1. Mispricing Your Home – It can be a tremendous mistake when you misprice your home and can cause you lose quite a bit of money. If you set the price too high, you run the risk of missing the first round of qualified buyers. As your home sits on the market, it becomes a “rotten banana”- potential buyers will ask, ‘why hasn’t it sold, what’s wrong with it…’ If you price it too low, you will leave money on the table. It is critical to become familiar with similar homes currently for sale and recently sold in your neighborhood and to understand your unique market.
2. Not Hiring a Professional or Choosing the Wrong Agent to Sell Your Home – Statistics show that home sellers who try to do it themselves often end up on the market longer, and sell for less money than homeowners who work with an experienced real estate agent.
When choosing an agent, keep in mind that the person is going to be working for you. Ask friends or family members for recommendations. Be on the lookout for people who have recently bought or sold a home and ask them if they had good experiences. Open houses are also a great way to meet agents in person and watch how they interact with people. Many top producing agents have reviews online from past clients which is a great tool to find the perfect person to trust with the sale of your home.
Look for a full time experienced agent. Real estate transactions are complicated. Most people do not realize how difficult negotiations can be, and the numerous contingencies in real estate contracts. It is typically during home inspections and during the financing period that things can go awry. When you have a professional agent working for you- they will keep things running smoothly until closing.
3. Overlooking Necessary Repairs Prior to Sale –Take care of repairs before the house goes on the market. It’s always going to cost you less out of pocket to fix things ahead of time. This can help avoid lower offers or buyers who will ask for a credit back for work that was initially neglected. Even minor repairs could jeopardize a sale if an inexperienced buyer gets spooked during a home inspection.
4 Refusing to Remove Your Clutter and Junk Prior to the Sale –Get rid of your clutter! Having junk around the house kills deals fast. This is an inexpensive improvement you can make to your home and will help create a clean and spacious look. Decluttered homes also look better in photographs. Today most clients are drawn to photos online 1st, if they don’t like what they see, they will click right by your home.
5. Selling Your House Empty – While getting rid of your clutter is necessary, it is still important for your home to be staged. This helps buyers picture what their new home could look like, and eliminates that empty feeling. Overall, professionally staged homes can sell five to seven times faster than non-staged homes, according to the Real Estate Staging Association
6 Letting Your Ego Get in The Way When Negotiating – It’s easy to lose out on creating a win-win deal when your ego gets in the way. Start by setting a fair and reasonable price for your home and allow some wiggle room. If your ego doesn’t allow for negotiation, it can kill the deal!
7. Overlooking Junk Fees and Extra Expenses at Closing – Home sellers throw thousands of dollars away by not requesting and confirming a list of fees and expenses long before closing day. Make sure you and your real estate agent review estimated closing cost statements before it’s time to hand over the keys. Because the closing table on sale day is too late to be fixing costly mistakes or asking for discounts and credits.
9. Using Lousy Photos –More than 95% of all buyers start their home search online. Having horrible camera phone photos posted online can severely delay the selling process. You won’t ever get a second chance to make the perfect first impression, so use professional quality photos!
10. Not having a backup plan
Let’s face it, things rarely go as planned. Avoid getting stuck with two mortgages, or being without a place to live! Be prepared and find temporary housing whether it is a rental property or staying with family and friends if your home sells quickly. Make sure that you budget to find out what you can afford while transitioning.
Some people insert clauses into their contracts that state they won’t move forward with the sale unless they are able to purchase a new home. Sellers also may accept secondary offers in case the first offer backs out.