Avoid These Mistakes When Selling Your Home

Selling your home can be especially difficult and time consuming, regardless if it’s a sellers market or not. It can be emotionally challenging as well, especially if you’ve never done it before. With little or no experience it’s easy to make many  mistakes. However, these pitfalls can easily be avoided, the process doesn’t have to be so draining.

Key Takeaways

  • Keep your emotions in check. In order to have a clean and seamless transaction you need to stay focused on the business aspect of why you’re selling your house.
  • Hiring an agent may work in many scenarios, but there may be different and better options out there depending on your specific needs.
  • If you decide to sell your home, make sure to set a reasonable sale price and keep the legitimate worth of your house as is compared to recently sold homes in your area.
  • Prepare for the sale, disclose any issues that may be prevalent with the property and have patience!

Keep Your Emotions In Check

It’s Easy to get emotional about selling your house, especially if this is our first. You most likely spent thousands of dollars and a great deal of time making it your own. It’s hard to say goodbye to something that has become more than just four walls; make sure to keep your why in mind. Once you decide to sell your house, adopt a business-like mindset. You’ll achieve more by looking at the transaction from a purely financial perspective. You’ll be able to see the true realistic value of your house and can work from there.

Home Selling Options

When selling your home it is important to keep in mind that you have options. Real Estate agents command a hefty commission of usually 5-6% of the sale price of your home. However, in most scenarios they are often able to help eliminate the people who want to look at your property but have no intentions of making an offer. They also assist in beautifying the house to make it more presentable to be sold. Another option is to flat out sell it yourself. This option takes a bit of research and patience as you will be entirely responsible for what happens. You will deal with all the potential buyers and doing your own marketing amongst other things. However this option, despite its difficulty, usually results in you saving thousands off potential fees. Another option is to sell your home to a real estate investor, such as Gains Investments. We’re here to help you solve any difficulties. We buy homes “as is”, meaning you don’t ever have to worry about fixing certain things about the home, or cleaning. We also guarantee to close in as little as 2 weeks, and we’ll cover your closing costs. We do this to ensure that our clients have the easiest process possible & that they receive their money and freedom as soon as possible. 

Be Realistic When it Comes to Price

Whether you’re working with a real estate agent, investor, or selling on your own, setting the right asking price is key. When you first bought your home, your agent most likely did a comparative market analysis in order to determine a fair offering price. Buyers will also do this for your home too, so as a seller you should be one step ahead. Overpriced homes generally don’t sell, even now, when we are in a seller’s market (Meaning you’ll receive more money for your house overall anyway). In a recent real estate survey it was concluded by 70% of real estate agents that the number 1 mistake sellers make is overpricing their homes. Don’t worry about setting a price on the low side because in theory, this will generate multiple offers and bid the price up to the home’s actual market value. This could potentially be a viable strategy to generate interest, and you can always refuse any offers that are too low.

Disclose any Issues with the Home

Any problems not revealed in the beginning of the process will be found within the buyer’s inspection, so make sure to disclose any information you may have known about beforehand. It makes things easier and cleaner for everyone involved. Any problems with the home will be reflected in the asking price. But as discussed previously in this article in terms of options, you can always sell to a real estate investor if you have any damage to the property. Gains Investments takes property “as is”. Meaning any damage to the home is not necessarily a deal breaker for us, unlike buyers who want a turnkey home. 

Learning how to sell a house is crucial if you’re getting into the market. Make sure you are prepared both emotionally and mentally. Adopt that business-like mentality and do your research. Inspections of your home and similar properties sold in your area will help determine where your set pricing should be. It clears up any surprise from any offers you may receive and gives you a clear line of what your home is worth in the market. Remember to choose the best path for you. Whether selling your home by yourself or through an Investor, make sure to check out the best options for you.