Did you know that six million houses were sold in February of 2022? This might seem like a lot, but the numbers are actually down from the year before.
It’s still a seller’s market, meaning that there are more buyers than homes available for sale. Sellers have a great opportunity to make a large profit on the sale of their homes if they avoid common house seller errors.
Keep reading to learn eight of them.
1. Overpricing Your Home
One of the most common house seller errors is overpricing your home. This leads to your home sitting on the market for much longer than intended. In some cases, your home might not sell at all.
If you end up reducing your initial price, homebuyers will see this change and believe they have extra negotiating power to get the home for even less.
If the listing becomes stale, you could end up selling for much less than you would have if you had priced your home correctly in the first place.
To determine the right price for your home, consider the following:
- Ask an agent for a comparative market analysis
- Collect comps on your own
- Hire an appraiser
Don’t worry about underpricing your home because overpricing is a larger concern.
2. Selling at the Wrong Time
The timing of your home sale is everything in the real estate market. In most areas of the United States, it’s best to sell a home during the spring or summer.
Weather plays a factor in the selling window of your city, so keep this in mind when deciding to sell as well. You might have to hold off on selling your home if you want the best price.
You can avoid capital gains taxes on the sale of your home if you have lived in the home for at least two of the last five years.
3. Avoiding Repairs
Potential house buyers are turned off by even the smallest defects in a home. If you skimp on repairs, your home may sell for a lower price.
Buyers that walk through your home and find wall dings, leaky faucets, and loose doorknobs, among other defects, will wonder if you’ve neglected bigger issues around the house.
Making two to three simple improvements or renovations is a house-selling strategy that many utilize. Some of the most common projects are:
- Painting the interior
- Landscaping the yard
- Improving the kitchen
- Replacing or repairing flooring
- Improving the bathroom
To better your chances of making a profitable sale, opt for a pre-inspection before putting your home on the market. This will help you come up with an appropriate sales price and identify issues that need repairing.
4. Letting Emotions Interfere With the Home Sale
Preparing houses for sale often takes an emotional toll on sellers that are attached to their property. You’ll need to separate your emotional connection to the home when negotiating with buyers.
Do your best to keep a cool head during the full selling process. Don’t take negotiations personally, even if a buyer makes a request that you don’t necessarily agree with.
Showings and open houses are part of the home selling process but can be inconvenient. Buyers should be able to visualize themselves living in your home and that can be hard to do if you don’t accommodate for showings.
5. Failing to Stage the Home
There are some people that will tell you that staging a home for sale is not necessary. When advertising houses for sale, staging goes a long way.
Clean and prep your home for staging by vacuuming, sweeping, organizing, and wiping down appliances. You’ll also need to depersonalize and declutter using these tips:
- Rent a storage unit
- Remove things room by room
- Donate things you don’t need
- Keep decor minimal
- Stage rooms for broad appeal
In addition to these tips, consider repairs like painting the interior. Something as simple as a fresh coat of paint will help a room look its best.
6. Skipping Curb Appeal
A potential buyer sees the exterior of your home first when they arrive for a showing. Spend time prepping the inside of your home, but don’t forget about the outside.
Many home sellers spruce up their landscaping before creating a listing. Some landscaping tasks that can boost curb appeal and increase buyer interest are:
- Mowing the lawn
- Clearing pathways
- Painting the exterior
- Planting flowers
- Seasonal maintenance
Simply raking leaves, trimming bushes, and cutting dead branches can do wonders for your home sale.
7. Forgetting Closing Costs
One of the biggest home selling mistakes is forgetting that selling a home isn’t just about profit. You’ll need to factor in closing costs to the profits you’ll make on your home sale.
Closing costs make up a few different items, such as:
- Commissions
- Transfer tax
- Title insurance
- Escrow fees
- Prorated property taxes
- HOA fees
- Advertising costs
In addition to these, you’ll need to pay attorney and real estate agent fees if you plan to hire these professionals.
8. Not Hiring a Real Estate Agent
A majority of home sellers are better off hiring a real estate agent. There are plenty of benefits to hiring a seller’s agent. Here are a few of them:
- Agents handle paperwork
- Agents minimize stress and help you focus on facts
- Agents have expertise in the local market
- Agents complete a comparative market analysis
Choosing the right agent that’s knowledgeable about the local market will help you have the best selling experience.
If you need to sell your home fast, consider Sell Now Homebuyers.
Common House Seller Errors to Avoid
When you are ready to put your home on the market, you need to avoid these common house seller errors.
Make sure you choose a fair house price, complete necessary repairs, stage the home, and more.
If you avoid these selling mistakes, you’ll better your chances of selling your home for a profit. For more real estate tips like this, check out the other posts on our website.
