Being a homeowner is highly beneficial because you have a permanent place to stay. Conversely, a house is an investment you must protect because it will serve you for a long time, especially during your retirement. However, there will come a time when a house doesn’t suit your needs anymore, so your best option is to sell it.
Selling a house is relatively straightforward but riddled with twists and turns that homeowners don’t usually expect. For this reason, you must be prepared for the unexpected, especially since the housing market is highly volatile. As a seller, you must know mistakes to avoid because they can derail your entire process and make your home difficult to sell. These include:
#1 – Setting an Unrealistic Asking Price
Just because you’re selling your home doesn’t mean the price revolves around what you want. The housing market can be harsh, especially when you’re looking to sell. You should set a price based on the current market value.
If you set an asking price that is too high, you will have a hard time selling your home. Once you don’t get enough interest for the price you want, it’s good to lower it.
#2 – Not Staging the House
If you’re planning to sell your home, you should make it as appealing as possible. To do so, you must prepare it for sale by staging your home. If you don’t do this, your home will become a lazy investment that doesn’t attract buyers.
The easiest way to stage your home is by organizing it and getting rid of clutter. You may also want to paint the walls and renovate the kitchen to look brand-new. Staging your home will make it more attractive to potential buyers. You’ll be able to get more money for your home, helping you sell it faster.
#3 – Hiding Major Issues with the House
A house is a permanent investment, so you need to be upfront about all the damages it has. When you’re selling it, you must disclose everything, such as:
- Any flood or fire damage
- A major renovation that you haven’t finished
- The list of repairs required by the house (e.g., leaky roof)
- Problems with the house’s structure
By hiding these issues, you’re cheating the buyer by not being upfront about the house’s history. If the buyer finds out later that you didn’t disclose significant problems, they can get back some of the money they paid you.
#4 – Not Using High-Quality Images
When selling a house, you should make all the necessary efforts to draw in potential buyers, especially since you don’t have the luxury of time in real estate. One of the most effective ways to attract buyers is by using high-quality images of your house.
Sellers sometimes underestimate the power of photos, but they can make or break your listing. They’re vital if you’re using a real estate agent. Potential buyers will use them to understand your house’s appearance and condition better, so they must be informative and high-quality.
#5 – Not Having Proper Insurance
While this may seem like a no-brainer, you may still risk your house by not having insurance. Even if you don’t want to sell your home, you should still protect it. This can protect your home from damage due to natural disasters and other unforeseeable events.
If you don’t have insurance, you will have a hard time selling your home, especially if something happens. Therefore, it’s your best option to secure your investment.
#6 – Being Unaccommodating
As a seller, you must be patient with potential buyers. When you’re selling, you should take the time to answer all their questions and be as accommodating as possible. You shouldn’t be too strict about the terms of the sale, especially if you’re under a time constraint. Being too demanding may discourage potential buyers, which could make the sale process longer.
#7 – Not Working with a Real Estate Agent
Working with a real estate agent is highly beneficial for selling a house, especially for a first-time seller. This is because agents are experts in the housing market who can interpret data and find out about the current market value of your house.
An experienced real estate agent can optimize your listing, making buyers interested in your home. To make the most of this relationship, you must be open to suggestions from your agent.
Selling a house can be a very time-consuming and expensive process. It can also result in some legal issues that can cost you more money. For this reason, you need to be prepared when you’re selling so you can avoid these common mistakes. Since this process is complex, you must do everything right to ensure the deal goes smoothly.
If you’re looking for a real estate investing company, Evergreen Investments can help you! Our professional real estate investment specialists offer brokerage and property management services to ensure your investments are taken care of. Reach out today and allow us to assist you!