“Owning a home is a keystone of wealth—both financial affluence and emotional security” -Suze Orman
Selling a home can both be an arduous and complicated affair for most of us considering that not all of us possess a wealth of experience when it comes to real estate investment or home selling. This is a lengthy process that would require maximum effort and total commitment on your part—anything less than a hundred percent would not guarantee you optimum results. Seeing as a lot of work is involved in the logistics of home selling, it is only natural for a home seller to want desirous results such as getting the best deals out of selling their homes.
However, as most of us are neophytes in the area of home sales, we would commit innumerable selling blunders that more often than not, would cost us the sale. These are the kinds of gaffes that you should never overlook as homeowners and potential home sellers. Most of the time these are the errors that would cause your homes to sit in a listing for months—even years and this will inevitably cost its potential fetching price to languish away. This is certainly one costly mistake home sellers would not want to make, so in order to avoid this certain inauspicious home selling result, it is best if you are well aware of what the common mistakes are and how you should avoid them.
1.) Pricing Your Home Incorrectly
Naturally, a home seller’s goal is to get the best deal when it comes to selling their homes. Similarly, as this is what they have in mind, there is a big chance that they would equate best deals to a very exorbitant price. But this excessiveness would cost you as you are effectively turning off potential buyer and real estate agents. Compromising by lowering the price in increments would not do you any favors either as it was already seen as an overpriced from the beginning. Enlist the assistance of a realtor and let them research your area and give you an estimation of your home. Set the right price from the start because to potential home buyers, it does not matter whether your home is located in Ayala Premier Makati or Park Terraces. To a potential home buyer, an overpriced home is still overpriced regardless of wherever that home is located.
2.) You Fail at Staging Your Property
You want your property to sell and you want it to sell it fast. In order to achieve this, you must set it up in the most appealing way possible as you will never get another chance in making a first impression. When homes are initially listed in the market, it is at its best position to sell and of course, you would want your home to be in model shape before showing it off. Try to observe your home from a buyer’s point of view. In fact, take it a step further by asking the assistance of a friend and let them observe what could potentially turn off buyers from striking a deal with you. Once you have an idea what it is, fix it up, repair what needs to be repaired so you can stage your home properly and have it sell for the price you want it to sell.
3.) You Reveal Too Much to Your Buyer
In your enthusiasm in finding a serious buyer for your home, you tend to reveal things about your home that are best kept to yourself. For an instance, do not think that the appraisal value of your home would persuade a buyer to pay more by talking about it during your showing. Additionally, do not let your buyer know why you are selling as they will use this information against you. If prompted, simply tell them your housing needs have changed.
4.) You Do Not Understand Your Rights
As a home seller, you should be adequately armed with information regarding what rights you have as a seller. This is in order to protect yourself from unsavory buyers and charlatans. One way of protecting yourself is to have a properly written contract which would legally bind you and your buyer. Before signing, be aware of which repairs and closing costs you are responsible for and those that you are not. Read the contract thoroughly and review your title to see if your property is in conflict with any of the local restrictions or laws. A competent realtor will assist you and walk you through this process.