Table of Contents
Latest posts by Gea Elika (see all)
- Accepting the First Offer on Your Home - May 18, 2018
- FOR SALE: Consider this Before Making a Price Cut on Your NYC Apartment - May 17, 2018
- What is a Real Estate Closing Statement? - May 14, 2018
Selling your home is typically a stressful venture. Unfortunately, some people create even more difficulties by making one of these four amateur blunders. If you are thinking of selling your home, make sure you’re properly prepared, and don’t make one of these mistakes.
1. Foregoing an Agent
Foregoing an agent is a rookie mistake most people won’t make twice. While it sounds good in theory to save on the commission, the time and energy you will waste is rarely worth it. Also, many times an agent can save or recoup the money you’re spending on their networking capabilities and negotiation techniques.
Image via Flickr by laudu
A good agent knows how to help stage your home to make the most out of your space. He or she has access to professional photographers to best highlight your home and attract interest. Finally, an agent will help you to sort through the mounds of paperwork synonymous with the home-selling process.
2. No Negotiation Techniques
Unless you’re incredibly lucky and get your asking price with no contingencies, chances are good you’ll have to enter into negotiations. People mistakenly believe they need to be tough and intimidating to get the upper hand in negotiations. Instead of being a bully, be smart about your negotiations. Learn about the buyer and what’s motivating that person and use that information to your advantage. A good negotiator also knows the price isn’t the only aspect of the discussion. Closing costs, length of escrow, or even paying for moving costs are all negotiation points that don’t necessarily involve the final selling price.
A good negotiator also doesn’t sweat the small stuff. This misstep usually happens when people let their emotions and their egos control the negotiation instead of their brains. Suddenly, without realizing it, a person is arguing over a few hundred dollars just to win when it’s hundreds of thousands or millions of dollars at stake. If the sale is important, a good negotiator won’t worry about the small stuff.
3. Emotional Attachment
It’s not unusual to have an emotional attachment to your home. It is the place where you’ve made memories and something you put hard work into creating. The problem is a future buyer isn’t paying for your memories. They are purchasing a property. When selling your home, it’s important to estrange yourself from the emotional attachment you have with your home. From the staging to the price, you need to remove your emotions to effectively sell your home.
4. Overvaluing Property
Overvaluing property can happen for some reasons. You may have bought your house when the market was at its peak and want to recoup that money. Plus, you want to get back money from the hundred thousand dollar kitchen you added before the market crashed. When you price your property, you can’t price it at what you want for the property because this is what usually leads to overvaluing. You need to price it at what the market will bear. This is where having a real estate agent is especially important to prevent you from overvaluing your property.
Don’t leave your home sitting on the market for months; avoiding these four mistakes can make all the difference when it comes to selling your home.