Mistakes to Avoid When Selling Your Home
Whether you’re downsizing or moving up, finding the perfect house and the right mortgage is a priority. Cherry Creek Mortgage offers many lending solutions including fixed-rate loans, conventional loans and specialized products to make your dream a reality. However, before you can close on your next mortgage, you might have to sell your existing home.
Selling a home can be just as stressful as buying one. But you can make the process easier and faster by avoiding common home seller mistakes.
1. Pricing the house too high
Every home seller wants to get as much for their property as possible. But rather than set a price based on what you want to get, it’s important to choose a price based on comparable sales in your market. So, follow your real estate agent’s recommendation with regard to pricing. Your agent will pull comparable sales in the area to determine the most appropriate list price.
Some sellers purposely price high to give themselves wiggle room when negotiating with buyers. While this technique can work, it can also backfire and minimize interest in your property. And unfortunately, the less showings you have, the longer it may take to sell the home.
2. Selling without a realtor
Selling on your own eliminates real estate commissions, which can result in a bigger profit. But if you don’t understand the real estate market, there’s not only the risk of pricing the property too high, your home may not receive as much exposure. On the other hand, your agent will come up with a marketing plan to get your property noticed. Without a plan, your home could get lost in the shuffle.
A real estate agent also works on your behalf in other ways. They’ll coordinate open houses and schedule showings, plus help negotiate the contract. If you choose to sell without an agent, you’re responsible for every aspect of the sale, which can be overwhelming if you don’t have prior real estate experience. Rookie mistakes could potentially decrease your profit and slow down the sale of the property.
3. Forgetting to depersonalize the home
It’s important for potential buyers to envision themselves living in the property. They can’t do this when sellers leave toys, photos and other personal items lying around the house.
Make sure you depersonalize the space by removing clutter and anything that’s too taste specific (bright wall colors, wallpaper, or any style that only appeals to a small pool of buyers).
4. Hanging around the home during showings
Leaving your home for each showing can be an inconvenience, but this is a small price to pay for a quick sale. Some sellers think it’s okay to hide out in a room. But even if you’re out of sight, your presence in the home can be awkward for buyers.
They need free rein to open your refrigerator, cabinets and closets to gauge whether the space works for them. Some buyers will be uncomfortable scoping out your personal space when you’re 20 feet away. As a result, they may cut the showing short. If they don’t spend enough time in your home, they’re less likely to make an offer.
5. Not getting a pre-home inspection
Most buyers will submit a purchase offer that’s contingent on a satisfactory home inspection. And unfortunately, problems found during a home inspection could delay the sale or cause a buyer to pull out of the deal. To avoid surprises, get your home pre-inspected before listing it. This way, you can identify issues early and take care of these repairs before you get an offer.
The more mistakes you make while selling your home, the more complicated the process. The above tips can contribute to a smoother transaction and a quicker sale. And with the sale complete, you can then move onto the next stage, which is qualifying for a new mortgage for your next property.
We're eager to discuss your lending options. Give Cherry Creek Mortgage a call to learn about our amazing products and services.