8 Costly Mistakes Home Sellers Make | Helpful Tips
When a homeowner sets out to sell their home odds are they don’t plan on making costly mistakes, but without the proper knowledge and guidance, there is a strong possibility they will. Below is a helpful guide listing the top 8 costly mistakes home sellers make and how to avoid them. By doing so sellers will not only be able to sell their home for top dollar, but they’ll also be able to do so in the shortest amount of time.
8 Costly Mistakes Home Sellers Make
1. Going FSBO
Sellers who decide to go FSBO (For Sale By Owner) thinking they are going to save money can turn into a costly mistake! The same holds true for sellers who hire an agent based on their personal relationships or friendship. Even worse hiring an agent based on their commission rate and not their knowledge, experience, and marketing expertise.
It’s very important for sellers to do their homework and make sure they hire the best agent for the job to help them avoid as many costly mistakes as possible. The one who has outstanding marketing and negotiation skills. They’ll also want to make sure they hire an agent who is going to be there for them every step of the way. One who will deal with the inspection, appraisal, mortgage company, and title company. An agent who can put out any unforeseen fires that are bound to come up along the way.
2. Not Show Ready
Sellers only get one chance to make a first impression, so it’s imperative their home is “show ready” from the start. A show-ready home means the home has been deep cleaned from top to bottom doesn’t smell, and isn’t cluttered. In order to achieve show-ready condition, it might cost some money upfront, but if the right changes are made they will easily pay for themselves.
3. Difficult to View
If a buyer can’t view a home they can’t buy it! Sometimes it’s the seller who makes it difficult to view their home and other times it’s their listing agent. Regardless if it’s the seller, listing agent, or both the issue impeding showings needs to be resolved immediately. A buyer’s agent should never have to chase a listing agent down to schedule an appointment and a listing agent should never have to chase the seller down.
While it’s understandable that not all sellers can drop what they’re doing and allow a last-minute showing they should at least be prepared as best as possible. It might mean they have to hire a pet sitter to remove their dog for showings. Maybe they have to hire a cleaning service to keep up with the house being show ready.
The same may hold true for the listing agent, not all agents are available at a drop of a dime. So maybe they need to hire a company to schedule all of their showings for them. Maybe there is something they can do to help the seller accommodate all showings and avoid as many costly mistakes as possible.
The BIGGEST mistake sellers make is overpricing their homes! Statistics show the longer a home sits on the market the lower the offers become. So it’s extremely important the property is priced right from the start. A top Realtor will be able to educate the seller on the current market conditions and recommend a list price. However, it is ultimately up to the seller if they want to risk making a costly mistake by “testing the market” and overpricing their homeA helpful guide listing the top 8 costly mistakes home sellers make and how to avoid them to ensure sellers get top dollar for their home. #homeselling
5. Unwilling to Negotiate
Yes, a lowball offer may be offensive to a seller, but it doesn’t mean the buyer isn’t serious or willing to pay market value for their home. Some buyers just have to make a lowball to see if they can get a good deal, but a seller can find out real quick how serious a buyer is by making a counteroffer, even if it’s a full-price counter. Serious buyers will be open to negotiating, unrealistic tire kickers will walk, so it never hurts to counter.
6. Not Removing Emotions
Making decisions based on emotions is another costly mistake sellers make. Selling a home can be extremely stressful and emotional for a lot of sellers, but it’s important for them to try setting their emotions aside.
Oftentimes when a seller lets their emotions take over they will make rash decisions, which can be costly. While it may be next to impossible for a lot of home sellers to keep their emotions under control an outstanding listing agent will help guide them through the process and alleviate a lot of stress.
7. Unwilling to Make Repairs
Homes in need of repair can negatively impact a seller’s bottom line! It’s essential for sellers to take care of repairs prior to putting their homes on the market. Homes that visibly need repair can be a big turn-off to potential buyers and may keep them from submitting an offer.
Not every seller is realistic when it comes to selling their home, which can turn into a costly mistake. Some are unrealistic about the value of their homes and think they’ll be able to defy the odds. While others have unrealistic expectations about the selling process.
Oftentimes unrealistic sellers will make multiple costly mistakes; they’ll overprice their home, aren’t willing to negotiate, won’t make repairs, and/or make their home difficult to view. It’s important for sellers to set realistic expectations when selling their home.
All 8 of these costly mistakes can be avoided when selling real estate. The decision to make these mistakes falls solely on the seller. They are in complete control of their home sale. I encourage every seller to discuss these potentially costly mistakes with their listing agent and find out how to avoid them based on their particular situation.
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Popular Home Selling Questions
What are some tips for selling house while living in it? When selling a home while still living in it, it’s essential to find a balance between showcasing your property’s potential and maintaining a comfortable living environment. Decluttering prior to listing is one of the most important things a seller should do.
Better yet they should pack at least half of their belongings and put them in storage. This way it’s fewer items to pack when it’s time to move and fewer items to clean. Hiring a cleaning service to come regularly is another excellent tip that can help eliminate stress. Making sure the property is staged to sell and make it easy to show with limited restrictions.
Is it better to move out before selling a home? Whether it’s better to move out before selling a home depends on various factors, including your personal circumstances and the condition of your property. Moving out before selling can have advantages, such as allowing for easier staging, keeping the home show-ready at all times, and reducing the inconvenience of accommodating showings. It can also create a blank canvas for potential buyers to envision themselves living in the space.
However, moving out may come with additional costs, such as finding alternative living arrangements and potentially maintaining two residences. Ultimately, it’s important to weigh the pros and cons, consult with your real estate agent, and decide what best suits your situation and goals for selling your home.
Should I fix up my house before selling? Deciding whether to fix up your house before selling depends on the condition of your property and the current market conditions. In general, making necessary repairs and improvements can increase your home’s appeal and potentially lead to a higher sale price. Focus on addressing any major issues, such as structural problems, leaks, or outdated systems, as these can deter buyers. Additionally, consider cosmetic updates like fresh paint, new flooring, or modernizing fixtures to enhance the overall presentation.
However, it’s essential to strike a balance and avoid overspending on renovations that may not yield a significant return on investment. Consult with a real estate agent who can provide guidance on which repairs or updates are worth prioritizing based on your specific market and target buyers.
About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “8 Costly Mistakes Home Sellers Make”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.
8 Costly Mistakes Home Sellers Make | Helpful Tips