You want your house to sell fast, and you want to get at least close to your asking price, right? Well, you probably have a lot of people giving you advice on how to make that happen when selling your home, many of which who have never owned or sold a home in their life! Interestingly, many of the things sellers do in hopes of adding curb appeal or closing the sale actually turn off potential buyers. Below are 10 mistakes commonly made by sellers that you want to avoid doing.
1. Not Getting Familiar with Market
Due to significant changes in the economy the housing market has hit historic lows. Although this is great for buyers, it is not so good for sellers. Know your market; not only pricing but the average time houses in your area are taking to sell. Do you need to sell right now? Would turning the house into a rental be a better solution?
2. Over Renovating
So, you visited a few open houses in your area, and now you think you can sell faster if you renovate and make your house more appealing. Well, keep in mind that a costly renovation does not necessarily equal the same amount added to the asking price, so your return on investment will not be what you may be thinking. A buyer can take the house down the road that costs less, make renovations, and still save money.
If you have been shopping at a used car dealership then you know the prices are typically way over value because hefty negotiations are expected. You can banter back and forth for an hour and agree upon a fair price when selling your home. If you overprice your home in hopes of ending up with your “actual” asking price, you will likely be disappointed. You will turn off buyers before they even look at your house.
4. Not Hiring the Right Realtor
Hiring a realtor because he is your girlfriend’s uncle or because you think she is so attractive that she will close a sale with a male buyer is never a good idea. Your decision should be based on the individual’s professional background.
5. Avoiding Upgrades
You do not want to go over-the-top with renovations, but you do not want to show a house that is not ready either. A fresh coat of paint, new carpet, fixed window screens, etc., are a few things that can make a huge difference.
6. Selling “By Owner”
Okay, there is absolutely nothing wrong with selling “by owner!” However, if you take this approach without doing your research you will be full of regret. Sure, folks can make a nice profit by eliminating the middleman, but there are also a lot of responsibilities and legalities to consider.
7. Stalking During an Open House
Sticking around during your open house and lurking behind potential buyers in case they have questions is a huge mistake. People want to be able to speak freely with one another. They may not even thoroughly look at your property because they feel uncomfortable. Someone wanting to check out closet space, water pressure, or measure a room may feel very awkward doing so when they feel your eyes beaming a hole in the back of their head.
8. Decorating for the Holidays
You do not have to necessarily avoid hanging decorations around any of the major holidays, but you do not want to go overboard either. Buyers should be able to picture themselves living in your home, which is a little hard to do if they do not celebrate the same holidays as you.
9. Negotiating with Emotion
Before you get offended and throw a temper tantrum over a low offer, remember that the buyers are looking for the best deal just like you are looking for the best price when selling your home. They only see what is on the surface. Sometimes sellers attach wonderful memories to a home price unintentionally. You may know all the amazing memories shared in the home, but they don’t. Keep emotion out of it.
10. Keeping Secrets
You are doing yourself no favors keeping your home’s history a secret. First of all, if you know you have mold but you put a few coats of paint over it, the inspector will likely find it. Second, even if you get away with it, you could be responsible for compromising the health of someone. Full disclosure of past or present problems is always recommended.