Selling your home is a significant undertaking, and steering clear of common pitfalls is crucial to a successful and timely sale.
When you’re a first-time seller (or it has just been a while since the last time you sold a home), understanding the potential challenges and how to overcome them can make all the difference between a frustrating experience and one that’s both positive and profitable.
Let’s explore some key mistakes that can hinder your home sale and actually lower the value of your property in the eyes of potential buyers:
1. Having Unrealistic Expectations and Overpricing
If you want to attract interested buyers, you must price your property right. Pricing your home so that you have some room for negotiation is one thing – but drastically overpricing the property is going to deter serious buyers and lead to a prolonged listing period. If you start too high, there’s nowhere to go but down, and you’ll eventually be forced to lower the price. That can ultimately make you look desperate for a sale and reduce your bargaining power even further. Pricing your home strategically will increase its attractiveness and expedite the selling process – so trust your real estate professional to guide you.
2. Refusing to Do Minor Repairs
Sure, the scuffs on the wall or that single cracked tile in the hall don’t have much to do with the true value of your home. But buyers may not see it that way. When a home looks a little scruffy and neglected on the surface, buyers may wonder just how well-maintained the property is as a whole. Before listing your property, conduct a thorough inspection and then fix those leaky faucets, repair any damaged flooring and replace outdated fixtures in the home. Investing in these repairs upfront can significantly increase the perceived value of your home.
3. Inadequate Home Staging
Never overlook the power of home staging. Home staging is a sort of art, and it creates an environment that is both welcoming to potential buyers and neutral enough that they can see themselves living in your home. As much as you may not like it, you really do need to strip your home of all the personality and character you’ve given it over the years. Put away most of your personal items, family photos and clutter, rent a storage unit for the bulk of your furniture, and concentrate on rearranging what is left to highlight the home’s best features. The goal is to create a setting that appeals to a broad range of buyers.
4. Ignoring the Curb Appeal
Simple landscaping, a fresh coat of paint on the front door, and a well-maintained lawn can significantly boost your home’s exterior appeal – and the price buyers may be willing to pay. Conversely, neglecting the porch, deck, patio and yard can make buyers think that the house itself is also neglected. Consider planting colorful flowers, trimming overgrown bushes and ensuring that the exterior is well-lit. These small investments can make a big difference.
5. Being Present During Showings
You have to give your buyers some space. While it’s natural to be proud of your home, being present during home showings can make the potential buyers very uncomfortable. Worse, it can even make you look desperate to sell. Give potential buyers the freedom to explore and discuss the features of the property without feeling pressured. Consider leaving a well-prepared brochure or information packet that highlights key features and upgrades, while you take yourself and your family somewhere else for a while.
6. Ignoring Buyer Feedback
The first few potential buyers and agents who look at your property are likely to provide some valuable feedback or insights into how your home is perceived. While you can’t do anything about the number of bedrooms or the location, you can listen closely to any constructive criticism and adapt your approach to the sale. If your buyers are all citing the worn-out carpet in the hall or the outdated fixtures in the bath, consider making a few cosmetic changes so that you can eliminate those concerns and enhance your home’s overall appeal.
7. Letting Unpleasant Odors Linger
Nobody’s house smells “weird” to them – but your house may still have an off-putting odor to your potential buyers. Make sure that you have your carpets, floors, curtains and fabric furniture steam-cleaned to eliminate food and pet odors before you start showing the house. Consider using a neutrally scented air freshener or even baking cookies before you have a showing to create a pleasant, welcoming scent in the home.
8. Failing to Repaint Bold Colors
While those vibrant color choices on your walls might reflect your equally vibrant personality, they can limit a buyer’s ability to visualize themselves in your space. Repainting the walls in neutral tones, such as a shade of white, soft wheat or beige, creates a blank canvas that appeals to a broader audience. It allows buyers to mentally superimpose their furniture and personal style on what they see and helps them envision living in the home.
9. Renovating Above the Value of the Home
There is such a thing as “too much of a good thing.” While renovations can add value, it’s crucial to be mindful of the neighborhood’s market and not over-improve for the area. For instance, investing in a high-end, restaurant-grade kitchen in a neighborhood where most homes have standard kitchens may not yield a significant return on your investment. You need to consider the price-point of the homes in your area and focus on strategic upgrades. Otherwise, your improvements will just overwhelm people – not enhance your home’s value.
10. Overlooking the Importance of Disclosure
Withholding information about your home can lead to legal issues down the line. Be transparent about your property’s condition and any past issues and repairs. Buyers know that no home is perfect, and many will factor some necessary repairs into their buying decisions.
11. Letting Emotions Guide the Negotiations
Letting emotions guide your negotiations can be disastrous. It can be difficult to approach negotiations over your home objectively simply because it has been the center of your life for a while. Be open to reasonable offers and listen to your real estate agent. A level-headed, objective approach can lead to a more successful sale.
In conclusion, successfully selling your home requires careful planning, a whole lot of attention to detail and a strategic approach to your presentation. By avoiding these common mistakes, you can maximize your property’s appeal and increase your chances of a quick deal.