You’re ready to begin the process of selling your home. You’re almost ready to stake that For Sale By Owner sign in the front lawn.
Before you do, make sure you’re not making these common mistakes.
Maybe you’re about to sell a home that’s been in your family for generations. No matter the reason it can be difficult to let go of the memories of the life lived in any house. Emotional attachment is normal but it can be costly in terms of being productive and practical during the home selling process.
Telltale attachment is often indicated by sellers who overprice their home. Often, they won’t consider the numbers generated by the market. Some will refuse professional advice whether from their real estate agent, appraiser or contractor. Being stubborn doesn’t work with buyers. They don’t care about the emotional value of a home.
Surround yourself with friends and experts you trust. You have to believe that they’ve got the best interest of your home sale in mind.
In a perfect world, your home sells quickly and for what you asked for. In reality, you should never assume the sale. It doesn’t matter how hot the market is or how successful the neighbors have been selling their properties. A mere 9% of FSBO homes listed, actually end up selling.
Home sellers that are overly confident about the process tend to check the boxes; they price it, list it, show it and then step back and expect someone to buy it. In one sense, they’ve already given up. Instead of responding to the lack of interest, the tendency is to do nothing. This is a grave mistake that costs precious time better spent adapting.
Never wait for expectations to pan out. Instead, take action. What’s not working? Could I be marketing better? Should I lower the price? If weeks and months go by without an offer, get a quote from local home buyers. Remember, there are always alternatives to traditional buyers.
Think you can show the house before you fix, repair and get a full home inspection? Think again. If buyers are the ones pointing out a problem, they’re more likely to demand an adjusted price than a work order. Either take care of the problem or adjust the price to account for it.
Renovation, home staging, and other beautification projects, however, can really flex your wallet. It’s not important that the home is in better-than-new condition. What’s important is addressing those imperfections with buyers and being honest up front. Getting defensive and refusing to negotiate is a big mistake. Be prepared to address their concerns and be able to put yourself in their shoes.
You wouldn’t buy a home with a leaky roof? Why would they?