Top Five Biggest Mistakes To Avoid When Selling Your Home

1. Not Hiring a Realtor

Did you know that only 10% of “For Sale By Owner” homes actually sell? What’s the reason for that? As it turns out, there are many! First of all: connections. Realtors know other realtors because they have to work with them frequently when one represents a buyer and another represents a seller. They talk to each other. They also have access to the MLS (Multiple Listing Service), which is the main database used to list real estate for sale.

Realtors can let other realtors know a home they are about to list – juuust in case a realtor in their network has a client that is looking for a home in the area with the same amenities. Oftentimes a buyer has already viewed a home before it is even officially listed. The fact is, the vast network available to a homeowner via a realtor is incomparable to just placing a “For Sale by Owner” sign in the yard.

Realtors are experts at their craft. They know how to handle showings. They know how to negotiate purchase offers. They know how to price a home to sell. They know what real estate marketing strategies to use. Choosing not to hire a realtor is choosing the difficult road.

2. Not Preparing a Home for the Market

You have one opportunity to make a first impression. Neglecting to take the necessary steps to make sure your home looks its best is one of the worst mistakes to make when listing your home for sale. 

Start with the home’s curb appeal. What does it look like when prospective buyers pull up out front? Is the lawn green and cut? Are the bushes freshly trimmed? Are the outside windows clean? Are cobwebs removed from the porch light? 

Inside the home, make sure that all necessary clutter is removed. Make sure to dust and clean that ceiling fan. Wipe down the base boards. Organize your closet and medicine cabinet (yes, they will look in there). Deep clean all appliances. If your home has brightly colored walls, think about repainting to neutral colors. Make sure furniture is arranged so prospective buyers can easily make their way through the home.

3. Reviewing Purchase Offers with a Closed Mind

When selling a home, it’s important to do so with an open mind. One of the most common home selling mistakes is reviewing purchase offers with a closed mind. It would be great if every purchase offer was for the full list price with no concessions or contingencies, but that’s just not reality.

You may receive some “low ball” offers. Be sure to respond to those as some people start low no matter what, but are willing to go much higher than their first stated price. If you don’t answer, that kills any chance you can sell your home to that prospective buyer. By not responding to the low ball offer, you never know if they are willing to be realistic or not.

Another frequent scenario is when the buyer asks for seller concessions. Sellers can pay closing costs that include: title fees, recording fees, inspection fees, property taxes, and more. Sellers who understand that some buyers cannot purchase a home without seller concessions will be more likely to review purchase offers with an open mind, even when concessions are being requested.

4. Not Being Realistic with Inspection Negotiations

The majority of home buyers are going to elect to have a home inspection, and most home inspections will result in problems being found.  Whether a buyer makes requests for home inspection findings to be addressed or not is up to the buyer.

What’s important to understand when selling a home is being realistic with home inspection negotiations. There are certainly some home buyers who will go crazy with their requests after an inspection, and as a homeowner, you have the right to say no to the requests that seem out of line.

It is important, though, to remain realistic with home inspection negotiations should a major safety concern get discovered.  For example, If there are some major problems within the electrical panel box that could result in a fire, a seller needs to remember that this is a major safety issue, and address it. There are some sellers who make the mistake of telling the buyer to take a hike (which is a common reason why real estate deals fall through). But being realistic with home inspection negotiations is key in closing a real estate sale.

5. Having Unrealistic Expectations About the Selling Process

It’s understandable you want to sell your home as quickly as possible for as much money as you can get. However, just because your friend or colleague sold their home the day it was listed for $30,000 over list price, doesn’t mean that your home-selling experience will be the same.

A seller who makes the home selling mistake of having crazy expectations of the home sale process will quickly be disappointed and frustrated when their home hasn’t sold after being listed for a couple of weeks.

Other common misconceptions about the home selling process include:

• The amount of time it takes from contract date to closing date

• The amount of time it takes a buyer to get a mortgage commitment

• The number of real estate contingencies that buyers have the option to include or not in their offers

Varma Realty Group would be happy to assist you in migrating your way through the home-selling experience. Our experienced team of realtors can answer any questions you may have or address any concerns. Contact us today at varun@varmarealtygroup.com or at 513-307-3599.