There are many reasons for people to sell their houses. It can be because they have relocated for work, or because they are getting ready to send their kids off to college, or because they just want a change of pace. In any case, selling a house is a big step since it can affect your finances significantly. It can influence what kind of home you’ll be able to purchase next, and it may also affect if you’ll be able to keep your current lifestyle. This is why it’s essential for you to take note of the common mistakes that other homeowners have done and avoid doing them yourself.
1. Investing Too Much In Renovations
Most of the time, when looking for tips on how to sell a home, you’re advised to really spruce it up in order to get the best price. Of course, there is something to that – a nicer home can get to a higher price point. However, there is such a thing as investing too much, and there’s really no need for it, according to the real estate experts at cashoffersphx.com.
No matter what you do in your home, it can only get you so far since a big part of the price has to do with the location and how large the property itself is. In that sense, it’s important to see what the highest selling price in your neighborhood for a similar property (house and the surrounding land) was, and see which renovations make sense, if any, for your situation. You can even find buyers for a house that’s completely uninhabitable, so that’s something to keep in mind depending on what your current needs are.
2. Not Staging Your House Properly
Staging means that you want to make your house look as attractive as possible to potential buyers while staying within a reasonable budget. There are a few key steps when it comes to staging – but two of the more important ones are deep cleaning and depersonalization. It’s one way for you to show off what makes your place special, and it helps potential buyers imagine themselves actually living in the space. That means you should remove the things that really show that the home is yours, like family pictures and personal items. It’s also a good idea to clean and update the home – making sure that paint is fresh and it shows off everything that you’ve done with the place, and the potential it has to be improved on further.
3. Getting Too Attached
If you consider your house to be home, you might find it hard to let go. It’s not unusual for people to get emotional when selling their home, since that was their personal sanctuary at one point in time, and they’ve created a lot of great memories there. While those feelings are normal, it’s important that you don’t let yourself get too caught up in them since they can make the selling process more difficult than it needs to be. Instead, try and approach the matter from a business point of view. Ask yourself, what you want from this deal, where you can make compromises, and what you need to do in order to achieve your goals. As long as you keep your emotions in check, it’ll be easier for you to make the best deal possible.
4. Shooting For The Moon
And, as the saying goes, you’ll still land among the stars, right? Well, when it comes to real estate, setting an unrealistically high asking price, you might just end up not going anywhere. Yes, the real estate market is pretty tolerant when it comes to high asking prices, however, you still have to take certain factors into the equation. Where your house is located, how big the estate is, what the neighborhood is like, how close it is too important amenities – all these factors, and more, play a huge part in how much your house can be worth. The way that homes are priced changes depending on where you live and how the local real estate market is like at the moment. That means that even if your former neighbor sold their home for much more than the average asking price in your area is today, there’s really not much you can do about it. Just like any other market – everything changes with time, and if you’re not happy with the way it currently is, the only other option might just be to simply wait on the selling process until more desirable market conditions emerge.
5. Reluctant To Negotiate
Unless you really decided to low-ball it for some reason, you shouldn’t be surprised if potential buyers want to negotiate the asking price with you. It’s pretty common for buyers to haggle, but you should always keep certain factors in mind – like the already mentioned market conditions and the location of your property, as well as what your needs are. Additionally, how the buyer is planning on paying you plays a big role in how much you should be willing to lower the price down. A cash buyer is obviously in a better position than an individual who needs to secure a loan, and there’s the whole thing about the length of the escrow. It’s never bad to hear what an offer is like – and each deal is different, so it’s okay to counteroffer. Just don’t expect the other party to agree with your every suggestion, and keep an open mind to the possibilities different offers can provide.
6. Not Hiring A Real Estate Agent
Yes, you can try and find a buyer on your own, especially if you’re selling to a company and not an individual. However, when it comes to selling your house to individuals unless you’ve sold quite a few houses in the past, chances are that you’ll struggle with the process. There are a lot of legalities and paperwork related to selling a home, not to mention vetting potential buyers and making sure that they can really afford the house. That means that if you’re not an expert, it’s best to hire a real estate agent – they’ll handle all of this on your behalf, and most importantly, ensure that you get the most money possible for your property.
In the end, selling a house is a pretty big step in life. However, if you know what you’re getting into and don’t let emotions get the best of you, selling a house can be an enjoyable experience. Just keep these common mistakes in mind, and approach it like you would any other business deal, and you’re sure to get the best possible outcome.