5 Home Seller Mistakes to Avoid
For most people, selling a home is a major event. You may only do so once or twice in your life. With so much money on the line, it is important for Minnesota sellers to avoid making small mistakes that could cost them big.
Mistake 1: Overpricing Your Home
One of the most common mistakes sellers make is overpricing their homes. Often, sellers have a preconceived notion of what their home is worth. They know how much they’ve paid, how much is left on their mortgage, and all the sweat equity they’ve put into the property. Surely, they think, the value of my home has increased. Unfortunately, the housing market often proves otherwise, especially if sellers bought at the height of the market.
A professional Realtor® can provide you with a market analysis of your neighborhood and suggest a realistic price for your home. Though it may be less than you had hoped, a competitive price will ensure that your home shows and sells quickly. The first few weeks on market are critical, this is when your home is a “hot commodity” and there is the most interest. If you overprice to “test” the market you can miss out on the buyers most interested in your home.
Mistake 2: Taking It Personally
Closely related to mistake number one is mistake two: taking the home sale process personally. Most people are emotionally attached to their homes. Many memories are tied to homes, making it difficult to sell the property when the time comes.
To sell your home quickly, it’s important to turn your home from a family treasure to a commodity. To do so, make the décor as neutral as possible. Tone down lively wall colors and store any excess furniture. Remove family photos so potential buyers see themselves in your home, not your family.
Mistake 3: Failing to Fix Minor Issues
Nothing piles up more in buyer’s minds than a list of minor repairs. A long list of to-dos can lead a buyer to walk away. Eliminate the possibility by taking care of minor repairs before putting your home on the market.
Normal wear-and-tear on a home can lead to dings, dents, scuffs, and scrapes. Squeaky doors, faulty drawer hardware, and gathering dust may not bother your family, but buyers are sure to notice. Take a weekend to fill in dents and dings, touch up paint, fix hardware, and grease squeaky doors. The investment is minimal and can lead to big returns. Keep in mind that buyers will see small issues that aren’t taken care of as an indication of how the large and potentially difficult to see items are handled.
Mistake 4: Forgetting Curb Appeal
Curb appeal is important no matter the season. If your home does not show well from the street, buyers may pass it by. Give your front door a coat of paint and fix any issues with the front walk or driveway.
In the seasons when plants are in bloom, keep your gardens neat and tidy and the lawn mowed. In the winter months, keep up with the snow and clear driveways, sidewalks, paths, and stairs.
Mistake 5: Going It Alone
The biggest mistake sellers can make is to try to sell their home on their own. Stats show that homes that are sold with a Realtor sell for 13% more than those that don’t. Even after accounting for buyers that knew the seller previously. Unless they are real estate professionals themselves, sellers do not have the expertise or industry knowledge to price their homes competitively and close the sale.
Instead, find a reputable Realtor® who knows your neighborhood. He or she can help you price and sell your home and know the marketing techniques that will get you top dollar in the least amount of time.
Are ready to sell your home in 2015? Contact Brooks Johnson, your friend in real estate, today.
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