Selling your home is one of the most important steps in your financial life. Today, we’ll go over the seven deadly mistakes most home sellers make. Knowing these mistakes will help you maximize your profits, maintain control, reduce stress, and help you make good decisions with your moving goals.
Failing to analyze why you are selling. We encourage you to have a very clear motivation when it comes to the decision to sell your home. Many home sellers simply aren’t clear on why they are selling their homes, and try to sell for the wrong reasons.
- Not preparing your home for the buyer’s eyes. You have one chance to make a good first impression. Nearly all buyers begin their home search online, so pictures are incredibly important. Work closely with your agent to stage the property, and consider hiring a professional photographer to take photos of your home.
- Pricing your home incorrectly. Everyone wants to get the most amount of money for their home as possible. Unfortunately, many buyers are unrealistic about their home’s value. If a home is priced too high, it tends to sit on the market for a long time, causing buyers to wonder what’s wrong with it. By the time you decide to adjust the price, it is often too late to get a quality buyer. Pricing your home correctly right out of the gate saves you time, money, and reduces time on the market.
- Selling too hard during showings. Nothing is more awkward for buyers than having a personalized tour of the home by the seller. Buyers make decisions based on their emotions first, and then justify the decision with logic. A buyer is unable to emotionally attach to a home when a seller gives them the grand tour. Step back and let your agent handle the showings.
- Signing a long-term listing agreement without a written performance guarantee. Unfortunately, some agents have a tendency to over-promise and under-deliver. If you sign with that agent, the only time you’ll hear from them is when they want to reduce the sales price. You should never get stuck in an agreement without a written guarantee of performance or a cancellation contract that allows you to get out of the contract if you are unhappy with the agent’s performance.
- Making it difficult for the buyers to get information on their homes. Buyers are three times more likely to inquire about a home when there’s no risk of feeling obligated. This means they don’t want to have to call you or your agent to get information on the home. Make it easy to get information on your property instantly and free of charge.
- Failing to obtain a pre-approved mortgage buyer. You don’t want to get stuck with a buyer who’s unable to get a loan. The first 5 weeks you are on the market are the most important, so you don’t want to be under contract for 45 days and find out that the buyer is unable to get financing. Do your due diligence. Make sure the buyer has a full approval letter, and check in with the lender to make sure they have verified all of the buyer’s information.
If you have any questions about today’s video, give us a call or send us an email. We would be happy to help you!