3 Mistakes To Avoid When Selling Your Home!

Selling your home is a big deal!  For most people, selling their home is a great way to take their equity and move up or down to the next home!  Chances are you aren't a Realtor, or someone who knows the ins and outs of selling a home!  And you may think it is easy to do, but, as a Realtor, I can assure you it is not as easy as it may look!

And, if your goal is to get as much money out of your home as possible, then you really don't want to make mistakes that can happen when you sell your home!  

If you do a google search for "mistakes to avoid when selling your home", you will get 124,000,000 results - that's millions!  But I think that you can take all those articles and group them into 3 buckets of mistakes you should avoid when selling your home!

So here is my list!

HIRING THE WRONG AGENT

In the Richmond, Virginia area, the real estate market boasts a lot of Realtors - over 7,000!  While this presents a myriad of options for individuals seeking assistance in selling their home, it also necessitates careful consideration in choosing the right Realtor for your needs!

Among the multitude of Realtors, it's important to recognize that some are licensed due to their status as investors handling their own properties, while others may serve as licensed transaction coordinators on real estate teams.  These distinctions aside, there remains a substantial pool of Realtors actively vying for the attention of a limited number of buyers and sellers in the market.

When contemplating the sale of your home, the abundance of Realtors may seem overwhelming.  While the prospect of handling the sale independently or opting for a discount broker may seem appealing due to potential cost savings, it's crucial to assess the actual value and services provided.

Choosing the For Sale by Owner (FSBO) route may save on commission costs, but it brings forth a series of responsibilities and challenges.  Sellers must navigate aspects such as showings, pricing, marketing, contract understanding, and potential legalities without professional guidance.  The apparent commission savings may turn into unforeseen expenses if the home is not properly priced or if legal assistance becomes necessary.

Similarly, opting for a discount broker may entail listing on the MLS but sellers must scrutinize the level of support and services offered beyond this point.  Questions regarding marketing strategies, availability for showings, proper pricing guidance and assistance throughout the closing process should be thoroughly addressed.

For those considering a full service Realtor, the key lies in conducting thorough interviews.  Evaluating the Market Analysis provided and scrutinizing the marketing plan ensures a fair market value recommendation and a comprehensive strategy to sell the home.  Sellers should inquire about the Realtor's approach to handling contracts and delve into the nuances of agency relationships, including dual and designated representation.  

In a market saturated with Realtors, the emphasis shifts from the sheer number of options to the critical task of finding a Realtor who aligns with your specific needs and preferences.  

PRICING INCORRECTLY

When it comes to selling your home, pricing is paramount.  Setting the right price from the outset is not just a strategic move; it's a crucial one.  Incorrectly pricing your home can have far-reaching consequences, impacting your ability to sell quickly and for the optimal value.

First, overpricing can deter potential buyers.  In today's competitive real estate market, savvy buyers research extensively and have a good understanding of property values.  If your home is priced above its fair market value, it may simply be overlooked in favor of more reasonably priced options.

Conversely, underpricing can lead to missed opportunities.  While a lower price may attract quick interest, you risk leaving money on the table.  Moreover, buyers may question the property's value or suspect underlying issues, creating unnecessary hurdles in the negotiation process.

Ultimately, the repercussions of incorrectly pricing your home extend beyond the initial listing.  Over time, a property that lingers on the market may become stigmatized, making it even harder to attract serious buyers.

In the dynamic world of real estate, precision is key.  Sellers must diligently research the market, consider comparable sales, and seek professional advice to ensure their home is priced accurately from the start.  Doing so not only maximizes the chances of a swift sale but also ensures you receive the best return on your investment.

NOT PREPARING YOUR HOME FOR SALE

Neglecting this crucial step can result in missed opportunities, extended time on the market and a lower sale price.  First impressions do matter!  Just like meeting someone for the first time, the first impression of your home can significantly impact a potential buyer's decision making process.  Buyers often decide within the first few minutes of viewing a property whether it's a good fit for them.  

The real estate market is competitive, and even though we currently have very little inventory to choose from, buyers are still picky about what homes they are willing to spend top dollar on.  A well prepared and staged home stands out from the crowd, attracting more attention from potential buyers.  Failing to make your home visually appealing and well maintained may result in getting lost to other listings.

Homes that are well prepared and staged tend to sell faster and at a higher price than their unprepared counterparts.  Buyers are having to pay a premium in this market and they are willing to do so for a property that appears move-in ready and well maintained.  By investing time and resources into preparing your home, you increase its perceived value and create a sense of urgency among potential buyers!

Buyers in this market are savvy, and often on the lookout for any red flags that could indicate potential issues with a property.  Failing to address necessary repairs, maintenance issues or cosmetic imperfections may give buyers a reason to try to negotiate a lower price, or, in extreme cases, walk away from the deal altogether.  Taking the tme to address these concerns before listing can save you from these complications.

CONCLUSION

Selling your home is a huge financial investment.  When you do decide to sell your home, it is important to avoid making these three big mistakes.  Avoiding these mistakes will not only maximize the chance of a swift sale but also helps to ensure you get the biggest return on your investment.

If you are thinking of selling your home and have questions, don't hesitate to get in touch and let's chat!