For homeowners who are ready to list their property on the market and find the right buyer, there are many steps to take to prepare the home before it sells.
Although most people are aware of the process that is involved with listing a home, there are a number of mistakes that are often made before it’s on the market.
To earn more profit and prevent losing money, avoid some of the most common mistakes that are made by homeowners.
Doing Business with Non-Qualified Buyers
One of the easiest ways to waste time and miss out on other opportunities that come up when listing your home is by trying to do business with buyers who are not yet qualified for a loan.
If a buyer has not yet been approved, move on to targeting other potential buyers who have the freedom to make an offer immediately. Waiting for a buyer to become pre-approved for a loan and then negotiate a price can mean missing out on buyers who make higher offers.
In the same regard, it’s important to avoid selling your home before you become qualified for a loan, which could mean temporarily moving into a hotel or renting out another property. Becoming qualified beforehand will allow you to determine just how much you need to sell your property for and what you can afford.
Making Decisions Off of Your Emotions
One of the main ways that home sellers go wrong is by making decisions based on their emotions during the selling process. From stressing over the home inspection to wanting the house to look perfect, it can be easy to distort your perception of the process if you don’t look at it as a business transaction.
It’s important to remain flexible to the buyers’ requests and make repairs if they’re necessary.
For sellers who have spent several years living at their residence and have likely formed many memories, it’s important to avoid trying to find the perfect buyers. You may want to find someone who will treat the property as well as you have or find a growing family who is similar to your own, but this can easily make you lose out on a higher offer.
Skipping the Inspection
For home sellers who have made it a point to maintain the upkeep of their property, it can seem unnecessary to have a home inspection before it’s time to sell. However, this step can save money by having more time to fix the problems and working within a budget instead of rushing to make repairs with a potential buyer waiting.
By fixing any issues beforehand, it will allow potential buyers to feel more confident making an offer instead of hearing about repairs that are needed on the property and finding a different house to purchase.
Neglecting Your Curb Appeal
As you repaint the home or stain an old deck in the backyard, it’s just as important to pay attention to the curb appeal of the front yard. Potential buyers will not be impressed by an overgrown lawn or an outdated front door, which can quickly reduce the value of your home.
Enhance the aesthetics of the property by adding extra lighting, incorporating more plants, and by replacing old hardware. The changes will allow the home to look updated and contemporary for a property that won’t be considered a fixer upper.
Overpricing the Property
Before it’s time to sell, homeowners can make the mistake of overpricing their property due to a lack of research and knowledge. Obtain a strong market analysis from a real estate agent who is familiar with your neighborhood.
Overpricing your home can lead to reducing the price multiple times once it’s listed, which can cause you to sell it at a much lower rate than it would have initially if it was priced accurately from the start.
Moving the Furniture Out
You may be in a rush to move out of your home and sell it, but if you remove your belongings too quickly it can cause it to stay on the market for a longer period of time.
Selling an empty house makes it difficult for buyers to see the potential of the property and view it as a home. If you’re unable to leave your belongings inside of the home, hire a professional to stage the property.
By doing your research and preparing the home in various ways before it’s listed on the market, it will make for a smooth selling process once you find the right buyers.
It will not only save more money, but will allow you to afford a better property for your next purchase. With enough patience and effort, the extra work will pay off with long-term results.