Setting an unrealistic asking price for your home can turn off potential buyers and cause your home to sit on the market for an extended period of time. Work with your real estate agent to price your home appropriately based on its location, condition, and comparable sales in the area.
Overpricing a property can have negative consequences on real estate sales in several ways:
- Fewer showings: Overpriced properties often receive fewer showings because potential buyers may assume that the property is out of their price range or not worth the investment.
- Extended time on the market: Overpriced properties typically take longer to sell because they sit on the market without any serious interest from buyers.
- Lower offers: When a property is overpriced, buyers are less likely to make an offer or make a lowball offer because they assume the seller is not serious about selling.
- Appraisal issues: Even if a buyer is willing to pay the asking price for an overpriced property, the appraisal may come in lower, which can derail the sale or force the seller to reduce the price.
- Negative perception: Overpricing can lead to a negative perception of the property, making it more difficult to sell even if the price is eventually reduced.
2. Neglecting curb appeal
Curb appeal is important when selling a home because it sets the tone for potential buyers before they even enter the property. A well-maintained and visually appealing exterior can create a positive first impression and entice buyers to take a closer look. On the other hand, a poorly maintained exterior can immediately turn off potential buyers, making it more difficult to sell the property.
Here are some ways to improve curb appeal when selling a home:
- Maintain the landscaping: Keeping the lawn mowed, trimming hedges, and adding colorful flowers or plants can enhance the look of the home’s exterior.
- Clean the exterior: Power washing the siding, windows, and walkways can remove dirt and grime, giving the exterior a fresh and clean look.
- Paint or touch up the exterior: Repainting the exterior of the home or touching up any chipped or faded paint can give the home a polished and refreshed look.
- Replace the front door: A new front door can add style and character to the home’s exterior and create a welcoming entrance for potential buyers.
- Upgrade the lighting: Updating outdoor lighting fixtures can add warmth and appeal to the home’s exterior while also improving safety and security.
- Repair or replace the roof: A well-maintained roof can improve the overall appearance and value of the home.
- Remove clutter: Removing any clutter, such as toys or garden tools, from the front yard or porch can create a clean and tidy look.
3. Failing to make necessary repairs
Buyers are often turned off by homes that require significant repairs or renovations. Make necessary repairs, such as fixing leaky faucets or repairing broken windows, before putting your home on the market.
When selling a home, it’s important to make necessary repairs to ensure the property is in good condition and appealing to potential buyers. Here are some common repairs that may be necessary when selling a home, along with their average costs:
- Roof repairs: Depending on the extent of the damage, roof repairs can range from a few hundred to several thousand dollars.
- Plumbing repairs: Plumbing repairs can include fixing leaky faucets, unclogging drains, or repairing damaged pipes. The cost of plumbing repairs can vary widely depending on the extent of the repair, but averages around $300-$500.
- Electrical repairs: Electrical repairs can include fixing faulty wiring, replacing outlets or light switches, or upgrading the electrical panel. The cost of electrical repairs can vary depending on the extent of the repair, but averages around $200-$500.
- HVAC repairs: HVAC repairs can include repairing or replacing a furnace, air conditioning unit, or ventilation system. The cost of HVAC repairs can vary widely depending on the extent of the repair, but averages around $300-$500.
- Foundation repairs: Foundation repairs can include fixing cracks in the foundation, leveling the foundation, or stabilizing the foundation. The cost of foundation repairs can range from a few thousand to tens of thousands of dollars, depending on the extent of the damage.
- Painting: A fresh coat of paint can give a home a clean and updated look. The cost of painting can vary widely depending on the size of the home and the quality of the paint used, but averages around $2,500-$3,500.
- Pest Control: Mice, roaches, ants. No one wants them in their home so if you have a problem it’s a good idea to contract a qualified pest control company.
It’s important to keep in mind that these are just rough estimates and the cost of necessary repairs can vary depending on the specific needs of the home and the location. Working with a reputable contractor can help you determine the necessary repairs and get an accurate estimate of the costs involved.
4 .Refusing to negotiate
Negotiation is an important part of selling a home because it allows you to get the best possible deal for your property. By negotiating with potential buyers, you can work together to reach an agreement that is fair and meets both parties’ needs.
Here are some reasons why negotiation is important when selling a home:
- Maximize profits: Negotiating can help you get the best possible price for your property, maximizing your profits and ensuring that you get a fair return on your investment.
- Close the deal: Negotiating can help you overcome any obstacles or objections that may arise during the selling process and ultimately lead to a successful sale.
- Build relationships: Negotiating with potential buyers can help build trust and rapport, which can lead to a smoother and more successful transaction.
- Understand market conditions: Through negotiation, you can gain a better understanding of market conditions and how they are affecting the sale of your property.
- Avoid leaving money on the table: By negotiating, you can ensure that you are not leaving any money on the table and that you are getting the best possible deal for your property.
When negotiating, it’s important to work with a knowledgeable real estate agent who can guide you through the process and help you navigate any challenges that may arise. By negotiating effectively, you can ensure a successful sale and a positive outcome for both you and the buyer.
What can you negotiate other than the price?
While price is often the main focus of negotiation in real estate deals, there are several non-monetary negotiation points that can be just as important. Here are some common non-monetary negotiation points in real estate deals:
- Closing date: Negotiating the closing date can be important for both buyers and sellers. For sellers, a quicker closing can mean a faster sale and the ability to move on to their next property. For buyers, a later closing date can give them more time to prepare financially for the purchase.
- Contingencies: Contingencies are conditions that must be met in order for the sale to proceed. Common contingencies include financing, home inspections, and appraisals. Negotiating the specifics of these contingencies can help ensure that both parties are protected and that the sale moves forward smoothly.
- Repairs: Negotiating repairs can be an important non-monetary point in real estate deals. For sellers, agreeing to make certain repairs can help improve the appeal of the property and make it more attractive to buyers. For buyers, negotiating repairs can help ensure that the property is in good condition and that they are not taking on any unexpected costs.
- Personal property: Negotiating personal property can be an important consideration in real estate deals. For example, a seller may be willing to include certain appliances or furniture in the sale, while a buyer may be interested in keeping certain items that are already on the property.
- Closing costs: Negotiating closing costs can be an important consideration for both buyers and sellers. For example, a seller may agree to pay a portion of the closing costs in order to make the sale more attractive to buyers, while a buyer may negotiate for the seller to cover a larger portion of the costs.
By focusing on these non-monetary negotiation points, buyers and sellers can work together to reach an agreement that meets both parties’ needs and ensures a successful transaction.
5. Over-personalizing your home
While your home may reflect your personal style, it’s important to remember that buyers are looking for a blank slate that they can make their own. Avoid over-personalizing your home with unique decor or controversial design choices.
Making your home look neutral is an important step in preparing it for sale. Here are some tips on how to achieve a neutral look:
- Paint the walls a neutral color: Choose a neutral color such as beige, grey, or white to paint the walls. This will help create a clean and fresh look, and make it easier for potential buyers to visualize themselves living in the space.
- Remove personal items and clutter: Pack away any personal items such as family photos or unique decor that could be distracting to potential buyers. Decluttering your home can also help create a more spacious feel.
- Use simple decor: When it comes to decor, less is more. Opt for simple and classic pieces such as a vase of fresh flowers or a bowl of fruit on the kitchen counter.
- Create a cohesive style: Make sure your home has a cohesive style by using similar colors and textures throughout. This will create a cohesive and polished look that will appeal to potential buyers.
- Stage the rooms: Consider hiring a professional stager or rearrange the furniture in each room to create a more inviting and functional space.
- Deep clean: A clean home is essential when selling. Clean every inch of your home, including carpets, baseboards, and appliances.
6. Failing to stage your home
Staging your home can help potential buyers envision themselves living in the space. Declutter, depersonalize, and rearrange furniture to make your home feel open and inviting.
Here are some tips on how to stage your home to make it more attractive to potential buyers:
- De-clutter and depersonalize: Remove any clutter, excess furniture, and personal items such as family photos or unique decor. This will help create a clean and neutral space that will allow potential buyers to envision themselves living in the home.
- Clean and tidy: Make sure your home is clean and tidy. This includes cleaning the floors, windows, and surfaces, and ensuring that all rooms are well-lit.
- Make repairs: Repair any noticeable damages such as broken tiles, leaky faucets, or peeling paint. This will ensure that your home looks well-maintained and cared for.
- Create a welcoming entrance: Make sure the entrance to your home is inviting. This can include adding a fresh coat of paint to the front door, adding some potted plants, and ensuring that the entrance is well-lit.
- Use neutral colors: Use neutral colors throughout the home to create a cohesive and polished look. This will make it easier for potential buyers to envision themselves living in the space.
- Rearrange furniture: Rearrange the furniture to create an open and functional space. This will make your home feel more spacious and inviting.
- Use accessories sparingly: Use accessories such as throw pillows, area rugs, and artwork sparingly. This will add a pop of color and interest to the space without overwhelming potential buyers.
- Add some greenery: Add some fresh plants or flowers to the home. This will add life and color to the space and create a welcoming atmosphere.
By following these tips, you can stage your home to make it more attractive to potential buyers. Remember, the goal is to create a welcoming and neutral space that will allow potential buyers to envision themselves living in the home.
7. Not hiring a real estate agent
While it’s possible to sell your home on your own, working with a real estate agent can help you navigate the complexities of the home selling process and achieve a successful sale.
A real estate agent can help you sell your home in many ways. Here are some ways a real estate agent can assist you in the home selling process:
- Pricing strategy: A real estate agent can help you set the right price for your home by conducting a market analysis and taking into account factors such as location, condition, and comparable properties.
- Marketing and advertising: A real estate agent can create a marketing plan to help promote your home to potential buyers. This can include online listings, open houses, and print advertising.
- Showing your home: A real estate agent can coordinate showings and open houses for potential buyers, saving you time and hassle.
- Negotiating offers: A real estate agent can help negotiate offers and guide you through the negotiation process to ensure you get the best possible price for your home.
- Closing the deal: A real estate agent can assist with the closing process, ensuring that all paperwork is completed accurately and in a timely manner.
- Professional network: A real estate agent has a network of professionals such as home inspectors, appraisers, and attorneys that can help ensure a smooth and successful transaction.
- Industry expertise: A real estate agent has the knowledge and expertise to navigate the complex real estate market and can provide you with valuable insights and advice throughout the home selling process.
By working with a real estate agent, you can take advantage of their expertise, network, and industry knowledge to help you sell your home quickly and at the best possible price.
Nick Nolan with MVP Realty is committed to professional representation of buyers and sellers. Leverage his teams expertise of the home buying and selling process.
Founded in 2014, MVP Realty has participated in approximately 20,000 real estate transactions resulting in nearly $8 Billion in real estate volume.