Selling your home can be both an exciting and daunting prospect. If you have accumulated plenty of equity and have taken care of the home, you stand to make a handsome profit. On the other hand, if you have grown attached to the home, letting go can be difficult. And, then there is the complicated process of selling the home itself. As most homeowners are not in the habit of selling property, they often make mistakes during the selling process that can delay or derail the sale, at best and cost them thousands of dollars of profit, at worst.
Thankfully, we do sell homes every day, and, therefore, we know how to help sellers steer clear of the most common pitfalls. To that end, let’s take a look at six mistakes you should avoid when putting your home on the market.
1. Overpricing
Overpricing is one of the most common mistakes homeowners make — and often one of the costs the most. You naturally want to get as much money for the home as possible, but agents and buyers are wise when it comes to pricing, and they have a pretty good idea what comparable homes are selling for in your area. Pricing a home too high can lead to a variety of complications, none of them faring well for you as the seller. For instance:
- Overpricing encourages low-ball offers, which wastes your time.
- Overpricing can keep your home on the market longer. The longer your home is for sale, the harder it is to sell it — especially at a good price — because people begin to wonder why it is not selling.
- Overpricing can discourage the seller. You are more likely to drop your price below market value the more desperate you become to sell.
- Overpricing can derail the sale. If you do get someone to agree to your price, the home appraisal may come in below the sale price, throwing your deal in jeopardy.
These days, there is not a good reason to overprice a home. Talk to an experienced agent who can get access to market data in your area and help you come up with a fair list price.
2. Underpricing
A seller who is too desperate may be tempted to undervalue the home to make a quick sale. It is a tactic that might work, but you will walk away with much less money than you could have made had you been patient. The tactic can also backfire and deter buyers from coming around because they are concerned that the low price means something is wrong with the property.
3. Selling a Home in Bad Condition
In a competitive housing market, failing to make basic updates and repairs can delay your sale. After all, why should a buyer buy your house when the neighbor down the street is offering a similarly priced home that is move-in ready? You do not have to upgrade everything, but strategic updates like fresh paint and new carpeting can make a huge difference. Also, kitchen upgrades almost always pay off in increased value. Unless you plan to sell your home as a “fixer-upper” and walk away with less money, invest some money in upgrades to give buyers some incentive.
4. Bad Presentation
By “bad presentation,” we mean a combination of poor quality photos and inadequate staging of the home. Many buyers now start their search online, and poorly taken photos can dissuade them from even coming by to look. Likewise, buyers who do come to look can be put off if the home is dirty, cluttered, poorly lit, etc. Make the extra effort to put out some high-quality photos for the listing, and make sure the inside and outside of the home are clean, neutral and welcoming. Also, avoid showing a completely vacant home; even a few pieces of temporary furniture will go a long way to help you sell the property.
5. Taking the Sales Process Too Personally
Owners who are too emotionally attached to their home are more likely to turn down a good offer for the most unlikely reasons, or worse, decline to sell to someone for improper reasons. Once you decide to sell, you must decide to detach emotionally from the sales process to keep from getting in your own way. Let your agent do their job.
6. Not Hiring a Good Real Estate Agent
Speaking of agents — if you try to sell your home on your own in this day and age and you do not happen to be an agent yourself, you are asking for trouble. The sales process is exceptionally complicated, and pitfalls along the way can cost you dearly in time and money. The same applies if you hire an agent who is inexperienced, distracted or otherwise uninterested. Save yourself a headache by hiring an agent with plenty of local experience and a good track record. You will likely save yourself much more than the agent’s commission in the long run.
When you are ready to sell your home in Atlanta, our experienced agents have the knowledge and passion that will help you get the most value for your home. To learn more, call Atlanta Fine Homes Sotheby’s International Realty at 404.948.4812.