BOB UPTON, Realtor®, CBR's Blog
When it’s time to sell your home, it’s important to make sure it’s done right. Certain selling mistakes could lead to less money for your home than you wanted or other problems that make this process more complicated than it needs to be. Before you put your home on the market, keep these common home selling mistakes in mind, so you can avoid them.
Setting a Price That’s Too High
Although you’ll want to get as much as you can for your home, setting a listing price that is too high could keep buyers away. The price you set for your home should be based on different factors, such as how much similar homes have been selling for in your area or whether or not you’ve made any upgrades that boost the value of your house. Keep in mind that according to the National Association of Realtors (NAR), the typical home stayed on the market for just 3 weeks before being sold. Having a listing price that is too high could lead to a much longer time on the market for your home.
Skipping Major Repairs
If you’re eager to sell your home, you might be tempted to skip major repairs. While this saves you time and money now, it can make it much more difficult to sell your home. You might also end up having to lower your price considerably, since buyers will factor in the cost of these repairs when making their bid.
Grabbing the Highest Offer
While the highest offer might seem like the right one to take, this isn’t always the case. Buyers who are offering the highest bid might include contingencies that make their offer more costly than it seems in terms of money or time. For example, they might include a contingency that they need to sell their own home before buying yours. Rather than focusing on the highest offer, it’s better to look for the best offer, which depends on different factors, such as how soon you want to sell or how much you’re willing to include for seller credits toward repairs.
Deciding Not to Hire a Real Estate Agent
Working with a real estate agent provides you with guidance and expertise while selling your home. Your agent can help you get a better price for your home and attract potential home buyers with open houses and home staging. According to NAR, 91 percent of sellers hired real estate agents to assist them with selling their home. These sellers were able to sell their homes for 99 percent of their listing price. Choosing to sell without a real estate agent could significantly affect how long it takes to sell your home and how much you get for it.