Home Selling Mistakes That Can Cost You Time and Money

Read this before you list! Essential tips to prevent costly home selling mistakes

Having strangers open your closets and inspect your home can feel like an intrusion of privacy. The open criticism of your home and décor and offers below your expectations can be discouraging. It’s easier for inexperienced sellers to make mistakes in this complex transaction. We have highlighted the common home-selling mistakes that could hinder you from getting the best price for your home.

Limited Property Showings

  • Preparing your home for a last-minute showing and finding a place to go, especially with children, can be a hassle. However, limiting showings to weekends or specific times during the week may cause you to miss out on potential buyers. It’s essential to remain flexible, even if you receive a showing request during inconvenient times, such as during your child’s nap time. Remember, showing your house is only a temporary inconvenience.

During showings, it’s best to let your agent handle the process and step aside. Your presence during showings can create an awkward atmosphere for everyone involved. Moreover, prioritizing cleaning and tidying the house before each viewing is crucial. A well-presented home can make it easy for buyers to picture themselves living in your home. Research reveals that staged homes sell 20% more and 80% faster than those not staged.

Taking a Low Offer Personally

  • It’s essential to remember that a buyer’s offer does not reflect their opinion of your home or your housekeeping skills. After all, they wouldn’t make an offer if they didn’t like your home.

Selling your home is a business transaction, so it’s crucial not to take low offers personally or let emotions cloud your judgment. Instead, view it as an opportunity to negotiate. Consider making a counteroffer, and if the potential buyer is genuinely interested, they may be willing to improve their offer.

Selling Without a Real Estate Agent

  • Attempting to sell your home without professional assistance may not be the wisest decision, particularly if you lack experience in real estate transactions. A competent agent has your best interests in mind and can assist you in setting a fair and competitive selling price for your home, increasing the likelihood of a quick sale.

They can also help you avoid the emotional aspects of the process by interacting with potential buyers and excluding those who are only curious but have no serious intention of making an offer. Furthermore, an agent has excellent negotiation skills, potentially securing a higher selling price than you could achieve on your own. If any issues arise during the selling process, a seasoned professional will be equipped to handle them efficiently on your behalf.

Selling to Unqualified Buyers

  • It’s reasonable to expect buyers to provide a pre-approval letter from a mortgage lender or proof of funds (POF) for cash purposes to demonstrate their financial readiness. Entering into a contract with a buyer contingent upon the sale of their own property can pose challenges, especially if you have a specific closing date to meet.

Hiding Major Repair Issues

home selling mistakesIf you think you can hide significant problems with your property, they will likely be uncovered during the buyer’s inspection. You have three options for addressing any problems:

  • Rectify the issue beforehand
  • Price the property below market value to compensate for it
  • List the property at a standard price and offer the buyer a credit to address the issue

Keep in mind that failing to address the problem in advance may deter a considerable number of buyers seeking a move-in ready home. Having your home inspected before listing is advisable to avoid unexpected expenses after the property is under contract. Moreover, many states have disclosure regulations. Some mandate sellers to disclose known issues about their homes if buyers inquire directly, while others require sellers to disclose specific issues voluntarily.

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 973-604-8868 for more information.

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