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Selling your first home can be overwhelming. Of course, you have experienced the process of buying the property, but there are many other factors you’ll need to consider when selling it. The last thing you want to do is make a mistake that could result in you losing out on a chunk of money. So with that in mind, let’s take a look at some of the most common mistakes first-time home sellers make, and how you can avoid them.
1. Using poor quality photographs
This is one of the biggest mistakes that homeowners make when attempting to sell their property. No matter what you are selling, whether it’s a piece of clothing, furniture, or indeed a house, you need to have top quality photographs.
You want to show your property off in the best light. Remember, the vast majority of people begin their house hunting online these days. So your photographs plays a monumental role in determining whether or not people book a viewing.
Make sure you use a quality camera, eliminate all clutter, and use as much natural lighting as possible. Don’t assume that your real estate agent is going to take amazing photographs either. If you look online, you will be surprised by how many property listings feature terrible photographs, or even worse, there is only a photo of the exterior and no images of the rooms inside of the house. If you must, take photographic matters into your own hands.
2. You only get one valuation
This is a big mistake to make. How do you know that the valuation you have received is going to be accurate? The best thing you can do is get a number of valuations, so you can then get an understanding of the right price.
A good place to start is online at https://wrenrealtyinc.com/. After all, if you price your house too high, you are going to scare people off. Price it too low, and you are going to miss out on a good chunk of profit.
Another step to take when pricing your house is to look at comparables. Look for properties in your same area that are similar in size to your home. Make note of their amenities and asking price. Then, make sure your price is competitive. The more information you have, the better off you’ll be.
3. Not accommodating potential buyers
Being too stubborn is an error that a lot of sellers make. Yes, you may not want buyers to come see your house on a certain day because it might be inconvenient. And, of course, cleaning the house every time you have a viewing is a lot of effort. In addition, making changes and improvements to your property can also be a hassle. However, if it helps to sell your house, and sell it for the price that you are asking, then surely it might be worth making a few accommodations for.
4. Hiring an agent that does not have a lot of experience
Hiring a mediocre agent is not a good idea. While it can be tempting to choose the cheapest agent you can find, you need to remember that this person is going to be responsible for selling your property and securing you a good price. Therefore, it is critical to hire a quality agent.
5. Overlooking all of the costs associated with closing
One of the biggest mistakes that people make when buying a property is underestimating the costs involved. Coincidentally, this is the same error that is often made when it comes to selling a property. It is important to take the time to determine all of the costs that are associated with closing the sale. For further clarity, head to https://www.bankrate.com/real-estate/sellers-closing-costs/. Common closing costs can include property taxes, title insurance, transfer fees or taxes, commissions, and solicitor fees. And don’t forget, when you’re selling your first home, you’re also responsible for realtor commissions. And since these typically fall into the 6% range, they shouldn’t be dismissed.
6. Marketing your home incorrectly
There are so many different ways that you can get marketing wrong when it comes to selling your first home. Of course, earlier we spoke about the importance of getting the photographs right. However, there are a lot of things you need to get right, too.
The first mistake is failing to embrace search engine optimization. As stated, most people begin their property search on the Internet. You will want to appear near the top of the search engine result pages if you are going to get as much exposure as possible. This means incorporating key search terms into your property description.
Your description needs to be informative and also easy to scan/read. Most people want the information as fast as possible. This is why the bullet format works so well. Video tours are also great, as they give buyers a glimpse into your property before booking a viewing. It’s a great way to ensure that no one wastes your time and that home viewers have a genuine interest in what your property offers.
Another mistake is not advertising your home on all platforms. Websites like Realtor.com and Trulia.com are great, but why not also post adverts on social media too? You never know; you may have a follower on Twitter or a friend on Facebook who knows someone who is looking for a property in your area.
7. Your home is in poor condition
If your property is in poor condition, you should not be selling it yet. Instead, you need to focus on getting your house ready for the market. This goes beyond simply getting rid of clutter and washing your bed sheets. If there are any quick fixes or updates that need addressing, do so before your house is listed.
Doing updates and repairs will certainly increase your chances of a quick sale. After all, if a buyer notices that some maintenance is required, they will begin to wonder what else is wrong with your house. This could turn them off.
8. Trying to hide significant problems
This is another error that a lot of people make when attempting selling their first property. There is no point in trying to hide issues, as they will be uncovered during the professional inspection. By doing so, you’ll be viewed as dishonest and a buyer might opt out of doing business with you.
If your home does have significant problems and you don’t have the money to repair them, or simply don’t want to do the repairs yourself, there are a few options available to you. You can list your house at a reduced price or offer credit to rectify the problems after purchase. By recognizing the problem in advance and addressing it upfront, it shows the buyers that you are honest and worth working with.
9. Selling in the winter
Of course, if you have no option but to sell your property in the winter, then that is a different matter entirely. However, if you have the option to hold out a bit longer, you should do so. This is because winter tends to be a slow time of year for property sales.
With the holidays, too many people have a full social calendar and aren’t thinking about buying a property. Moreover, school is in session and families don’t tend to want to move until the summer arrives. So, if you have a family home that you’re trying to sell, list it in the spring.
10. Getting emotionally involved
Last but not least, getting emotionally involved is easy to do, but you need to stop this from happening at all costs. It can be good to think of yourself as a businessman or woman, rather than a homeowner. Look at it from a financial perspective, and you will be able to distance yourself from the emotional elements that come with selling your first home.
So there you have it, 10 of the most common mistakes that people make when they are selling their first property. If you avoid the errors that have been mentioned above, you can ensure maximized profits and a smooth transition.