When it comes to selling your home, there are a lot of things you need to get right in order to maximize your profits and minimize your hassle. Unfortunately, many first-time sellers make mistakes that can cost them dearly. Here are five of the most common.
5 Rookie Mistakes First-Time Sellers Make
Check out these simple mistakes that a lot of first-time sellers make:
- Overpricing a home
- Being too rigid with showing times
- Making major mistakes in home staging
- Refusing to negotiate
- Not working with a seller’s agent
Here’s a closer look at each.
First-Time Seller Mistake #1: Overpricing a Home
One of the most common mistakes first-time sellers make is pricing their home too high. The logic behind this mistake is understandable. Most people want to get the most money possible for their home. And, in some cases, overpricing a home can result in getting closer to the asking price. But in most cases, overpricing a home is a mistake. The main reason is that buyers today are savvier than ever before. They have access to a wealth of information online and they know what homes in their desired neighborhood are selling for.
If a home is priced significantly above comparable properties, it will likely sit on the market for a long time. When it does sell, it will usually sell for much less than the asking price.
First-Time Seller Mistake #2: Being Too Rigid with Showing Times
A very common mistake first-time sellers make is being too rigid with showing times. Many sellers believe that they should only allow showings at certain times or days of the week. But the reality is that most buyers work during the week and have limited time to view homes on the weekends.
If you’re not flexible with your showing times, you could be missing out on a lot of potential buyers. The best thing to do is allow showings seven days a week during reasonable hours.
First-Time Seller Mistake #3: Making Major Mistakes in Home Staging
Home staging is the process of preparing a home for sale. It’s important to remember that when you’re selling your home, you’re not just selling the physical structure – you’re also selling the lifestyle. That’s why it’s so important to stage your home in a way that appeals to buyers. Unfortunately, many first-time sellers make critical errors when staging their homes.
Here are a few of the most common mistakes:
- Not decluttering. A cluttered home will make it feel smaller and can be off-putting to buyers. Make sure to declutter your entire home, including closets, cabinets, and storage areas.
- Not depersonalizing. Your home should be neutral so that buyers can visualize themselves living there. That means removing personal items like family photos, sports memorabilia, and religious items.
- Not cleaning. A clean home is a must. Be sure to deep clean every surface, including floors, carpets, windows, and appliances.
First-Time Seller Mistake #4: Refusing to Negotiate
Many first-time sellers make the mistake of refusing to negotiate. It’s important to remember that buyers will always try to lowball you. That’s just the nature of the negotiation process. But if you’re not willing to negotiate, you could end up leaving a lot of money on the table.
The key is to be prepared for negotiation by having a realistic idea of what your home is worth and what you’re willing to accept. Once you have that number in mind, don’t be afraid to stand your ground and hold out for the best offer.
First-Time Seller Mistake #5: Not Working with a Seller’s Agent
Many first-time sellers try to go it alone and sell their home without the help of a professional. But this is usually a mistake.
Selling a home is a complex process, and there’s a lot of paperwork involved. Also, negotiating with buyers can be tricky. That’s why it’s always best to work with a seller’s agent. A good agent will help you price your home correctly, stage it effectively, and market it to the right buyers. They’ll also handle all the paperwork and negotiations for you.
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