Every home seller wants to make the most out of their home’s sale. After all, selling a home for a profit can help them move to a new place, start over again and probably live in a new home of which they’ve been dreaming for a long time. Before the “Sold” sign, however, you must know of the top home selling mistakes that you should avoid if you want nothing but fast and favorable returns.
Top Home Selling Mistakes to Avoid
Incorrectly pricing your home for a large profit
If you’re unaware and have lack of knowledge about existing prices in your area, then pricing your home can be a challenging task. One mistake, you might price it too much that it does not sound realistic. Avoid this mistake if you don’t want your home to sit on the market for a long time. Two questions when figuring out how much to sell.
- What are the features and amenities of your property?
- What are the current prices of comparable homes sold in Maryland within a period, for instance?
You might also want to hire a professional appraiser who can accurately assess your home’s value before deciding on the asking price. Don’t price your home based on the profit you’d like to make out of the sale.
Not working with a good realtor
Some homeowners hire a realtor immediately without looking into their options. While one can be a valuable resource person and advisor when selling a home, one can also make or break it for you. Avoid the mistake of letting the realtor asking you to sell your property in a way that does not suit your personal preferences, style and beliefs.
Find someone to suit your requirements and needs. Trust your instinct when making personal decisions about your real estate property.
A good realtor must be able to research comparable properties and price your home correctly. Also, you should check their professional background before hiring one – their statistics and success rates.
Over personalizing for your neighborhood’s worth
Limit the upgrading of your home even if you want to keep up with the latest going on in the community. While interior design is important, you should not overdo it. Also, when making renovations, they do not mean raising your asking price to that equivalent amount, like $20,000.
Being emotional when negotiating with potential buyers
Do not let your emotions rule! Be objective and firm. Shut down any negative thoughts that might be making you half-baked when selling.
For example, while you might have spent all your life in your home, raised your children there and upgraded its amenities, you should put your personal emotions when negotiating the price, for example, with buyers. Your home for sale will soon have its new owner – put that in mind.
Not disclosing issues of your home
Do you want to avoid problems after the sale of your property? Avoid the mistake of not disclosing any of its past history or issues. While you want to sell it fast, you should not hide its problems.
For example, discuss that it had water leak issues last year or that it had ventilation issues to potential buyers. In short, do not keep any issues it has had or it is having. Even if you do keep those a secret, a home inspector can find out and reveal them later. It will just slow down the selling process, so take care of repairs and be honest about those when selling your home.
Blindly entering the market
Avoid this mistake by examining neighboring and local communities and certain statistics, like prices. If you’re house is in a tourist area, such as Ocean City Communities, your property’s value outlook might be better versus what the neighboring communities have. In short, do not enter the real estate market without the facts.
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Selling even when not ready yet
Are you mentally, physically and emotionally ready to putting your house for sale on the market? While it can be an exciting experience, it may also be a very stressful stage in your life if you’re unprepared.
Before listing a home, re-think. Am I ready to move? Why am I selling? If you’re confused, you might want to discuss with your family and friends or with a real estate agent in Maryland. You should weigh the pros and cons as well as your options. Once you’ve finalized everything and figured out you’re ready, then that’s the only time to begin marketing.
Do you want to sell your home faster and move to your new location/home sooner? Do you want to make a profit but without overpricing your property? If so, avoid committing the top home selling mistakes that you might be doing and get the most out of your effort. If you need more help in selling a home in Maryland, talk to me today!
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