What To Avoid When Selling Your Home
Selling your home for the first time can be challenging in many ways. For one, it requires a lot of time and energy from the owner plus, it can be emotionally draining. Strangers will come checking out and criticizing your property, which sometimes feels like an invasion of privacy. The value you have set for your home may not be met, and you will most likely be offered less than what you think your home is worth.
You may find yourself typing the words "sell my house by owner" on the internet. Still, for a first-time seller with no experience, you are likely to commit the same mistakes that most first-time home sellers are making. You can avoid falling into these traps by keeping abreast of the important measures to sell your house at your desired price.
As much as you want to know how to do certain things correctly, it's also important to note what things you should avoid doing.
Don't Get Too Emotional.
Suppose looking up the words "sell my house by owner" has done you good and helped you gain potential buyers. You know you've spent so much time trying to figure things out and making sure you are doing it right. But at some point, selling your first home can make you emotional. It's easy to fall under this trap, especially when saying goodbye to your first property.
Picture yourself as a business person doing business with a client. You need to condition your mind in such a way that you won't be carried away by your emotions while doing the transaction. Once you let your emotions stand in the way, it may be harder for you to stay on track.
Keep in mind that you are not only selling a property, you are also trying to sell an image and a lifestyle. Minor remodeling or upgrading of the appearance of your property may be necessary. This helps increase your home's sales price and is one way to emotionally detach you from it as it will look a lot different from when you were the owner.
Should I Sell My House By Owner or Hire an Agent?
One question that most first-time home sellers are asking themselves. Real estate agents usually cost a lot since they demand a 5%-6% sales commission out of your home's sales price. However, real estate agents know how to prioritize your best interests and can help you set fair and competitive pricing for your property. You can easily trust a real estate agent when it comes to increasing your chances of a quick sale.
Besides, an agent has more experience negotiating home sales, which means they can help you get more money than by posting "sell my house by owner." However, this doesn't mean that you can't sell your home on your own.
Hiring a real estate agent is beneficial, especially for first-time home sellers who are not familiar with the paperwork processes and the pitfalls involved in the transaction. Should any problems arise during the process, your real estate agent can handle them for you. Working with a professional helps ensure that there are no delays and or setbacks in the transaction.
Can I Choose to Sell My House By Owner?
The "sell my house by owner" method is not at all impossible, so it's okay if you choose to sell your property without the help of an agent. In fact, so many people successfully sold their homes on their own. However, it won't be that simple.
First, you will need to do your research (thoroughly), and be willing to read a lot about recently sold properties near you. You will also need to be informed about the properties that are currently on sale in the market. Keeping abreast of these facts help you determine your home's selling price - you'll know what's attractive and what's not. Most of the sale properties probably have an agent's commission on top of it, so you may have to lower your selling price a bit.
Since you chose to sell your house on your own, you will be responsible for a lot of things - marketing, negotiating, and a lot more. So you are responsible for your own marketing. Be sure to get your property listed on the MLS or Multiple Listing Service in your geographic location. This will help reach a lot of prospects or buyers. You are also responsible for showing your house to the clients and negotiating with them.
Although you are not working with a real estate agent, consider hiring a real estate attorney who can help you with the escrow process and the more detailed selling points. Hiring a real estate attorney is still cheaper than working with an agent, where you will also have to pay 1% to 3% of your selling price to the buyer's agent.
Unrealistic Selling Price
You could be hiring a real estate agent to manage the marketing, or you could be opting for the "sell my house by owner" method, but remember always to set the right selling price. Just like when you were buying the house, you and your agent did a comparative market analysis, and buyers will be doing the same thing to determine a fair offering price. Overpriced homes don't sell. Do not set an unrealistic selling price that will sweep the buyers away.
Setting a low selling price is not a bad idea because it will generate multiple offers and bid the price up to your property's actual market value. Think of it as a smart strategy that will attract a lot of buyers and generate extra interest in your listing. The next thing you'll know, you'll be refusing low offers, waiting and seeing what will work best for you.
Expecting to Sell The House at The Asking Price
If you are a smart buyer yourself, you know that you're not really buying smart if you're not negotiating. Contrary to the low pricing strategy listed above, list your home at a selling price that will attract buyers but do not forget to leave room for negotiations. By doing this, you are letting the buyers think that they are getting a good deal; at the same time, you are still getting the amount of money you need.
Sacrificing Listing Photos
Whether you are using the sell my house by owner method or not, you need to remember that most buyers nowadays are looking for homes online. You must have photos of your home because this will set you apart from the competition and generate extra interest. There are several poor or low-quality photos of homes for sale, so take this as an advantage to do better and outrank these sellers.
Make sure your photos are crisp and clear and not blurry. For best results, take the photos during the day when there's a lot of natural light. Highlight the best features of your home, and if possible, use a wide-angle lens to have a better view of the entire room. If you are not a skilled photographer yourself, you may hire a professional to take the photos for you. This way, you can make sure that the photos are high-quality.
Also, consider adding a video tour of the property or a 360-degree view to give your buyers a better idea of how the rooms look like. This will further enhance your listing.
Not Having Insurance
As a homeowner yourself, you want to ensure that your property is in good hands. If your lender has not required you to get a homeowner's insurance policy, at least see to it that you are insured if there are accidents during the viewing. Also, ensure that no room for hazards will compromise the safety of your potential buyers, their children, and or the property itself.
Hiding Major Property Problems
Any problem within the property will be disclosed in one way or another - of course, because there's inspection. If the property has some major problems, you should have already fixed it before your potential buyers come to view the property. Or else, this can affect your home's market value. Although you can still opt to lower down the selling price to make up for it, any damages in the property structure may be a significant turn off for the buyers. It's best to have your entire home inspected before putting it on sale to determine if there are major problems that need immediate repair or attention.
Not Entertaining Buyers
Many first-time home sellers have made this mistake, especially those who opt for the "sell my house by owner" method. This is a very typical mistake among those who think it's okay to ignore some buyers who they think will "not even care to buy the house," particularly when the seller is not ready to show the house yet. Take this is a reminder always to accommodate buyers even if it causes you slight inconvenience. Make sure to prepare the property to be viewed as well - make sure it's clean and tidy before letting people in. It's a lot of work, but, remember, you are trying to win the buyer's heart.
It is critical to learn how to sell a house and to do it right. There may be a lot of things to consider - mentally, emotionally, and financially, but making sure that you are not making any mistake pays off in the end.
IF YOU NEED TO SELL YOUR HOUSE AS IS WE ARE HERE TO MAKE YOU AN OFFER!