Homeownership is a dream for many individuals in the Twin Cities and surrounding areas. It represents stability and an investment in the future for those seeking to become homeowners. However, when it comes time to sell a condo or a home, many homeowners make avoidable mistakes that can cost them dearly. Here are five of the most common ones, along with advice on how to avoid them the next time you list your home for sale.
- Not using a Real Estate Agent
Selling your home is a big decision, and it’s one that you shouldn’t take lightly.
There are a lot of things to consider, from deciding when to put your home
on the market to setting the right price. And unless you’re an experienced
real estate professional, there’s a good chance you’re not familiar with all
of the ins and outs of the process.
That’s why working with a real estate agent is such a smart move. A good
agent will have extensive knowledge of the local market and can help
you price your home competitively. They can also provide invaluable
assistance when it comes to negotiating with buyers and their agents.
In short, working with a real estate agent will give you a much better
chance of selling your home quickly and for the best possible price.
- Pricing Your Home Too High
When selling your home, it is important to price it correctly. A common
mistake sellers make is pricing their home too high, thinking that they
will be able to negotiate down to their ideal price. However, this often
backfires, as real estate buyers are often turned off by homes that are
priced above market value. Not only does this make your home less
likely to sell, but it can also lead to your home sitting on the market
longer, costing you money in the long run. It is always better to error
on the side of caution and price your home slightly below market value
or at market. This will make it more attractive to buyers and increase
the chances of a quick sale.
- Not Making the Right Repairs and Renovations
One of the most common mistakes homeowners make when selling
their property is neglecting to address major repairs or costly renovations.
While it may be tempting to save on upfront costs, this can ultimately lead
to a lower sale price or a longer time on the market. Buyers are typically
looking for a home that is move-in ready or as close to move-in ready
as possible, and they are often willing to pay more for a property that
doesn’t require immediate repairs or significant updates.
In some cases, ignoring major repairs can even result in the buyer’s
loan being denied. If you are planning on selling your home, it is
important to make any necessary repairs and to avoid making
any changes that could deter potential buyers. By taking care of your
home before putting it on the market, you can help ensure
a smooth and successful sale.
- Failing to Stage Your Home
When you’re selling your home, first impressions are everything.
That’s why failing to stage your home is a mistake. Buyers are
looking for a home that they can picture themselves living in,
and if your home is cluttered or outdated, they may not be able
to see past that. A well-staged home will help buyers see the
potential of your space and fall in love with it. Staging doesn’t have
to be expensive or time-consuming; even just decluttering and
adding a few fresh touches can make a big difference.
- Being Limited on Showing Opportunities
Showings give potential buyers the opportunity to see your home
in person and get a better sense of its size, layout, and features.
The more showings you have, the greater the chance of selling
your home. While it may be disruptive to have people coming
through your home on a regular basis, it is important to be as
flexible as possible when it comes to showings. You never know
when the perfect buyer will come along, so you want to make sure
they have the opportunity to see your home.
- Failing to Negotiate
When it comes time to negotiate, many homeowners make the
mistake of being inflexible. They may have a price in mind that
they are unwilling to budge on, or they may be attached to
certain terms of the sale. However, it is important to remember
that negotiation is a normal part of the home-selling process.
In most cases, buyers will try to negotiate for repairs after an
inspection is completed, so it is important to be prepared for this.
If there are certain repairs you are unwilling to make, be sure to
communicate this to your real estate agent so they can negotiate
on your behalf. At the same time, try to be open to compromise. By
being flexible and willing to negotiate, you are more likely to come
to an agreement that works for everyone.
Don’t Make These Mistakes
Mistakes can be costly when selling your home. Avoid these common
ones to make the process as smooth as possible for you and your family.
If you have any questions about the selling process or want more
information about how I can help you sell your home quickly and
for top dollar, please don’t hesitate to contact me. I would be happy
to share my knowledge and expertise with you so that you can make
informed decisions throughout this important time in your life.
Shannon Lindstrom, Realtor®, AHWD, CRS, GREEN, MRP, VCA