Avoid the Biggest Regrets of Home Sellers with These Key Insights
Home selling is a laborious process that requires attention to detail, good strategy, and effective execution. Both buyers and sellers make some mistakes along the way, especially if you are new to the home selling/buying process. You can improve your own experience by learning from the mistakes of others and not making the same blunders.
In this article, let us explore some common mistakes and regrets reported by home sellers and how to avoid them.
Proceeding Without Getting A Home Valuation
- Home valuation or appraisal is the practice of determining the realistic value of your home. Experts consider many factors, such as location, size, amenities, floor plans, etc., to determine the correct value of your home. Home valuation also gives a realistic forecast of the future benefits that can be incurred based on the property’s current status.
Home valuation helps you determine the optimal asking price for your home. Sellers who set an asking price without getting a home valuation tend to oversell or undersell. Listing without getting a home valuation sets you up for a bad start. In the later stages of the process, most sellers regret proceeding without getting their homes evaluated.
Accepting A Lowball Offer
- Many sellers regret selling their homes for a much lower price than they had initially intended to. In 2024, 21% of sellers reported getting a lot less money than their initial asking price. In retrospect, many sellers believe they made a hasty decision by accepting a lowball offer. If they had held their ground and stayed on the market longer, they were likely to receive a better offer. Most sellers agree that it is wise to let the offers pour in before making a decision. Accepting the first few offers often leads to long-term regret.
Tending to The Seller Even After The Sale
- Selling a home is a purely business pursuit. Once you have sold the home, it is the buyer’s property, and you don’t have to oblige the buyer unless stated in the agreement. Some sellers stay in touch with the buyers after selling the home and it doesn’t always go great. Buyers consider it a free service and come to the seller with every tiny problem that they should resolve on their own now.
Whether it is a faulty fire alarm or they can’t make the air filter work, the new owner of the home relentlessly approaches the original owner and expects them to solve the issue. To avoid such an awkward and draining situation, it is best to cut ties with the buyer after the transition is complete. When you hand over the keys of your home to the new owner, let them know that they are now responsible for whatever goes into the home.
Not Hiring A Realtor and Taking The FSBO Route
- Many sellers who opted for the FSBO (for sale by owner) route regretted it in the long run. Sellers believe hiring a realtor is an extra and avoidable expense, which is why they prefer the FSBO route. However, real-time data indicates that FSBO homes stay on the market longer and are usually sold below the median cost.
Hiring a realtor saves you time, money, and energy. Realtors understand the market dynamics, and with their expertise, you are more likely to get a better offer. Realtors are also expert negotiators. They understand what concessions to make to keep a serious buyer interested and where to draw the line. Therefore, hiring a realtor helps you in multiple ways and speeds thehome-sellingg process.
Are you looking for a trustworthy realtor in Morris County? Contact Jackie Scura. We are an experienced team of real estate professionals who provide expert guidance and support throughout the home-selling process. Call us at (973) 319-8334 for more information.
