Are you trying to sell your home? If you are like most homeowners, you probably dream being courted by buyers who are easy to work with and getting top-dollar for your place. Unfortunately, making the wrong moves can make things a lot more complicated. Here are three home-selling mistakes that could cost you, and what you can do to streamline the process.
1: Sticking Around During the Open House
To have an awesome open house, some sellers try to think of ways to address potential buyer concerns in real-time. To answer questions about the property, promote cool features, and let people know about the home's history, some sellers decide to stick around during the open house to chat with the guests. Unfortunately, this move might not do anything but make people uncomfortable.
It is important to remember that for most people, buying a home represents one of the biggest investments that they will ever make. Although they might not mind that vacuum salesperson talking up that motor or mentioning the product warranty, that same type of pressure might be tremendously irritating when they are thinking about buying your house.
To give your potential buyers the opportunity to view the property objectively and to draw their own conclusions, stay away from your place during the open house. Not only will buyers be able to talk freely about the things that they like and dislike about your place, but they might also have the chance to make important decisions while they are still checking out your gorgeous kitchen counters.
2: Failure to Consider Every Offer
After a successful open house, you might anxiously wait for calls from your real estate agent regarding offers. However, when that phone finally rings and your Realtor gives you the big news, you might scoff at the low-ball offer that an interested buyer requests.
Although sellers usually count on getting their full asking price from an interested buyer, the fact of the matter is that the home-selling process is usually more of a negotiation. Buyers and sellers normally provide offers and counteroffers, until an amicable agreement is made.
When you list your home for sale, keep in mind that you might not be able to get your full asking price from a buyer. As offers come in, thoughtfully consider each one, and think about whether or not the price is actually fair. Sometimes, entertaining every offer on the table might even spark a bidding war, which could result in an excellent price for your place.
3: Skipping the Pre-Listing Home Inspection
To save time and money, some sellers decide to skip out on the pre-listing home inspection and let the buyers do all of the research. Unfortunately, if serious problems are found, buyers might demand that you take care of the necessary repairs or lower the price of your home. These types of surprise expenses can be devastating when you are trying to sell your home, especially if you are counting on the proceeds from your old place to purchase a new home of your own.
However, if you decide to be proactive and schedule a pre-listing home inspection, you can avoid a lot of trouble. You might be able to fix problems before a buyer ever walks through the door, or develop a game plan for how you might address buyer concerns.
The price of home inspections vary from business to business, but on average they cost between $200-$500. It might seem like an added expense, but paying a professional to find the issues with your home might help you to make the process go a little smoother.
Being familiar with common seller mistakes might help you to avoid offending potential buyers, take advantage of great opportunities, and address issues before they become bigger problems.