Selling your home is a personal process and it is also one of the biggest financial decisions you will make in your life. Where you have your space scrutinized, coupled with buyer critiques and offers that might be disappointing to you, the stress can be acute. It is really important to frame your home sale properly and use the right approach. Of course, having a licensed Realtor to help you understand market dynamics is very important, and avoiding certain mistakes is critical to getting the right price for your home and terms.
These are some mistakes that sellers can make, that can cost them much more than money.
Out of Emotional Balance:
Selling a home can be sentimental, especially if it's your first property. Try to keep a calm head and heart by adopting a business mindset throughout the process.
Not Hiring an Experienced Real Estate Agent:
Agents take commissions, however, they are absolutely essential to the process from staging to marketing, and negotiating. Mostly, they bring expertise in setting a competitive price, negotiating effectively, and handling the complexities of real estate transactions. This is where experience really counts. Most new Agents won't be in the business for more than 2 years at most, hiring one of them isn't to your advantage. Look for an agent with a minimum of 5 years of experience.
Pricing Unrealistically:
Your home is only worth as much as someone wants to pay for it. Realtors use local market conditions down to the block to accurately price your home. Overpricing can put off potential buyers, and also waste your time. On the other hand, underpricing obviously has you losing out of making more money. You need to strike the right balance.
Poor Timing:
Are you considering the season when listing your property? Generally speaking Spring is the classic buyer season and witnesses heightened activity in the real estate market, with more buyers actively seeking homes. that said, when there's less than 120 days of inventory on the market as there is in the Research Triangle area (currently there less than 30 days of inventory on the market), time of year doesn't matter all that much. We do recommend avoiding the months with many holidays, it can decrease your chances of attracting a larger pool of prospective buyers.
Failure to Prepare:
First impressions matter, a lot. Prioritize tasks like decluttering, cleaning, and staging to showcase your property's best features and be sure that your real estate agent has a proven marketing plan for your home. High-quality professional photographs and video tours are essential to properly showcasing your home. My NC Homes includes at no cost to our sellers, free professional staging consultations, free professional photography, free 3 dimensional walk through floor plans and videos and finally a free professional cleaning once you've moved out.
Being Inflexible:
Flexibility is key when accommodating potential buyers for viewings. Maintain a clean and welcome environment showings to show your commitment to selling and leave a positive impression on potential buyers.
Failure to Qualify:
Many Realtors will not take buyers on showings if they are not qualified and you should be sure to ask this in a listing presentation. Request that agents have pre-approval (not online pre-qualification letters which aren't that meaningful) letters from mortgage lenders or proof of funds for cash transactions to minimize the risk of deals falling through.
Avoiding these common mistakes such as unrealistic pricing, neglecting property preparation, and failing to disclose key information, is essential for a smooth home sale. By approaching the selling process strategically and with realistic expectations, you can sell your home with confidence. If you are looking to sell in the Research Triangle Park, consider reaching out to My NC Homes today!
Posted by Larry Tollen on
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