Selling a home can be a tricky process, especially if you’re doing it for the first time or you’re relatively unfamiliar with the real estate market.
In such a complex industry, it can be easy to make a few missteps here and there, but those missteps can cost you a significant amount on your sale price and negatively affect your financial well-being.
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Here Are Five Costly Mistakes You’ll Want to Avoid When Selling Your Home.
1. Setting an Unrealistic Price
Unless you’re in a housing bubble, overshooting on the sale price of your home is a surefire way to scare off buyers. As a result, you’ll likely end up prolonging the selling process, which just creates more hassle for you. There are several consequences you could face if you overprice your home, some of which include:
- Losing credibility
- Shrinking your buyer pool
- Giving buyers more leverage
2. Expecting to Receive Asking Price
If you’re expecting to get your asking price when selling your home, you’ll need to think again. Anyone buying or selling a home knows that negotiation is a natural part of the process. For instance, when pricing your home, you may want to go slightly over your desired price to leave room for negotiations. Doing this can help you get the price you want and allow the buyer to feel like they’re getting a good bargain.
3. Not Staging Your Home
If you’re planning on selling your home, staging it is an absolute must. Home staging refers to the process of preparing your home for a sale. This could include adding new furniture, painting the walls, and/or integrating fresh elements (such as flowers and greenery). Staging helps potential buyers see themselves in the home you’re selling and can even improve your sale price. According to a study published by the National Association of Realtors in 2019, 22% of seller’s agents stated that staging a home boosted the final sale price of the property by up to 5%.
Failing to stage is one of the costliest mistakes you can make when selling your home. The average national staging cost sits at a very reasonable $1,409, which is nothing compared to the return on investment (ROI) you’ll make back on the sale price.
4. Failing to Embrace Technology
When it comes to selling your home in a timely way, technology is an incredibly useful asset. In fact, with the help of innovative technologies, you can effectively sell your home online.
For example, online showings are a new form of technology growing in prevalence in the real estate sector. Online showings allow you to reach buyers from more geographical regions and those further away. Virtual home tours can also cut costs, get more website traffic, and increase the level of convenience for potential buyers.
Online technology can also open the doors to a greater pool of potential buyers. For example, you can head to companies that can buy your house as is, they offer homeowners excellent prices on their homes no matter what condition they’re in. Even if you’re in probate, foreclosure, handling the loss of a loved one, they will take your home off your hands and offer you a reasonable price.
5. Getting Overly Emotional
It can be tough to say goodbye to your home, especially after building so many special memories in it. Maybe it was where you and your partner got engaged, or where your baby took their first steps or said their first words. It was likely the setting of many birthday parties, Christmas celebrations, and family dinners. There’s a long history of love and laughter in the walls of any home.
With that in mind, it’s sometimes easy to let your emotions get the better of you. It’s important to not let those feelings cloud your judgment when selling your home. At the end of the day, it’s a business transaction. Reposition yourself as a businessperson and not just a homeowner. Try to focus on the financial and logistical aspects of the sale, rather than the emotional aspects. This will help distract you from any difficult feelings you might be struggling with surrounding the sale.
When it comes to selling your home, it’s clear that there are some key do’s and don’ts you will want to keep in mind. These five mistakes are some of the don’ts that you will need to avoid in order to facilitate the sale of your house. By sidestepping these errors, you will boost your chances of selling your home in a timely fashion and getting a great sale price. By taking this guidance under consideration, moving out of your current home will be a much easier and smoother process.
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