The Most Common Mistakes First-Time Homeowners Make When Trying to Sell

Saturday, February 1, 2020, 6:00 AM | Leave Comment

Buying a house for the first time can be a difficult and confusing process, but selling that house can be just trying.

You might not know the best way to go about it, and you might also be very attached to the property which can result in some basic mistakes.

Here are a few pitfalls to avoid when preparing to sell your home.

The Most Common Mistakes First-Time Homeowners Make When Trying to Sell

  • Overpricing

    Many eager-to-sell homeowners ask top dollar for their home despite market saturation or local competition. If several similar properties in the area are selling more cheaply, a higher-priced is unlikely to get a higher offer. It can be difficult to decide on a fair value for your home, especially if you’ve made renovations on it over the years.

    A real estate agent familiar with the neighborhood and housing market can provide comps, or comparison lists of recently-sold properties, to give you an idea of what you might reasonably expect your house to sell for in current market conditions.

  • Inadequate Preparation

    A home that is being offered for sale should be prepared to make a strong impression on prospective buyers who are browsing the website, driving by the property, or scheduling a visit to see it. The house should be in good condition without clutter or evidence of deteriorating features.

    Problems like a damaged roof or a crumbling foundation should be repaired to attract serious buyers. The entire property should appear clean and well maintained. You might even want to stage the high-traffic areas of the home, typically the kitchen, bathroom, living room, and a bedroom, to pique viewers’ interest.

  • Misunderstanding the Market

    Even in good condition, a property may fail to attract buyers if the owner does not have a clear understanding of the housing market. Check local listings to see how long similar properties are sitting on the market before they sell. If the average home has been selling in about 45 days, then it is unreasonable to expect yours to be snatched up more quickly. It might be, but if it isn’t, then the delay may be with the market rather than the property.

  • Unwillingness to Negotiate an Offer

    Some homebuyers insist on getting their asking price for the sale. Occasionally, a bidding war will erupt and drive the price even higher. Most often, however, the property is likely to receive lower offers than the asking price. Although the seller may want to hold out for full asking price, it is helpful to consider whether continuing to pay utilities, insurance, and taxes along with lawn care and any other necessities is worth the risk of waiting for a better offer later, which may or may not materialize. You can always counter-offer at a price higher than the lower one to increase the sale price, if accepted.

Homeowners who are serious about selling their properties quickly and for market value can be aware of potential setbacks like these. Take a proactive approach to attract more buyers and sell your home more quickly.

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