1. Working Alone
Not hiring a real estate agent may seem like a great way to save by not paying commission, but then you would miss out on the knowledge and marketing abilities a real estate agent has. Statistically, homes sold without an agent sell for much less. In November, the National Association of Realtors stated that the average FSBO home sells for a median price of $200,000, while a property sold with the help of a realtor sold for a median price of $280,000.
2. Pricing Too High
You want to sell your home for top dollar, but you need to be realistic about the homes’ value and how buyers will see it. The first week the listing is live is the ideal time to sell. 57% of homes get full asking price in the first week of being on the market. By the fourth week, the percentage drops to 32%, and by 8 weeks on market, only 18% of homes get full asking price. By the time you get to 8 weeks, you’ve missed your window to get top dollar. So pricing your home right to begin with is of the utmost importance.
3. Waiting to Sell
While Spring and Fall are considered the best times to put your house on the market, it does not mean you need to wait months to do so. People are always buying homes, so any time is a good time to sell a home. In fact, February can be a great time because people tend to have more time for home shopping.
4. Refusing to Make Changes
Thanks to HGTV and home improvement shows, home buyers today expect move-in ready homes. That means, unless you’re planning to sell your house to an investor for a lower price, you’re going to have to make changes and get your home ready to sell. That could mean painting brightly colored rooms a neutral color, replacing old carpet, or updating kitchen appliances.
5. Keeping Clutter
It can be challenging to remove belongings while you’re still living in the home, but most buyers have a hard time visualizing living in the space when your things are overcrowding it. De-personalizing, removing oversized furniture, getting rid of things you don’t need anymore, cleaning up closets and storage spaces to make them look larger, are all things that will really help sell your home.
6. Being Unavailable
Your house cannot sell, if it cannot be seen. If your house is on the market, it must be your first priority to show it. Which means, if a buyer requests to see your home, you need to be able to leave quickly and leave the house in pristine condition.
7. Being Unwilling to Negotiate
If you’ve received an offer, but it’s not quite what you were hoping for, still be willing to negotiate so that all parties feel they are getting a reasonable deal. If you’d like to see the sales price come up, offer to cover some of the buyers closing costs or perhaps a minor repair found by the inspection. Give and take a little so all feel there’s a reasonable negotiation taking place.
8. Letting Your Emotions Get the Best of You
It is completely natural to have an emotional attachment to the home you lived in for years, made memories and watched your family grow in. But it’s important to remember that the buyers don’t have that emotional attachment (yet) and don’t understand your history there. You have to see it as business transaction, because that’s what it is. A low offer is not a personal offense, but a starting point to selling your home that could begin negotiations or be declined.
The more you view the sale of your home as a business transaction, the smoother the whole process will be!