Selling a house is not an easy task especially if you haven’t sold a house before and as such you are expected to make mistakes a couple of times before you’ll be able to successfully sell your house. Lucky for you, you won’t have to go through all that because, today I’ll be telling you 12 repeated mistakes people make when selling a house so you can avoid them.
Do not get emotional
It’s not impossible to get all teary and emotional when you are about to sell the home you practically grew up in or when you are about to sell your first house. People tend to get emotional especially when they start remembering precious memories that were created within those four walls of the building or when they remember the struggles they went through to purchase the house and because of that, it’s usually difficult for them to keep their emotions in check.
Why should I keep my emotions in check? It’s my house I can choose to cry if I want to. Well, if you probably wondered that, you may be right but the downside is, it could prevent you from selling the house. So, if you really want to sell your house, you’ll have to put away personal feelings and imagine that you are a salesperson or businessperson rather than a homeowner.
Refusing to hire a real estate agent
This is another common mistake most people make when they want to sell off their house. When it comes to selling houses, people try to save money and they can do that by refusing to hire a real estate agent.
Usually, if you should decide to hire an agent the fee you’ll be paying ranges from 3 – 6% of the amount received after selling the house so it’s no surprise to think you want to skip this fee. Is that a good move? Let’s find out. Without an agent, if you are selling your house for the first time, you will end up making a lot of mistakes that would have been avoided if you had an agent and if you eventually get to sell the house then you may sell the house for an amount that’s below its true worth. The agent has your best interest at heart so they’ll be able to help you make the right decisions. So, is it a wise decision to avoid hiring an agent because of the agent’s fee? I’ll let you answer that yourself.
Having an unrealistic price
This is a really common mistake a lot of people make simply because they want to gain more from selling their homes. The drawback to setting unrealistic prices is that you may never get to sell your house. When it comes to setting a price for your home, don’t just look at the house and be like “This is should be worth $1,000,000” rather carry out a comparative market analysis to get a asking price. If you don’t do that before setting up an offering price, your buyer will do that for you and when they do, they’ll realize that they are being ripped off and will end up not buying your house.
Secondly, there is beauty in setting up low prices for a house with much value. The reason is that a low price will attract more buyers and when that happens, it usually results in a bidding war. In the end, you’ll end up selling the house for its true value or you could even sell it for more than its true value.
Do not sell your house during winter
There is a saying that “there is a time for everything” and that saying is true in this case. Selling your house during winter is usually a wrong decision. I’m sure you are probably wondering why. I’ll tell you, the reason is that during this time (winter period) the people who would have bought your house are busy with social engagements and the ones that are not busy are indoors because of the cold during winter periods.
Selling in this period means you’ll get fewer offers and if you go ahead to sell the house, you’ll end up selling it for a lower amount. Hence, it’s good practice to avoid selling your house during this period.
Economizing listing photos
When it comes to buying houses online, buyers are usually faced with a lot of options and they’ll have to choose at the end of the day. What helps them in making those choices are the photos you upload about the house you are about to sell. So when you skip the photos, you are doing yourself a real disservice because it’ll become a lot more difficult to sell your house. Additionally, a lot of other sellers set up poor photos of their house so having good and professional photos of your house can set your building apart and help you sell your house much faster.
The photos you take should be clear and all your photos should be taken during the daytime. If you can’t take the photos on your own, you can hire the services of a professional photographer. Additionally, you should also consider a video tour of your home or a 360-degree view of the house to enhance your listing.
No proper insurance
It’s important to have proper insurance when you want to sell your house because if something should happen to a buyer within your premises, you might end up getting sued and lose a lot of money in the process to pay for damages. So rather than spending the money you are trying to make, it’ll be better to have proper insurance so if something should go wrong, your insurance will be able to cover it.
Concealing major problems
There are several things you should do before selling your house and fixing up major problems around the house is one of them. The reason is that it improves the appeal of the house and it’ll help you sell off the house faster. Some sellers make the mistake of trying to conceal major problems in their house instead of fixing them. The disadvantage of doing that is those problems will be uncovered during the buyer’s inspection so if you want to avoid that you can fix up the house before time, reduce the price of the house to account for the problems, or you can list it at a normal price and give the buyer credits to fix the house.
Prepare for the sale
As a seller, if you do not stage and clean your house it’ll result in you losing lots of money when you eventually sell off your house. It’s important to prepare for the sale because it’ll bring you more buyers and you can also sell your house for the price you want to sell it for. Staging your house doesn’t have to be expensive and you may not even have to hire a professional for it if you don’t have the money. There are several things you can do on your own and the ones you can’t do on your own are usually few.
If you can’t hire an agent, you can also get a friend with a fresh pair of eyes (someone who doesn’t frequent the house) to help you point out problems you may fail to recognise because you have become familiar with the house.
Failure in accommodating your buyers
You have prepared your house for sale, listed your house, and it’s time for inspection. During the inspection, you’ll have to be accommodating because your behaviour during this period will also determine whether the buyer will choose to buy your house or not. For better results, before the inspection, you’ll have to tidy and clean the house to get a good first impression of the house because you’ll be needing it if you want to sell the house.
Selling to ineligible buyers
Some sellers end up selling their houses to ineligible buyers because they are in a rush to sell off their houses. If you find someone who wants to buy your house and the person cannot provide a pre-approval letter from a mortgage lender or proof of funds to show that they’ll be able to cover the cost of buying the house, then it’s probably because they are unqualified. What happens is, if you end up signing a contract with such a buyer you’ll not be able to close immediately because it may be contingent on the sale of their property.
Not bargaining enough
There is no foolproof method to selling your house and as such, selling the house may not go as smoothly as planned and you may have to negotiate with the buyer to seal the deal. One thing is certain when it comes to negotiations, your price should be flexible and if you refuse to budge, you may end up not selling your house. It’ll interest you to know that longer your house sits on the market, the harder it becomes to get your asking price. So what’s the way out? The way out is to have a range when setting your asking price so that the price will be flexible if things get to the point of negotiations.
Errors in the paperwork
Selling your house comes with a lot of paperwork that’ll require filing. The paper’s you’ll be asked to file are mostly legal documents from appraisers, lenders, inspectors, and title insurance agents. When filing these papers be sure to avoid errors because if you don’t, it may end up scuttling a sale and in some cases cost you money.
You may be experienced enough to sell off your home without the need for a real estate agent but when it comes to these papers, it’s advisable to get yourself a qualified real estate lawyer to help you finalize the paperwork for closing a sale.