People often make a mistake or 2 when selling their home. Whether sellers overpriced the home when initially listing or they weren’t prepared to show, small mistakes aren’t always an issue in a “hot” market. But if the market begins to cool or you’re dealing with savvy buyers, little mistakes can be very costly.
With the Denver real estate market booming, now is a great time to think about selling your home. But even with asking prices up 10 percent nationally, it’s important for sellers to maximize equity when it’s time for their homes to hit the market. Getting the most money possible out of your sale is easy when you do everything right. But in reality, it’s easy to make a few mistakes as a seller. Luckily, with expert guidance from the team at Rhoads Real Estate, you can avoid making costly mistakes as you put your home on the market in Denver.
TOP 7 MISTAKES HOME SELLERS MAKE
Incorrectly Pricing Your Home
Both overpricing and under-pricing your home can make for a huge money-losing mistake. Overpricing is the #1 reason why many homes on the market are overlooked and do not sell. Pricing your home correctly requires a thorough knowledge of the market and a familiarity with comparable sales that recently sold. While you can look some of this information up online, working with an experienced Denver real estate agent will greatly increase your chances of getting your price right the first time and successfully selling your home.
Neglecting House Cleaning and Staging
Sellers often underestimate the impact that a first impression has on potential buyers. If you don’t put in the work to make your home look welcoming and inviting, then most buyers will look the other way. You only get one chance to impress buyers, so be sure to show them a home that is clean, fully-functioning and staged properly. The whole idea is to make your home look so good that they can’t resist putting in an offer.
Property Condition Denial
Take a moment to really assess your home and ask yourself if you’d be willing to pay top dollar for it in its current condition. Homes with issues like an old leaky roof or outdated HVAC systems are not likely to make a great impression on buyers, so it’s up to you to put in a bit of time and money to make some necessary changes. In today’s market, home buyers and lenders are more cautious than ever. Before you sell, be realistic about the condition of your home by understanding how certain issues can affect its overall value.
Over-Loving Your Home
It’s understandable that your home is special to you, as it should be! Whether it was the very first home you purchased or you watched your children grow up there, it can be hard to separate yourself from the home as you put it up on the market. But romanticizing your home can lead to a variety of different issues as you look to make a sale.
Not Hiring a Professional
Trying to sell on your own can be an overwhelming and impossible challenge. In fact, more than 90% of “For Sale By Owner” listings eventually end up working with an agent. To avoid falling into a pit of sheer madness, it pays to enlist the help of a professional. All you have to do is take a look at the numbers to see that sellers who take the DIY approach often take much longer to sell their homes and they usually end up selling for far less than those who choose to work with a real estate agent.
Letting Your Ego Get in the Way
Over-sentimentality and ego are one of the easiest ways to mess up a sale. It is extremely common for sellers to take the negotiation process personally and when this happens, many lose out on creating a great deal that will benefit all parties. When selling your home, it is important to put yourself in the mindset that this is a business transaction. So take your ego out of the equation and start thinking with a level head.
Not Countering an Offer (Even When You Think It’s WAY Too Low)
While everyone wants to get the most value out of their home, keeping a realistic balance in mind is the best way to go. It can be very easy to get hung up on a starting number in an offer when you should really be focusing on the end result. Remember that an opening offer is simply a starting point for your negotiations. It should get a conversation going between buyer and seller and hopefully result in a happy medium that works for everyone.
As a rule of thumb, keep in mind that a low offer doesn’t always mean that a buyer isn’t serious. Lower offers could simply mean that a buyer is being conservative with their offer in order to get a feel for how the negotiation will go. If a buyer is serious, a strong counter offer will help to push the negotiation in the right direction and get you on the way to a successful
HOW CAN YOU BENEFIT FROM WITH AN EXPERIENCED REAL ESTATE AGENT?
Are you ready to sell your home but are unsure where to start? The selling process begins well before you ever list your home. Preparation and thoughtfulness are key to successful home sales. If you’re interested in learning more about the process, thinking of selling, or simply have some questions about how it all works, the team at Rhoads Real Estate would be happy to schedule a time to buy you a cup of coffee (who doesn’t like free coffee?) or chat on the phone.
RREDenver.com | Chris@RREDenver.com | 720.261.7425