SELLING YOUR HOME
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Selling Your Home? Steer Clear of These Common Mistakes
With over 28 years servicing the tri-counties, we bring unmatched local experience and expertise together with a strong commitment to our clients and community. At Ken Barcus Realty, we’re not just real estate brokers — we’re a family dedicated to serving your family. From preparing your home, property or investment for sale to navigating the market, you’ll benefit from our personalized service and in-depth knowledge of the region and current state of the markets. Our brokers work together to ensure every detail is handled with care, so you can focus on what matters most: your next chapter.
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At Ken Barcus Realty our mission is simple:
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Selling Your Home? Steer Clear of These Common Mistakes
Selling your home for the first time can be surprisingly emotional and time-consuming. Letting strangers into your space, hearing their critiques, and receiving offers lower than expected can be overwhelming. Without experience, it’s easy to make costly mistakes during this complex transaction. But with the right knowledge and preparation, you can sidestep these common issues. Discover how to get the highest possible price for your home in a reasonable timeframe—without the stress.
Mistake #1: Letting Emotions Get in the Way
Once you decide to sell your home, it’s crucial to shift your mindset from homeowner to businessperson. By viewing the sale as a financial transaction, rather than an emotional experience, you can avoid the common pitfalls that come with selling a home filled with memories.
Remember how you felt when you were shopping for your home—buyers are also driven by emotions. You’re not just selling a property, you’re selling a dream and a lifestyle. This is why staging and minor renovations can go a long way toward increasing your home's appeal and securing top dollar. These changes will not only boost your home’s value but also help you emotionally detach, as the home will feel less personal.
Mistake #2: Skipping the Help of a Real Estate Agent
While real estate agents typically charge a commission of 5-6% of your home's sale price, selling your home on your own—especially as a first-time seller—can be a costly mistake. A skilled agent will help you set a competitive price that boosts your chances of a quick and profitable sale. Plus, by acting as the middleman between you and potential buyers, they take the emotional stress out of the process and weed out those who aren’t serious about purchasing.
With their extensive experience in negotiating home sales, an agent can help you secure a higher offer than you might on your own. If any issues arise during the sale—something that happens often—your agent will handle them professionally. Additionally, agents are well-versed in the paperwork and complexities of real estate transactions, ensuring that the process runs smoothly from start to finish.
Mistake #3: Believing You Have to Hire a Real Estate Agent
While many homeowners successfully sell their homes without an agent, it requires significant effort and research. To determine an attractive selling price, you’ll need to analyze recently sold properties and current listings in your area. Remember that most home prices include the agent's commission, so you might need to adjust your price to remain competitive.
As a DIY seller, you'll handle all marketing responsibilities. Getting your home listed on the Multiple Listing Service (MLS) is crucial for reaching the widest audience of potential buyers. Additionally, you will be responsible for conducting showings and negotiating directly with the buyer’s agent, which can be time-consuming and emotionally taxing.
If you choose to sell without an agent, consider hiring a real estate attorney to guide you through the transaction and escrow process. Even with attorney fees, selling your home yourself can save you thousands. Just keep in mind that you’ll still need to compensate the buyer’s agent, typically 1-3% of the home’s sale price, so you won't save the entire commission.
Mistake #4: Setting an Unrealistic Price for Your Home
Whether you’re collaborating with a real estate agent or selling your home independently, establishing the right asking price is crucial for a successful sale. Just as you conducted a comparable market analysis when purchasing your home, potential buyers will do the same for your property. Being proactive in your pricing strategy can give you a competitive edge. In a stable market, overpriced homes typically struggle to sell. Don't stress too much about pricing your home slightly below market value; this approach can attract multiple offers and drive the price up to its true market value. In fact, underpricing your home strategically can create heightened interest in your listing, leading to a quicker sale.
Mistake #5: Expecting to Receive Your Full Asking Price
Savvy buyers will almost always negotiate, and if you want to successfully complete the sale, it’s essential to engage in the process. Most sellers aim to list their homes at a price that attracts buyers while leaving room for negotiation. This strategy not only makes the buyer feel like they're getting a good deal but also helps you achieve the financial outcome you desire from the sale.
The final sale price will depend on several factors, including whether you’re in a buyer’s market or a seller’s market, as well as how effectively you’ve staged your home. Proper staging can enhance your home's appeal and may lead to better offers. By understanding the dynamics of negotiation and remaining flexible, you can navigate the selling process more effectively and secure a favorable sale.
Mistake #6: Selling Your Home in Winter (When You Can Avoid It)
Winter, particularly during the holiday season, is generally a slow time for home sales. With busy social schedules and cold weather, many potential buyers prefer to stay home, resulting in a decreased number of active home shoppers. This slowdown can lead to longer selling times and potentially lower offers.
However, it’s worth noting that while there may be fewer buyers in the market, there are also fewer competing sellers. This reduced competition can work in your favor if you decide to sell during this time. To enhance your chances of a successful sale, consider staging your home to create a warm and inviting atmosphere that appeals to buyers, even in the colder months.
By understanding the dynamics of the winter market, you can make informed decisions about your home-selling strategy.
Mistake #7: Cutting Corners on Listing Photos
With the majority of buyers searching for homes online, having high-quality photos is essential for standing out in a crowded market. Many listings feature subpar images, so investing in professional photography can set your home apart and generate increased interest.
Ensure your photos are crisp and clear, capturing your home in natural light for the best effect. Showcase your property’s best features and consider using a wide-angle lens to provide potential buyers with a comprehensive view of each room. Quality listing photos can significantly enhance your property’s appeal and attract more serious buyers.
Mistake #8: Neglecting Proper Insurance Coverage
With an increased number of visitors on your property during the selling process, having proper insurance coverage is crucial. You want to ensure you’re protected in case someone has an accident on your premises and attempts to file a lawsuit for damages.
Additionally, it’s important to address any obvious hazards on your property. Take proactive steps to mitigate risks, such as keeping children away from your pool and ensuring that pets are out of the house during showings. By prioritizing safety and securing adequate insurance, you can protect yourself from potential liabilities and create a safer environment for prospective buyers.
Mistake #9: Attempting to Conceal Significant Issues
Attempting to hide problems with your property is a mistake that can have serious repercussions. Any significant issues, whether it's a leaky roof or plumbing problems, will likely be uncovered during the buyer’s inspection. Instead of concealing these issues, consider your options: you can either address the problems ahead of time, price the property below market value to reflect the issues, or list it at a standard price while offering the buyer a credit for repairs.
Keep in mind that failing to resolve significant issues may deter potential buyers who are looking for a turnkey home. To avoid costly surprises once the home is under contract, consider having your home inspected before listing it. This proactive approach can help you identify and address any issues, making the selling process smoother and more transparent.
Mistake #10: Failing to Prepare Your Home for Sale
Sellers who neglect to clean and stage their homes are risking significant financial loss. If hiring a professional stager is beyond your budget, don’t worry—there are plenty of DIY steps you can take to enhance your home’s appeal. Failing to prepare your home properly can not only reduce your sale price but may also deter potential buyers altogether.
For instance, overlooking minor repairs like a broken doorknob can raise concerns for buyers about the overall condition of the home and whether more significant, costly issues are present. To get a fresh perspective, enlist the help of a friend or your real estate agent to identify areas that need attention.
Because you’re so familiar with your home, you may overlook trouble spots. Focus on decluttering, deep cleaning, applying a fresh coat of paint, and eliminating any unpleasant odors. These simple yet effective improvements can help create a positive first impression and increase your chances of a successful sale.
Mistake No.11: Not Accommodating Potential Buyers
If someone wants to view your house, you need to accommodate this person, even if it is inconvenient for you. And yes, you have to clean and declutter the house before every single visit. A buyer won’t know and care if your house was clean last week if it isn’t clean when he or she views it. It’s a lot of work, but stay focused on the prize.
Mistake #12: Accepting a Purchase Contract From an Unqualified Buyer
As a seller, it’s entirely reasonable to expect buyers to present a pre-approval letter from a mortgage lender or proof of funds for cash purchases. This documentation confirms that the buyer has the financial means to purchase your home.
Additionally, be cautious when considering buyers whose purchase offers are contingent upon the sale of their own property. This situation can create complications and put you in a difficult position, especially if you have a specific closing date in mind. Ensuring that you work with qualified buyers can help facilitate a smoother transaction and minimize the risk of delays.
The Bottom Line: Key Takeaways for Successful Home Selling
While following these guidelines can significantly enhance your home-selling experience, it's essential to be mentally and financially prepared for potential challenges. In a declining market, your home may remain on the market longer than anticipated. If you can’t find a buyer in time, you could face the burden of paying two mortgages, the need to rent out your home until it sells, or, in severe cases, foreclosure.
By avoiding the costly mistakes outlined in this guide, you can take proactive steps to position yourself for a successful sale. This preparation will help you present your home effectively and increase the likelihood of achieving the seamless, lucrative transaction every seller desires.
