photo credit: Eponabri
You have a property that you want to put up for sale. Maybe this is the home that you have lived in all of your life and you’re finally ready to sell it and move on. Or perhaps you’ve just recently gotten involved in the buying and selling of investment property and you’re working on selling one of the first homes that you purchased. In any case, you are starting to learn the tough lesson that it’s not that easy to sell a home, especially in today’s precarious real estate market. If you know what you’re doing, you can still a sell a property today for a fair price. However, there are a lot of mistakes out there that people make when trying to sell a home. If you make those mistakes, you’re going to find that the home doesn’t sell or that you aren’t satisfied with the transaction when it does.
Here is a look at the most common mistakes that are made by home sellers:
- Bad advertising. The most common mistake that home sellers make is in the area of bad advertising. There are many different areas where you can go wrong. One is the location of your advertisements – the classified ad section of your local paper probably isn’t sufficient on its own. Another is the text of the ad – you may even want to hire a professional writer to do this for you since people are going to form some strong first opinions of the property based on the ad that they read about the home. And one crucial area where many new home sellers mess up is in using bad photos for the advertisement. You want good photos with lots of light and little clutter so that people will find the home appealing before they’ve even gotten to the door.
- Listing the home at a bad price. You really have to be careful when you list the price that you are asking for the piece of real estate that you are selling. On the one hand, you are going to want to price it higher than you’re actually seeking because the process of negotiation is going to bring the price down from your initial asking prices in all but the most rare of cases. On the other hand, you don’t want to price the home too high because then people aren’t even going to bother to come look at it, especially right now when the market isn’t great. You’ll want to do some extensive research into what the true value of the home is and what other homes are selling for in the area so that you can price the property correctly when you list it for sale.
- Failure to fix-up the home. Many new home sellers figure that they’ll offer to fix certain things only if the people looking at the home complain about them. For example, you may know that the broken chunks on the fence are kind of ugly but instead of just repairing them, you decide that you’ll offer to fix the fence if any potential home buyer mentions that it’s a problem. This is a mistake. First of all, most people will not bother to mention the problems like this; they’ll just take one look and drive away. Additionally, doing some basic fix-ups that don’t cost a lot can significantly increase the value of the home and speed up the process of making the sale.
- Working with shoddy professionals. You are going to have to work with a variety of different professionals to complete the sale of the home. You’ll need to work with a real estate agent to assist you in listing, marketing and selling the home. You will need to work with a home inspector. You may work with professionals who are going to do the repairs and painting for the home before you put it up for sale. It is tempting to cut corners when working with these professionals because it’ll save you on immediate costs. However, working with inexperienced or unqualified professionals is going to cause you headaches and additional costs down the line.
There is never any guarantee that you are going to be able to sell a property for as much as you want to get for it in a short period of time. However, you can increase the likelihood that this will be the case by paying attention to the details and avoiding the most common mistakes that new home sellers make. Learn from the people who have made mistakes before you so that you can be successful with the sale of your home without having to learn things the hard way.