Selling your home can be a stressful and emotional experience. There are many factors to consider, from pricing your home to staging it for showings, that it can be easy to make mistakes that could end up costing you time and money. Here are the top five critical mistakes to avoid when selling your home.
Overpricing Your Home
One of the most common mistakes that homeowners make when selling their homes is overpricing them. Your home may hold a lot of sentimental value to you, but it’s important to remember that it’s only worth what someone else is willing to pay for it. Overpricing your home can lead to it sitting on the market for longer than necessary, which can lead to lower offers down the line. Buyers are reluctant to consider homes where sellers have priced their home too high says Elizabeth Weintraub.
To avoid overpricing your home, do your research. Look at similar homes in your area that have sold recently and see what they sold for. Make sure to be objective with your analysis, trying to remove any emotional attachment you have. This will give you a good idea of what your home is worth. You can also work with a real estate agent who is familiar with your neighborhood and can help you price your home correctly.
Ignoring Repairs and Maintenance
Even small defects that turn buyers off. When selling your home, it’s important to address any necessary repairs and maintenance before listing it. Ignoring repairs and maintenance can lead to potential buyers seeing your home as a fixer-upper, which can result in lower offers.
Before listing your home, do a thorough walk-through and take note of any repairs or maintenance that need to be done. This could include fixing leaky faucets, replacing broken tiles, or repainting chipped walls. By addressing these issues before listing your home, you’ll be able to show potential buyers that your home has been well-maintained and cared for. You may even want to consider a Pre-Listing Home Inspection to identify any issues that you want to have addressed.
While many home repairs are cosmetic in nature and fairly inexpensive, sellers are sometimes unprepared for the big-ticket issues that need to be handled before listing. Here are some common costs for most expensive big repairs:
- Plumbing: $3,000
- New roof: $9,000
- New driveway: $4,000
- Exterior paint: $3,500
- Windows and doors: Between $300 and $900 per window
- New HVAC: $9,000
- Electrical: $2,000
- Carpet and flooring: $2,500
- Deck: $2,000
Being Unwilling To Negotiate
Selling your home is a negotiation process. Being unwilling to negotiate can turn off potential buyers and can also result in your home sitting on the market for longer than necessary. While you may have a specific price in mind, it’s important to be open to negotiation and to work with potential buyers to reach a mutually beneficial agreement.
You know all the TLC you’ve put into your home, but that doesn’t mean it’s something a specific buyer will want, and it’s not necessarily something that adds actual value to the home. For example, if you did a DIY interior paint job, but the buyer wants it redone by a professional, don’t take it as a personal affront to your painting skills.
To avoid being unwilling to negotiate, start by setting a realistic price for your home. This will give you some wiggle room for negotiation. You can also work with a real estate agent who can help you negotiate with potential buyers.
Neglecting To Stage Your Home
When it comes to selling your home, first impressions matter. Neglecting to stage your home can turn off potential buyers before they even step through the door. Staging your home can help potential buyers visualize themselves living there and can also help highlight your home’s best features. Here are some great home staging tips.
To stage your home, start by decluttering and depersonalizing. Remove any personal items, such as family photos, and minimize clutter. Then, focus on highlighting your home’s best features. This could include rearranging furniture to create an open and inviting space or adding fresh flowers to brighten up a room.
Clean thoroughly
- Vacuum, sweep and mop
- Polish or wipe down appliances and countertops
- Clean bathrooms, including the grout between tiles
- Eliminate odors
- Fold and put away laundry
- Keep closets organized (buyers love storage space)
Skipping Curb Appeal
Don’t underestimate the power of curb appeal. Before you list your home, take some time to spruce up the exterior. A fresh coat of paint, some new landscaping, and a few tasteful outdoor decorations can go a long way in making your home more appealing to potential buyers.
When a potential buyer arrives at your home for a showing, the outside is the first thing they see. Don’t spend so much time prepping the inside of your home that you forget about the exterior. Common landscaping tasks can include:
- Mowing the lawn
- Painting the exterior (if necessary)
- Clearing pathways
- Seasonal maintenance, like raking leaves and trimming bushes and branches
- Planting flowers
In Conclusion
Selling your home can be a stressful process, but with a little bit of planning and preparation, you can avoid common mistakes and ensure a successful sale. By focusing on curb appeal, highlighting your home’s unique features, pricing it competitively, and timing your sale appropriately, you’ll be well on your way to finding the right buyer for your home. Also, working with an experienced real estate agent will give you a head start on selling your home.
