3 Mistakes to Avoid When Selling Your Home

After a slow and steady recovery from the 2007 housing collapse, US housing prices are finally returning to a point where it can be lucrative to sell. In fact, some studies even state that housing prices are increasing nearly 10% year over year. If you’re planning to cash in on this trend, selling your home could be a great decision. But if you want to get the most value for your investment, you need to avoid these three costly mistakes.

Mistake 1: Pricing Your Home Too High

One of the most common misconceptions about selling your home is that if you price it well above market value, you’ll have a little more room to negotiate. In some ways, this makes sense. But there is a huge disadvantage to this tactic. If prospective buyers feel that your home is overpriced, they will lose interest in booking a showing or making an offer.
Where you have the most flexibility is not in the price but at the bargaining table. By pricing your home competitively, you can negotiate after a prospective buyer has expressed interest. At that point, you’ll have a much higher chance of closing a deal, than if you outprice most buyers and expect a lowball offer.

Mistake 2: Selling Your Home Yourself

Remember when you bought your first home? Initially, the procedure may have been daunting. But once you’ve gone through the process, you’ll have a pretty good feel for how the transaction will go. Real estate agents don’t work for free, so why not sell your home yourself and save a few bucks?
Here’s the catch: selling your home isn’t simple, nor is every transaction the same.

Hiring a realtor will ensure that you avoid costly mistakes. Their expertise will help you navigate the complicated real estate market. Doing this yourself means that you may not get top dollar for your home. You’ll spend a lot of time trying to learn the ins and outs of the selling process. Additionally, the buyer may have an agent, who will negotiate all terms to the buyer’s advantage when you don’t have an agent to support your negotiation side.

Mistake 3: Not Staging Your Home Properly

Everyone knows how important a first impression is. Preparing your home isn’t just a simple matter of doing a quick tidy and cutting the lawn. Just as you gave your home a thorough lookover before you purchased it, others will do the same when they plan to purchase your house. Your real estate agent can help direct you on how to stage your home. Some homeowners choose to hire professionals to give their house a makeover that will make prospective buyers fall in love at first sight. This isn’t a one-shot deal, either. As long as your home is on the market, you should be sure that it’s Oxi Clean for every showing.

Overall, these scenarios can be different for every situation. It’s best to rely on the expertise of your realtor and let them show you how to best position your home for a quick and profitable sale. Realtors are professionals and have their finger on the pulse of the market. Their knowledge of your local area and current market conditions matters. It will be the difference between a quick sale and a long, drawn-out process.