There are so many things that need to be done before listing your home for sale. Unfortunately, many sellers are making the same costly mistakes. Mistakes that could have saved them thousands if they had only known “what not to do”. Let’s talk about the top five mistakes that cost sellers thousands.
1. Do not put your home on the market before it is ready. Make sure that the painting is done, the carpet has been replaced and everything is clean and organized. If you show your home to potential buyers while you are in the middle of renovating, this will lower the perceived value of your home in the minds of your buyers. Presentation is everything- so get the work done before marketing the property.
2. Do not over improve your home versus the norm for your neighborhood – you will not recoup this money . Do not spend money on something that you think your buyers will insist on. Every buyer is different and has different wants and needs. So you will only be throwing your money into the wind. Don’t start adding absurd renovations, not every buyer wants/needs these upgrades, plus it will most likely not increase the value of your home.
3. Do not over price your home because of what you “need” to get for it – otherwise it will sit and then become an aged listing in the minds of your potential buyers. Your market should always control the sale price. Never price your home based on what you want to net, this strategy will always end in failure. Although you can control the asking price the market should always control the sales price. The price should be determined by the black and white, matter of fact reality of the market.
4. This one should probably be number one – don’t get emotionally involved in the sale of your home. Most sellers have lived in their homes for years and have become quite attached. What you like about the home is not necessarily what your buyers will like about it. So don’t get offended if your buyer wants to change something or says something negative about your home. Once you sell it – it is not your home anymore. Think about your new home and all of the potential it has to offer.
5. Don’t try to cover up or hide the homes problems. Most states have and require a property disclosure form. You must disclose the homes problems to your potential buyers. If you don’t, that does not mean that you cannot be sued for it later on down the line when that problem surfaces for the new owner.
6. Do not hire just any Realtor, based on non-business factors. Make sure you hire a professional with a proven track record. Check there website, read reviews, have a meeting to see if you and the Realtor are on the same page. Make sure you both have the same ideas and expectations.
Before listing your home, talk to your Realtor about the pitfalls that can occur when selling your home. Take advantage of your Realtors years of knowledge and the next thing you know you will be moved and enjoying your new home!