10 Mistakes to Avoid When Selling Your House
After years of living in your home, you may decide it’s finally time to sell. Whether you’re retiring, relocating for a new job, or getting divorced and wanting a change of scenery, you may find selling your house is a bigger challenge than you anticipated. Along with the emotions involved in saying goodbye to your home, there are many time-consuming tasks that can become major pitfalls if you don’t know how to handle them. However, with some knowledge and perseverance, you can avoid numerous mistakes other sellers often make when selling their property. To learn what those mistakes are, here are 10 common mistakes to avoid when selling your house.
Letting Emotions Guide Your Thinking
This is a very common mistake, but one that is very hard for sellers to overcome. However, by doing so, you’ll be able to stop going down memory lane and start looking at the process as purely a business transaction, where you goal is to get as much money as possible for your property. As a way to overcome this obstacle, it’s often a good idea to think about how you felt when you were shopping for a home. If you’re honest with yourself, you’ll realize you too had a certain image and lifestyle in mind when home shopping. By remembering this, you’ll get motivated to make the house as appealing as possible to prospective buyers. Otherwise, you may be waiting a long time for a buyer.
Assuming You Need a Real Estate Agent
When many people prepare to sell their homes, they assume they need a traditional real estate agent. However, there are many other options available to you, such as working with real estate firms who buy properties As-Is and pay cash in the process. By opting for this choice, you can sell your house fast, get a fair price, and move on with the next phase of your life, without having to make numerous repairs to the house and then show it to one prospect after another.
Unrealistic Asking Price
If you overprice your home, don’t expect to have many offers come your way. Unless there is a severe shortage of properties in your area, this strategy will almost always backfire. Instead, it’s often better to have an asking price that is slightly lower than comparable properties, since this will generate more interest in your property.
Unwillingness to Negotiate
For many people who know little about selling a home, they often think that once they set an asking price, it should be non-negotiable. However, if you choose to be stubborn about demanding a certain price, you’ll probably be waiting many months at a minimum before a buyer signs on the dotted line. Instead, set a price that leaves room for negotiation, since this is expected by most potential buyers.
Selling During Cold Weather
While most people choose to sell their homes during the spring and summer, some think they will gain an advantage by doing so over the winter. While there will almost certainly be fewer properties on the market, there’s a good reason for this. During cold weather, the last thing most people want to do is walk around from home to home in the snow and wind, trying to find the perfect property. As a result, putting your home on the market during the coldest time of the year will lead to few prospects, and ultimately less money when the property is finally sold.
Bad Pictures of Your Home
In today’s world of real estate, more and more buyers surf online to find the home of their dreams. Because of this, it’s crucial to have photos online that make your home look fantastic. By choosing to have no photos, or perhaps worse, photos that are not clear and taken in natural light, buyers will quickly move on to the next listing. Therefore, whether you take the photos yourself or have someone else do it for you, always make sure your home looks its best in any online photos.
Lacking Home Insurance
Once you decide to sell your home, you may think it’s no longer necessary to have homeowners insurance on your property. However, this is a serious mistake that could end up costing you a tremendous amount of money in the long run. Since there will likely be many more people at your home once it’s for sale, there is always the chance someone will have an accident and decide to sue you for damages. Therefore, always keep up your home insurance premiums during the selling phase and limit the chances of an accident occurring by keeping pets away from everyone and eliminating any other hazards around the property that could cause an accident.
Trying to Hide Problems
If your house has significant issues, such as a leaky roof, plumbing problems, or other issues, trying to hide them from potential buyers is a mistake. By doing so, you’ll come across as dishonest, turning off potential buyers. Instead, either fix the problems before selling, or perhaps choose to sell your house fast by working with a real estate firm that specializes in purchasing properties As-Is, which results in a quick sale and immediate cash in your hand.
Not Prepping Your Home
While it may be a bit time-consuming and cost a few dollars along the way, taking care of minor issues around your home can often pay off when attracting buyers. Whether it’s as simple as fixing one or two broken doorknobs, fixing a leaky faucet, or adding a fresh coat of paint to a room, doing so can help you make a good impression on buyers. If you choose to go this route, have a friend walk around your home with you, since they will probably be able to spot a few things along the way that you may unintentionally overlook. If you decide to not do this and sell your house through a traditional real estate agent, they and potential buyers will likely think the house has bigger problems, which can lead to a prolonged selling process and a lower price when all is said and done.
Signing Contract with An Unqualified Buyer
When you decide to sell your home, you naturally want to do it as quickly as possible. However, this sometimes prompts people to sign contracts with buyers who turn out to be unqualified to purchase your home. When this happens, it only complicates and delays the sale of your home. Not only is it an embarrassing and awkward situation for everyone involved, but it then puts you in a no-win situation. If you stick with the current potential buyer, it could take weeks or months for them to finally gain the financing needed to buy your property. And if you decide to cut them loose and look for a new buyer, you’re also likely waiting weeks or months to complete the sale. Therefore, always make sure any potential buyer has the money needed to complete the purchase.
As you can see, selling a home can indeed be a very complex, confusing, and time-consuming process. To eliminate much of the worry that goes with this and make sure you can sell your house fast and at a price that puts a smile on your face and cash in your hand, forego the usual process when selling your house. Instead, work with a firm in Philadelphia that buys homes As-Is for immediate cash. By doing so, you’ll complete the sale much faster, get the price you want, and be able to forge ahead with your plans.
GM Home Inc. is a real estate investment company that buys, remodels, and sells homes. We buy houses for cash and, once our offer is accepted, we can close quickly as we do not have to wait for a bank to come through with financing. We’re currently buying houses in Philadelphia and the surrounding areas in PA. The types of properties we’re looking for are varied; we buy houses, small apartments, vacant homes, rental properties, bare land, and the certain types of commercial properties.
Why Sell Your House to Us? We get this question all of the time from home owners who need to sell. There are many benefits in working with us over trying to sell your house the traditional way. When we buy your house there are NO Fees or commissions. We can close quickly (even as little as 7 days if you need to), We buy AS-Is so there are no repairs to make. We close at a reputable 3rd party Title Company (you can choose your own if you prefer). Call us at 888-998-1478 for more information.