The process of selling a home can be long and difficult. Without experience, it is very likely that first-time home sellers can make mistakes. It is because of this that it is important to educate yourself so that you are prepared. The following are common mistakes and how to avoid them:
Being Emotionally Involved
It can be easy to become emotionally invested in a home, as it holds many memories. However, the situation should be looked at as a transaction instead. This allows you to distance yourself from your emotions.
Not Hiring an Agent
While it is possible to sell a home by yourself, it can benefit you to have an agent if you have no experience doing so. Agents can help set a fair and competitive price, interact with buyers, and negotiate sales.
Minimizing an Agent’s Job
If you do choose to sell a home on your own, you should research recently sold and current properties on the market in your region. This allows you to determine a selling price. It is important to remember that this requires you to do your own marketing, show the house, and make negotiations.
Setting an Unrealistic Price
The comparable market analysis can determine a fair offering price, which is why it is important to know what the houses in your area are listed and sold for. Skilled buyers will negotiate the price, which is why you should leave wiggle room for this in the asking price.
Selling During Winter
The winter season is a slow time for home sales. It is because of this that it can take longer to sell a home or you may not get as much money as you planned during this time.
Skimping on Listing Photos
Pictures listed of a home should be clear, showcase the natural light, and the best assets. This can set your house apart from others that are listed and generate interest from buyers.
Not Carrying Proper Insurance
You may be required to have a homeowner’s insurance policy. If not, it can benefit you to have insurance anyway, just in case there is an accident on the premises.
Hiding Major Problems
If any problems exist in the house, they will be uncovered during an inspection. It is because of this that there is no point in hiding them. The problem should be fixed or the price should be dropped.
Selling to Unqualified Buyers
A buyer should be asked to provide a pre-approval letter from a mortgage lender to prove they have the funds to buy the home. Signing a contract without it can leave you without the finances you need to close by a certain date.
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