1. Selling your home too soon
One of the most common mistakes a homeowner can make is selling their home before they are ready. You must have the time and money to perform any repairs or renovations to the home that are necessary.
2. Entering the market blind
While the market is coming back, you still need to take a close look at your neighborhood market statistics before jumping the gun. If you live in a high-demanded area, you will have greater chances than a community with three houses on each block for sale. Use good judgement. You can also look online to get an idea of how many homes have sold recently in your neighborhood, and how they took to sell. You should also look at the homes currently on the market in your area to see how long they’ve remained active. If they’ve been active for a while, yours probably will be too.
3. Choosing to sell your home by yourself
You need a lot of knowledge to sell a home yourself. You have to know how to show your home to perspective buyers, know how to relate to realtors, understand the legal entities of selling your home and many other factors. Do your research before you tread the murky waters of selling your home on your own.
4. Not trusting instincts
While hiring a realtor can be a major plus when selling your home, you know your home better than anyone. Trust your instincts when it comes to personal decisions about your home. If you are disagreeing with your realtor over reasonable issues, you might want to explore other options.
6. Being the nicest house on the block
Upgrading your kitchen and master bath are two rooms you will most likely get a higher return on investment. However, you don’t want a completely renovated house that’s overbuilt to the neighborhood. When making renovations, stay in the realm of what the other homes look like.
7. Poor pricing
Look at what price comparable homes have sold for in your area, how long it took for it to sell, the condition of it, and the amenities. Have an appraiser come to your home to give you the estimated value your your home. Don’t randomly choose a price based on how much you’d like to make. It doesn’t work that way.
8. Emotional attachment
When negotiating price and other factors with potential buyers, remember to keep your emotions in check and not take things too personally. Many buyers think their home is worth more than it is, and get easily offended by perfectly acceptable offers.
9. White lies
You should always be honest and disclose any current or previous problems with your home. A home inspector will find out the truth anyway, and your buyers will not be happy. They will wonder what else you are hiding. The best thing to do is have an inspector come in from the start, so that you are armed with the proper knowledge of your house. This way, you can make repairs on what you can, and if there are extensive repairs that must be done such as a new roof, let the buyer know.