Are you considering putting your home up for sale? If this will be the first time you’ve ever sold a home, you are probably curious about how things usually transpire. The process of selling a home usually goes smoothly, but things can get tricky if you’re not on top of your game. This article will discuss the four most common mistakes that first-time home sellers make and ways to avoid them.
Deciding Sell Your Home Yourself
The most serious mistake that first-time sellers sometimes make is trying to go the For Sale by Owner route. Selling a house is not only a huge financial transaction, but there are also a lot of legalities that must be followed. A serious transaction like this is when you need experienced representation so that everything is done correctly. Hire a Realtor with a reputable brokerage, who knows your neighborhood and has a record of sound judgment and quick, efficient sales.
Becoming Overly Emotional
It's important to avoid becoming overly emotional during the selling process. People tend to become very attached to their homes after living there for a period of time. But do not let your emotions get in the way when you’re trying to sell your house. It’s critical that you remain logical and reasonable and not allow yourself to get too emotional or you could make mistakes that you would later regret.
Being Unrealistic in Your Pricing
Pricing a home too high – or too low is a common mistake among first-time sellers. It’s crucial that you understand the real estate market in your locality because this will heavily influence how you price your home. Recent sales of comparable homes and current listings in your neighborhood determine the price range in which your home will likely sell. Buyers know what the price range in your area should be. An experienced Realtor can help you determine the right listing price for your house.
Choosing the Wrong Time to Sell
Another mistake a first-time seller might make is listing their home for sale at the wrong time. Local real estate markets are constantly changing due to any number of factors. If you try selling your home at the wrong time, you may not get the price you want. Factors influencing whether the time is right can have to do with the season of the year, other listings in your area, new home construction, interest rates, zoning changes and etc. Unless you absolutely have to sell by a certain time, it would be best to let your Realtor advise you as to when the time is right to put your home on the market.