Home Seller Tips: 6 Selling Mistakes
March 28, 2014 | Ryan Gibbons
If you’re selling, don’t do these things – take some notes from the video!
1. Don’t Sell Before The House Is Ready.
If it doesn’t present well, it won’t sell well. This step is incredibly important in the internet age. Buyers look online before previewing homes and if they don’t get a great first impression they won’t go. I can’t tell you how many times I have told buyers not to trust the pictures on certain properties and they don’t listen. How you present your home makes a huge difference in the amount of people you get through the door and how many (and the quality) of the offers you will receive.
2. Don’t Over-Improve
People buy houses in neighborhoods. Your home should fit in with the neighborhood. There is an old real estate adage “you don’t want to be the nicest house on the block” and it couldn’t be more true. Making improvements can definitely add value and make you more money but there is a limit. Before making any real changes (new bathroom, updated kitchen, etc.) you should should consult your real estate agent first. They will tell you more about the return you will likely get on your investment. many times it is best to look at simple fixes like painting, improving curb appeal, and other smaller projects that will bring a greater return. If you create a $600,000 home in a neighborhood of $400,000 homes you will likely not get the price you are hoping for.
3. Hire Wrong
When hiring an agent to represent you in the sale of your home it is important to look for the best fit. We hear too often that sellers are going to use their cousin or their neighbor. If that is the sole reason you are hiring someone then you are setting yourself up for disappointment. You need to look at the qualification of the agent, what they will do to market your home, what their track record of success is, and generally get a feel for whether you will work well with the agent. Selling your home can be one of the largest transactions you ever take part in, take it seriously and hire the right agent for you.
4. Don’t Hide Anything
Covering up imperfections, water issues, electrical problems, plumbing problems, or other household issues is a bad idea! FOr one it can get you sued by a seller who can claim they were deceived. More likely the issues you are covering up or neglecting to disclose will come up at the home inspection. inspectors are hired to find problems and they are usually quite good at it! If the problem is found at inspection instead of being disclosed ahead of time it will most likely cost you more money as the buyer will ask for the item to be repaired or for a concession to have it fixed after closing. Full disclosure is always the best option when selling as it starts the transaction on the right foot, eliminates headaches down the road, and ultimately saves you money.
5. Don’t Rush
Before any real estate transaction you should know your options and have an idea what you will do after your home sells. You should look over your mortgage and/or speak to your lender to understand any prepayment penalties, fees associated with selling, and the payout you should expect upon a sale. This will be important info to have if you are planning to purchase another property with the proceeds. You should also research interest rates and fees associated with a new mortgage on your new home. Information is gold when buying and selling a home.
6. Don’t Get Too Emotional
Selling your home is a business transaction not an emotional exercise. Potential buyers do not share the memories you have in the home, do not appreciate the hours you spent fixing the home, or the money you spent updating the kitchen. They are looking at your home as a house and will only look at the market value when determining the price they are willing to pay. they are going to make their own memories, bring their own family, and make their own improvements. Always remember it is a business transaction and don’t get emotional or it will cost you in the end.