Selling your home is an extremely tough and stressful process. There are many things you need to consider, ranging from marketing your home to pulling out a seller closing costs calculator to ensure you can foot the bill. With so much to consider and be aware of, it’s very easy to slip up and make a mistake. So what are some of the most common mistakes that home sellers make, and how can you avoid making them? Here are some mistakes to avoid when selling your home.
Selling Out of Season
There are certain times of the year where selling a home is strictly better for the seller. During the spring and summer months, demand for housing is higher, causing home prices to rise. During this time period, children are on summer vacation, so the move causes minimal disruptions to their schooling. Additionally, moving in the summer is a much more attractive option than moving in the cold snow and ice of winter. For this reason, homes sell much faster and for more during the warmer months. Selling outside of this season will likely result in you having to wait longer to sell your home and could force you to take a slightly smaller bid. Ensure you sync up your listing with a seller’s market, so you get the absolute most out of selling your home. Don’t make the mistake of selling out of season, as it could cost you greatly in the long run.
When selling a home, it can be very tempting to do so without the aid of a real estate agent. Many people want to try their hand at selling a home solo, as real estate agents can cost thousands of dollars in commissions. However, these people underestimate what real estate agents bring to the table. Real estate agents have tons of valuable industry knowledge to help with selling your home. Additionally, their network connections and negotiating skills can make their cost well worth it. Unless you’ve sold multiple homes before or have extensive real estate knowledge, it is highly recommended that you enlist the help of a real estate agent to sell your home.
Charging Too Much
A very common mistake that people make when selling their home is making their initial list price too high. The thought process is that someone will be interested enough in the home to match the raised price. However, this rarely happens, often resulting in the sellers eventually lowering the price. What you should do instead is list your home for slightly less than what your home’s value is. Doing so will generate lots of interest in the property, causing lots of buyers to pay attention to it. These buyers will then bid against each other and raise the price up, sometimes raising the price past the appraisal value. Although it may seem counterintuitive, listing your home’s price as cheaper can actually net you more money in the long run.
Becoming Too Emotionally Attached
Another major mistake that home sellers commonly make is becoming too attached to the property they are selling. Selling a home can be an emotional process, as you are parting with a location that you spent a considerable amount of time in and help shape who you are. However, it’s extremely important not to let emotions cloud your judgment, as they could lead to you missing out when selling your home. Your emotions may cause you to turn down certain offers, and failing to depersonalize your home could turn some buyers away. If you’re selling a home, it’s best that you make peace with your decision beforehand and emotionally detach from the property as soon as possible.