and buyers want to be able to recognize them. Cliffco Mortgage Bankers helps people achieve the dream of home ownership every day. We want every sale to proceed as smoothly as possible, so we want to tell you about 7 mistakes homeowners make.
1) Making a Mistake on the Listing Price
One of the first decisions a home seller has to make, which is pricing your home, can also be one of the most dangerous ones. It’s very important that you price the home realistically. Listing a price that’s too high won’t sell the home and listing too low of a price will cost the seller money. Forbes recommends that home sellers keep an eye on comparable sales in the area.
2) Not Caring About Curb Appeal
Even if you meticulously prepare the inside of a home, you want to make sure that potential buyers actually go inside. Remember that the first impression they get happens outside. So at the very least, sellers should make sure their grounds are well kept and you’re up to date on exterior maintenance. Homeowners should also look for ways to enhance the curb appeal of the home.
3) Errors in Negotiation
When a seller does get an offer on the property, it’s important to handle it well. They shouldn’t refuse to negotiate and they should prepare a counteroffer. But the seller should also understand that they don’t have to present that counteroffer immediately. They should take some time to get it right. When a seller talks to their agent they should be careful about what the buyer’s agent hears.
4) Don’t Hide What Should Be Disclosed
When a deal is ready to go to closing, things often fall apart if the seller doesn’t disclose issues that might be problematic. If you have bad plumbing or a furnace that’s not working that can be discovered during the home inspection. Not being upfront about the issues with the home can be a recipe for a buyer walking away from the deal.
5) Not Marketing the Home Properly
Selling a home is just like selling soap and cola. Marketing is important. According to The Balance, good marketing can help in both sellers’ and buyers’ markets. So don’t skimp on the marketing budget if you’re the seller, and take care of how you photograph both the exterior and interior of the home. Don’t take fuzzy photos. Also, pay attention to the websites and publications that publish real estate listings.
6) Minding Pets and Their Odors
We all love our dogs and cats, but not everyone loves animals. Potential buyers could be scared off by them, no matter how gentle they may seem to the homeowner. Sellers also may not realize how strong pet odors are inside the home because their family is probably used to it. Sellers shouldn’t forget to thoroughly clean and disinfect their home to get rid of these odors before showing it.
7) Don’t Bring Ego to a Real Estate Negotiation
Too many sellers take a low offer for their home personally. If the seller doesn’t like the offer, they should continue the negotiation or they might lose out on the deal. Sellers should keep things professional and although a home may be your most personal possession, selling property is essentially a business transaction. All parties need to detach themselves from their emotions.
A home sale can be a difficult process, but there are people out there who can help. If you’re looking to learn about your mortgage and financing options, contact Cliffco Mortgage Bankers.