Selling a home can be an exciting and emotional time. It can represent a new start for your family, the close of one of life’s chapters, and hopefully the chance to make a profit. Before getting too excited about the sale, it is important to educate yourself about the current market and any possible problem areas. In order to get the best price for your house, there are numerous things to avoid.
- Selling your home before you’re ready – While putting your house on the market is exciting, it can also be mentally and physically exhausting. It is nice if your house sells quickly, but often it is a process that can last for months. It is important to evaluate your reasons for selling and determine whether this is the right time for you and for your family.
- Entering the housing market blindly – Doing your research is important before placing your house for sale. Understanding what the current market is like is crucial. Not only can you do some of this research on your own, but an agent can help you as well.
- Choosing to sell your home “By-Owner” without research – Many people often have an incomplete picture of what selling a home “By-Owner” entails. Thoughts of raking in lots of money and not having to pay Realtor© fees are not always accurate. If you are going to sell your home yourself, you need to understand the legalities, know how to relate to agents, and understand how to best show your home.
- Not trusting your own instincts when hiring a Realtor© – A Realtor© is a trained professional that brings a tremendous amount of talent and hard work to you, allowing you to enjoy a smoother process. Be sure to find one that suits your style and personality.
- Hiring an agent based on personal preference – Selecting a friend or acquaintance as your Realtor can have both pros and cons. To make sure that you are selecting the right person, be sure to research their sales history and credentials.
- Over customizing your home for your neighborhood’s worth – While upgrading your kitchen and bathrooms are likely to show you the biggest return on your investment, make sure that you plan upgrades that are consistent with the neighborhood. Adding too much may make it hard to get your investment back.
- Pricing your home based on how much profit you’d like to make – The sale price of your home should be based upon comparable sales in the area. Simply picking a price based on what you would like to make is a poor tactic.
- Letting your emotions rule your head in negotiating with buyers – While difficult, it is crucial that personal feelings stay out of any negotiations. You have sentimental feelings towards your home, but those feelings can ruin a good real estate transaction.
- Not disclosing problems or past history of your home – Honesty really is the best policy. Take care of all repairs before listing your home and be sure to disclose any issues. Unresolved issues could lead to lower offers
- Trying to sell your home before it’s physically ready – While you may be eager to get your home on the market, it is important to clean and make repairs first. Taking your time and having your home ready will allow you to be more competitive in the housing market.
Avoiding these mistakes allows you to maximize the profit you can make while you minimize the time that your home spends on the market. It can also alleviate stress and provide and more enjoyable experience. If you’re considering selling your home, contact Park Avenue Properties of Colorado Springs today or take a look at our other resources for home sellers.