Common mistakes while selling a house: What to Avoid?
Selling a house for the first time can be both exciting and frustrating at the same time. Whatever your reason for selling your home, there are several downfalls you can easily fall into, making your home selling experience less than ideal.
To sell your house fast and at a fair price, you must adhere to the rules of selling the home. In this blog, we’ve covered the most common mistakes to avoid when selling a house.
1. Avoiding Professional Assistance
Many homeowners do not hire a real estate agent to represent their sales. As a first-time seller, you may find this problematic since you have no experience or strong understanding of the real estate market.
You can sell your home for sale by owner and list it on MLS using a Flat Fee MLS listing service. They can help you with MLS listing at a flat fee, provide maximum exposure from potential buyer agents, professional assistance, and more.
Using for sale by owner websites, you can quickly sell your home without paying a hefty commission.
2. Delaying the process
It is one of the best seasons to sell a house in spring, but that does not mean you have to wait months before listing your home. The most common mistake people make is to delay their home sales when they are ready. You must study the real estate market and frame an ideal strategy to sell your home fast.
3. Pricing Your Home Too High
If you want to sell your house for a high price, it may take you longer. In most cases, you will be unable to find a buyer and will be required to lower the value of your home. Be realistic about the value of your home to avoid all this. Imagine what buyers will think before deciding on an asking price. A home that is overpriced during its peak sales period will likely lose a significant amount of time on the market.
4. Not making repairs
If you want to sell your home to the cash companies or the investor who flips the property, then selling your house “as is” is fine. Making the necessary improvements to your home will ensure the highest possible sale price. The buyers expect a ready-to-move property that is in its best condition. Make sure that the home is clean and decluttered.
Also, You must affirm that you have fixed all the minor issues, such as seepage or broken fittings in the bathroom. This will allow the buyers to picture themselves like they are living in the house. Do update appliances, paint walls, and remove your old personal belongings.
Though removing belongings when it is still your house may be challenging, it will boost the room’s look and make it spacious. Getting rid of broken furniture, oversized couches, old closets, etc., is a good idea.
Though cleaning the carpet and painting the walls in neutral shades are simple tasks, you may also need to consider significant repairs. If there are cracks in the foundation or you need a new roof, you should get these repairs done. It will also attract more buyers and increase the house’s asking price. You may have to pay for the costly repairs, but it will give you a good return.
5. Doing expensive upgrades
Though making necessary changes and urgent repairs are recommended, some homeowners make the mistake of installing expensive and lavish home improvements, which may not fetch a return in the future. Expensive upgrades may not be required because the buyer may not give you the appropriate credit or pay a higher price. Invest in the repairs that can become a selling point when the property is listed on the MLS.
6. Not doing professional photography.
According to a NAR, 90% of buyers use the Internet. Buyers also use other resources; however, they typically begin their search online and contact an agent. It is unlikely that they will shortlist your house if your pictures aren’t appealing.
Most buyers look at photos briefly before moving on to the next one. Make sure yours stands out among the other photos. If you have a strict budget, you can also do it using a high-resolution camera. Click the photos that give the buyer a rough idea of the size of the rooms.
Pro tip! Enhance the visual appeal through staging, turn up all the lights, and shoot with different angles.
7. Hiding the issues
Many homeowners try to hide the problems on their property. If you cannot fix a problem before listing your home for sale, it is preferable, to be honest about it rather than concealing it. These aspects are revealed at the time of home inspection, and the buyer will eventually come to know about them. Even if it doesn’t come in the inspection, the buyer may notice it later, and you may face a lawsuit.
8. Not handling Negotiation well
Prepare to negotiate if you’ve started receiving offers on your home. If you believe that the price is too low in comparison to the value of your home, try to explain to the buyer the home’s top selling points. Explain how this deal is going to benefit the buyer.
Also, if the deal is stuck, consider covering some of the buyer’s costs to make the deal feasible.
Now, you know the top common mistakes a first time home seller makes. Here’s how title insurance can help while selling or buying a house.
What is Title Insurance?
Title insurance is a form of certification that protects real estate owners and lenders from damage caused by encumbrances, liens, and property title defects. Defects include a person claiming to be the owner, improper documents, fraud and forgery, encroachments, etc. The title insurance policy may apply specific terms, conditions, and exclusions.
The most common type of title insurance is lender’s insurance. As a result, title insurance protects lenders and buyers from title defects. Title insurance is typically a one-time expense.
The real estate transaction must have a clear title to avoid fraud and liens. A title insurance policy protects against risks such as incorrect records, incorrect ownership, forged paperwork, etc.
When do you need Title Insurance?
You can go for title insurance at the time of closing. However, if you’re wondering whether you can buy title insurance after the closing, you can, though it’s not recommended.
Final Thoughts!
Ensure not to make these mistakes and have a convenient experience while selling your home. There are different processes in each state, and some might be complex. This, together with a hefty real estate commission, makes the process costly. A good option for sellers is to use Flat Fee MLS or FSBO platforms like Houzeo, which make the sellers’ job much easier.