Selling your house can be an exciting milestone when done right. But like any significant journey, there are a lot of steps you need to take and pitfalls you should avoid. If you’re thinking about selling your home, it’s vital to do your research and understand the process before you jump into action. You should avoid some home selling mistakes which commonly home seller makes when they try to sell their homes.
For a first-time home seller especially, it can seem like a daunting task that will take up a lot of time, effort, and money (yes, there can be hidden costs even when selling). But once you know what not to do, you’re well on your way to making your property as appealing as possible to sell it quickly at a great price.
Here are 6 of the top mistakes home sellers make, and how to avoid them when selling property in Florida.
Being too attached to the property
The first mistake of selling a house is not letting go of your emotional attachment to it. That may sound like one of the rules of the Jedi from Star Wars, but it also applies to home sellers!
It will be a full-time challenge throughout the selling process to keep your emotions in check, whether it’s by not compromising with potential buyers on the final price or refusing to get rid of anything that has sentimental value, preparing your home to sell means you will need to distance yourself from it emotionally.
One of the top tips for selling your home is to treat it as a business transaction. Start thinking of yourself as a businessperson or property investor making decisions based on financial sense. When you set your financial goals and start actively working towards making a profit from your sale, listing your home will be much easier to handle.
Not considering all the costs of selling a property
It seems contradictory that selling your home will leave you with additional expenses, but as the old saying goes: you need to spend money to make money. Here are some of the most common costs you need to keep in mind when planning your budget:
- Agent commissions: If you go with an agent, they will charge a certain percentage based on your selling price.
- Repairs and home inspection costs: It is ultimately worth hiring an inspector to carry out a professional home inspection so you know what needs to be fixed or improved before it’s listed.
- Seller concessions: When negotiating with potential home buyers, be prepared to offer extra incentives and freebies such as appliances or furniture to sweeten the deal.
- Closing costs: This includes everything from taxes, attorney fees, title transfer fees, and more.
- Advertising costs: If you want as many people to see your property listing as possible, you should consider paying for professional photos to be taken, staging costs, paid listing slots on buy-and-sell sites, and more.
- Moving expenses: Whether you hire professional movers, a truck to transport your belongings, or put it all in storage, this can set you back a hefty chunk of change if you’re not mindful.
Setting the wrong price.
Getting the balance right is essential. If you set the price too low, you could potentially miss out on significant profit. But if you set the price too high, you will be reducing your pool of potential buyers considerably, and you will have to reduce your asking price the longer it stays on the market.
An excellent real estate agent will suggest a comparative market analysis that will compare the prices of similar properties to yours in the area. You will be able to make more informed choices and set a reasonable listing price from the get-go, which can significantly cut down on the number of days on the market and ensure you get close to the selling price you were aiming for at the end of the real estate transaction.
Forgoing property maintenance
It might be tempting to try saving money by ignoring any repairs or overdue maintenance, but the property’s condition is a crucial factor in pricing. It can even make or break a deal during home inspections if potential buyers aren’t willing to pay for damaged property.
It all comes down to personal preference. If you go ahead with selling your home without completing repairs, you may need to sell it under market value. However, this may be the best option if the necessary maintenance is more than you’re willing to pay.
Home improvements are also a great way to drive up the value of your home, making it easier to sell and getting you a high price.
According to a 2021 report by the National Association of Realtors, 43% of home buyers look online for listings as the first step in their search. This means that a few grainy photos of your property won’t cut it anymore.
Hiring a professional real estate photographer to take marketing photos will be worth it, in the long run, to make your home stand out amongst thousands of listings.
Other forms of advertising like video or virtual tours, well-written ad copy, attractive signboards, and more can also boost the attractiveness of your house in Florida to a wider net of potential buyers.
Not staging your home to sell
Even if you hire a real estate agent to conduct any open houses, your chances of completing the sale are much lower if your property looks too lived-in or even too empty.
‘Staging’ is the process of making a property appeal to a wide range of buyers by cleaning up, decluttering, depersonalizing, and carefully arranging the spaces to be visually neutral but aesthetically pleasing. This step is easily achievable on your own, but you can hire a staging company or rent furniture and accessories to ensure that your property is as attractive as it can be.
Remember: the easier it is for potential buyers to visualize themselves in the space, the more convinced they’ll be to put down an offer quickly and make it their dream home.
Try to avoid these biggest mistakes home sellers make and sell your house the way you dream.
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