4 Mistakes to Avoid When Selling a House for the First Time
Maybe you’re starting a family, you started a new job, or you’re just ready for an upgrade. Regardless of why you’re selling your first home, this is can be an exciting but daunting step!
If you’ve never sold a house before, there are a few mistakes you’ll want to be wary of to ensure the best selling experience. Here are 4 mistakes to avoid when selling a house for the first time!
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Pricing the Property Incorrectly
If you’re charging an unreasonable amount for your house, buyers are going to look for a better deal elsewhere.
It’s easy to overcharge for your property, as the house has been your home for years. In your mind, the memories are priceless, so you may be assuming that the property is just as special to potential buyers.
Unfortunately, if your house or property isn’t offering anything special compared to similar properties, a higher price tag will deter buyers. As you’re deciding on a price for the house, make sure you research the costs of other houses that are similar to yours in your area.
While you want to get a great return on the home, if it’s not generating interest it’s going to stay on the market for too long.
2. Forgetting About the Costs Associated With Selling
Many homeowners that sell for the first time assume that they’re going to pocket everything they make on the house.
Right off the bat, if you’re working with an agent, they’ll take around 6% of the sale as commission. While you may want to avoid this fee, working with a realtor will help you through the process while selling quicker, so that 6% commission will be worth it.
Also, you may need to invest in services to help you market your home. Services like professional real estate photos, staging services, aerial shots, or video are essential services for standing out in the real estate market today.
Lastly, many buyers will request that the seller pays for closing costs since they’re paying so much for a down payment. Many buyers won’t have the extra money to pay closing costs, so you may need to take some of the return from the sale and put it towards the closing costs if you want to sell quickly.
3. Trying to Sell the House Without the Help of a Real Estate Agent
Piggybacking off of the point about selling costs, many buyers try to avoid paying for the commission of a realtor by selling the home themselves. While you will save on the commission cost, you may end up missing out on more money if you skip using a realtor.
Here’s why…
Your realtor can help you determine a fair price for your property given what they’ve seen past clients sell and buy for. You may set your own price either too low or too high if you don’t have background knowledge of real estate.
If you set it too low, obviously you’re missing out on a return that you deserve. If you set the price too high, your house is going to sit on the market as similar houses with lower prices sell.
Determining prices aside, your realtor can also suggest services that will boost the return on the house. For example, using professional real estate photos can earn you thousands of dollars more in return.
Your realtor is knowledgeable about the bells and whistles you can add to make a listing attract more attention and sell for more money.
While using a realtor can increase your return, it also makes the selling process much easier for you as well. If you’re solely in charge of selling your house, you’re responsible for marketing the property, outsourcing, setting up appointments for potential buyers to see the property, being present for the appointments, and so many other things.
The realtor takes care of these responsibilities so you can focus on work, school, family, moving, or any other responsibilities that are taking up a lot of time.
4. Forgetting to Clear Clutter
If every inch of the house is taken up by clutter, potential buyers are going to have a difficult time picturing themselves in the home.
Too much clutter will grab the attention of buyers who are either looking at photos of the listing or touring it in person. This is problematic because impressive features may be overlooked if clutter is too distracting.
With an investment like a new home, it’s important to buyers that they see the whole picture. So, take some time to stage the property tastefully and remove some of the clutter before taking photos or offering showings.
Which Steps Will You Take?
Nobody wants to receive less for a home than they deserve.
Also, nobody wants the selling process to be any lengthier or more tedious than necessary. So, to ensure that you have the best experience selling your first home, there are some mistakes that you’ll want to avoid.
To learn more about our resources for selling your home, reach out to us today!