Selling your house, without prior experience, can be very time-consuming and will challenge you emotionally. People you do not know will enter your home and look around your cabinets and closets. They will criticize how you run your place, which is more than just a structure for you.
To top it all off, they will offer to pay less money compared to what you think your house is worth. If an emotional and complex transaction arrives and you do not have the experience to lean on, it is easy for a first-time real estate seller to make mistakes, lots of them. But with some knowledge, you can avoid some of these mistakes altogether.
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Mistake #1: Getting emotional during the process
Once you decide that you want to sell your home, you need to start thinking like a seller or a businessperson, instead of being an emotional owner of the house, by looking at the process from a financial point-of-view. You need to distance yourself from the emotional side of selling the property that you have created a lot of memories in.
Also, you need to remember how it feels when you go out shopping for that house. A lot of buyers will also be very emotional during the selling process if you can remember that you are selling a piece of your memory, not just a structure or a property.
Because of this, the seller will put in the extra effort to stage the house or do some minor remodeling to get the most out of the home you are selling. The changes in appearance will help you get a higher sale price, as well as help you create an emotional distance, because the house will look less familiar.
Mistake #2: Not hiring a real estate agent
Although finding a real estate agent that knows how to sell your home is tough and not to mention, they command a pretty high commission (more or less 5% to 7% of the selling price of the property), it is a bad idea to sell your home on your own, especially if you have not done it before. An excellent real estate agent can help you set a competitive and fair selling price for your house and increase your odds of selling it a lot quicker.
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They can also help you deal with the emotional aspect of the process, by interacting with the buyers, so you do not have to and by eliminating people who only want to look at your house but do not have an ounce of intention to give an offer or buy the property. The agent will have more experience negotiating with home buyers compared to you. They can help you get a lot of money than you can get if you deal with your home on your own.
Not only that, if there is any problem during the selling process, a professional real estate sales agent will have enough experience under their belt to deal with it. And lastly, real estate agents are familiar with the rules and regulations as well as the paperwork involved in a real estate transaction. The agents can help make sure that the sale will go smoothly.
Mistake #3: Setting a price that is too unrealistic
Whether you are working with an experienced real estate agent or doing the selling on your own, setting the right price is the key. You have to remember the market analysis that you and your real estate agent did when you first bought your home and determine a fair price. Home buyers will also do this when you sell them your home.
That is why as a seller, you need to be one step ahead of the potential buyers. Overpricing a home that you bought during the housing bubble generally, do not sell. But don’t worry about setting a selling price that is on a low side because this will generate a lot of offers and will make the price of the realty up to the house’s real market value. In fact, underpricing your property can be a great way to generate additional interest from your listings. And also, you can always refuse a bid or an offer that is too low.