The top six mistakes sellers need to avoid when they get ready to sell.
If you’re thinking about selling your home, you should know that you have a lot of control over whether things go well or not. There will always be things out of your control, but there are some things you can do to ensure a smooth transaction. Unfortunately, there are some big mistakes that a lot of sellers make because they don’t know better. To help you avoid that, here are the six top mistakes that sellers make:
1. Underestimating the costs. Whether you’re going to list with an agent or by yourself, there are still a lot of fees that many people don’t know about beforehand. This includes things like prorated taxes, insurance, preparing the deed, repairs beforehand or during negotiations, potential buyer concessions, closing costs, settlement fees, and more. Oftentimes, people don’t know about the true costs that come with selling, in addition to any commission for an agent. Make sure you’re prepared for all of this.
2. Setting an unrealistic price. All too often, houses enter the market and then just sit for a long time. Many people think they should price their home high so they have room to negotiate down, but the truth is that idea can be extremely detrimental. Buyers have access to a lot of information today, so they know what a home is worth. If a house is overpriced, they won’t even go look at it, so make sure that doesn’t happen to you and your home. Work with an agent to set the right price from the beginning to entice people and get multiple offers.
“You never know when the right buyer is going to walk through your door.”
3. Only considering the highest offer. The problem with this is that oftentimes, the higher offers are going to come with contingencies. They might be asking for things that could potentially cost you more money in the end, so watch out for that. You know the condition of your property and what it is worth, so look at both the offer price and the terms.
4. Ignoring major renovations and deferred maintenance. If you don’t take the time to prepare your property for market, it’s going to show when a buyer walks through it. Think about plumbing leaks, stains, and even dings in the paint. Buyers shouldn’t be picking apart your property as they walk through it, so don’t give them grounds to do that by fixing things beforehand.
5. Limiting showings. Having access to your home is one of the most important things for buyers. As much as possible, try not to restrict showings or the hours you have available. It will just be off-putting to buyers, and you never know when the right buyer is going to walk through your door.
6. Choosing the wrong agent. Of course, there are decisions that only you can make, and you know what is best for you and your situation. However, too many people make the mistake of thinking they have the whole picture when they don’t. One big thing is to make sure you interview multiple agents before choosing one instead of just going with the first one you meet with. Make sure they’re a seller’s agent and that they have plenty of experience.
Those are the six biggest mistakes I see sellers make. I don’t want you to fall into any of these traps, so call or email me today and we can start working through the process. I look forward to working with you and helping you get the best deal possible.