6 Common Mistakes to Avoid When Selling a House
Mortgage Loan

6 Common Mistakes to Avoid When Selling a House

Thinking of selling your home to cash in on the higher real estate values? Great idea… but there are a few common house sale mistakes that sellers often make.  

Mistake  #1: Don’t Price it Too High

We’ve all heard the stories – someone lists their home for a certain price then ends up making a lot more than the asking price. In today’s market where the home price index price is rising fast, this seems to be happening a lot. 

But don’t mistake this trend to mean that it’s okay for you to price your home way more than you think you should. By doing that, you may end up pricing yourself out of the market. 

Coming out too high from the get-go limits your market because some people just aren’t looking that high. You’re lowering the number of people viewing your home which may mean you’re missing out on that person who sees it as their dream house and is willing to bid high!

For example, let’s say you’re thinking the “reasonable” price to list your home is $300K but you could probably get $375K just because of what’s going on in the market. Instead of coming out with that $375K asking price, start with $300K. 

Mistake #2: Not Staging

When you’re trying to sell your home, we highly recommend staging the place. If you need help, here are some home staging tips we’ve put together. 

Why stage a home? Because like the old saying goes, “you only get one first impression.” If someone is willing to take the time to walk through your home, they’re clearly very interested. Taking a little extra time to make sure the house is in tip-top shape will improve your odds of getting more bids and a higher offer. 

Mistake #3:  Don’t Skip Major Repairs

If a potential buyer pulled up to the home and saw that the roof was in really rough shape, what would they think? That’s right – they’re wondering if that roof is leaking, meaning there may be even more issues with the home. 

Or what if they’re walking around the outside of the home and see huge cracks in the foundation. That’s not going to get them too excited, either. 

If your home needs major repairs, go ahead and get them done. Home buyers are less likely to want the home if they notice these major issues. 

Mistake  #4: Don’t Sell the Home Without an Agent

We know, we know – if you can sell the home yourself, you’ll be able to pocket that real estate agent’s fees!

Unfortunately there are 2 problems with this approach that make it one of the most common house sale mistakes. 

The first problem is that you don’t have anyone fighting for you. It helps to have an agent to advise you on parts of the sale, negotiate for you, etc. 

The second problem is that buyers may be wary to work with you. Buying agents typically prefer to work with other agents rather than directly with the homeowner going FSBO. 

So do yourself a favor and read up on what qualities to look for in an agent. Then hire a great one and get your home listed!

Mistake  #5: Don’t Sell Your Home in the Winter

We know – there are benefits to selling your home in the winter. But if you can wait, we recommend waiting a few months and selling your home in the spring instead. 

Why? Because according to Zillow, April is the best month to get more than the asking price. In general they say March is the best time to sell your house because of how fast homes sold at that time. 

Whether it’s March, April or May, this is a great time to sell. The summer is the “hot” real estate market but you’ll have a lot more competition!

Mistake  #6: Don’t Take Cash Just Because it’s Faster

Some buyers will offer to buy your home with cash. This is tempting because it theoretically means you can move faster. It also means the loan may be more likely to close since the buyer doesn’t have to wait on the bank’s final approval. 

Just keep 2 things in mind here. 

  1. Do you really need to move out really fast? If not, cash my not be worth it
  2. Did any non-cash offers come in higher than the cash offer? If so, it may be worth taking the higher payout. 

Conclusion

A lot of planning and effort goes into selling your home – but it’s worth it! Especially when you have a great team on your side. Send us an email or give us a call at (949) 271-7802 and we’ll help you get a great offer on your home in no time! No more house sale mistakes!