6 Common Mistakes to Avoid While Selling Your Home
Unfortunately, many home sellers make mistakes, which further hinder their deal with the buyer. To guide you in this, you can go through the below pointers and make your deal successful:
Mistake 1: Setting an Unreasonable Price
One of the most prevalent mistakes made by home sellers is pricing their homes excessively high. You can start high initially and later lower the price if necessary. However, this approach may counter your move and discourage potential buyers.
Let us understand this with the help of an example:
Imagine yourself as a buyer scrolling through listings available on the property portals. Here you encounter a property priced well above its fair market value. You are likely to overlook it.
How to Avoid This Mistake?
You can quote your property by doing the market research and checking the ideal price for the same. This strategy will certainly attract the potential buyer and increase the chances of receiving a fair deal.
Mistake 2: Hiding Property Issues
Transparency is another key when selling a home. Hiding any flaws or present condition of your property is not the right way. Any issues will misguide the buyer. Instead, you have several options to address these problems effectively:
- Repair the issue in advance
- Price the property below market value to the buyer
- List the property at standard price and offer a financial solution to the buyer to fix the issue.
How to Avoid this Mistake?
Misleading the potential buyers, especially those seeking a move-in-ready home can change their perception towards your property and might hamper your goodwill in the market. Therefore, a home inspection and fixing those issues is the foremost step before listing it on the property portals.
Mistake 3: Selling in a Hurry
If you find yourself in a rush to sell your home due to financial constraints or other reasons, there are chances that you might not get the right price for the property. Since, potential buyers take their time and carefully assess the pros & cons of purchase, pushing too hard or pressuring them can backfire on you.
How to Avoid This Mistake?
While urgency may be a factor, it is wise not to rush the process or pressure potential buyers. Be patient with the process, good things will automatically come to you.
Mistake 4: Choosing the Wrong Real Estate Agent
Another common mistake homeowners usually fall for is selecting the wrong real estate agent to sell their beloved home. Remember, not all real estate brokers are a good fit for you. There are different types of agents/brokers available in the real estate market that you must be aware of, such as:
- Listing Agents: They primarily assist you with listing the property on the Multiple Listing Service (MLS) and may offer photography services as well.
- Full-Service Agents: They provide a comprehensive range of services, addressing common seller mistakes like accurate pricing, staging, marketing, negotiations, and closing. However, their commission fees can be considerably higher than usual.
- Discount Agents: They offer price quotes for selling or buying a house at reduced commission rates as compared to other agents.
How to Avoid This Mistake?
If you are seeking a comprehensive deal, full-service agents can be your best bet, as they offer all features in a single package. However, they come with a hefty commission fee. Depending upon your needs & budget, you may choose your real estate agents.
Mistake 5: Neglecting Home Preparation
Presenting your property in the best possible when listing your home on the market will help you in finding the right buyer. A clean, clutter-free, and well-decorated home is more likely to entice buyers and attract them to your property.
How to Avoid This Mistake?
Ensure your lawns or garden is well maintained, the porch is tidy, the walls are clean, electric switches are working and the front door is welcoming. Any signs of disrepair can raise doubts about the overall condition of your property, ultimately hampering your deal.
Mistake 6: Overlooking the Importance of Home Insurance Plan
Home insurance plays a crucial role in the selling process. It demonstrates your commitment to caring for your home.
How to Avoid This Mistake?
To shield yourself from potential liability, it is essential to have comprehensive home insurance. However, if you are confused about where to start, you can simply visit Policybazaar.com and find multiple home insurance plans as per your needs & budget.
You may also read Vastu Shastra Tips for Your Home
Final words!
Having the right knowledge & understanding of the real estate market can be a win-win situation for you. By understanding and avoiding the mistakes discussed in the article, you can approach the potential buyer and grab a great deal.
